How Web3 is revolutionizing education

INHALT:

1. Challenges in the current education system

2. Potentials in the Web3

3. How can Web3 benefit the education system?

4. The future lies in the metaverse

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CHALLENGES IN THE CURRENT EDUCATION SYSTEM

"Education is a key element in human well-being." - Paul D. Spears

Even in Germany, one of the best-educated countries in the world, only 1.8% of the population has a master's degree and 2.6% a bachelor's degree, according to the Federal Statistical Office. These figures suggest that the situation is even worse in less developed countries. The negative figures described above can essentially be broken down into three key challenges:

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Access

Among those fortunate enough to have access to higher education, there are significant concerns about equity and inclusion. At the same time, the structure limits access to two major constraints: Time and place.

Generally, courses are offered chronologically with specific start and end dates. This often leaves little room for flexibility. Online lectures, while becoming more common, are designed so that in-person attendance is a prerequisite for participation and completion. In addition, attention spans often break very early in online lectures.

Countries that have limited or no access to postsecondary education due to external factors such as infrastructure or politics face far greater challenges than just time and place.

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Affordability

Education has always come with a cost. However, we are tracking such a rapid increase in the cost of education that is leading to an explosion in debt for many students. Of course, debt reduces the likelihood of subsequently pursuing self-employment or choosing the life path that best suits students. In some European countries, the cost of living for a child's education exceeds 100,000 euros. This not only reduces the chances of a good education, but also of subsequent further education.

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Certification

If nothing else, accreditation slows down change and the ability to teach what students need in the knowledge- and skills-based economy. Many jobs in Germany require a university degree. However, it is often just the stamp that is required, but that does not always prove actual competence. In our opinion, a degree can nowadays be interpreted as a signal to the employer and not as a guarantee of competence.

In addition, even the storage of certificates can become a hurdle in the long run. At minth, for example, we each have a master's transcript, but recently had to think very carefully about which folder we put it in. This confirms that our transcripts do not provide us with clear value outside of the application process. It would be very exciting if my respective certificates and credentials also gave me direct access to specific events, websites, continuing education courses, or communities with similar competency focus.

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Potentials in the Web3

Web3, the decentralized Internet or the third evolutionary stage of the Internet, has already provided for many exciting applications. The central pillars of crypto, blockchain, NFT, and metaverse will rapidly evolve in the coming years and also revolutionize the education system. Just as Web3 has made finance borderless, education will undergo a similar transformation. That's because Web3 eliminates the need for an infrastructure with banks, credit checks, or other prerequisites. On exchanges on the decentralized Web, even the rural farmer in Nigeria who previously had no access to banks could open an account. Similar possibilities will soon affect education.

A comparison to the development of education on the Web illustrates the potential. Education on the Web1 is synonymous with the transfer of knowledge between authorized institutions. Google, Yahoo or websites of educational institutions like universities enabled digitalized ways to educate oneself. Education on the Web2 means that centralized platforms disseminate education. Online learning platforms, social media content, blog articles or videos can be used to obtain knowledge from a variety of sources. In addition, for the first time, anyone can become a teacher. If I am a good gardener, I open a YouTube account and publish content about it. Education on the Web3 means that learners can learn skills from a variety of sources and be accredited to do so. The key point here is that the certifications are stored in an unforgeable way on the blockchain and stored in the personal wallet. Think of the wallet as a central location of diverse credentials and certificates that show at a glance what degrees, competencies and skills the wallet owner has. Web3 enables actual ownership of one's education and unfalsifiable validation on the blockchain. In doing so, these capabilities build on the foundation of Web1 and Web2.

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HOW CAN WEB3 PROMOTE EDUCATION?

Web2 enables the spread of knowledge around the world and allows us to communicate with anyone, anywhere. However, the progress of Web2 is reaching a saturation point. New technologies and innovations are needed to advance education. Web3 is the next step on the path to an equitable world where all people have access to teaching and learning opportunities that can enhance their intellectual development. The promise of Web3 combines the potential of Web2 with the ethos of community-oriented practices that decentralize and disseminate knowledge. Learners own their education in Web3 and validate their knowledge with decentralized technology on the blockchain. All data, such as grades, credentials, or skills, can be transferred to the blockchain, bringing token ownership of achievements to students and visibility to potential employers.

For most of history, only a small percentage of the population had access to education. Web3 opens new doors for personalized learning networks. So-called DAOs - decentralized, autonomous organizations - can be an important part of the infrastructure. Learners can join a group and learn about topics that actually interest them. Contributing tokenomics, or an economy within the DAO, allows members to be financially rewarded for completed courses, interesting contributions, or other support. This big picture encourages both intrinsic and extrinsic motivations to become an engaged member of the particular DAO. In a DAO structure, there is no central authority at the top of the hierarchy. This means that learners have a say in what is taught, how their school funds are used, or which speaker should be invited. Decentralized management characterizes the basic idea of a DAO. DAOs could initiate a change in education that is entirely influenced by learners.

Collective learning opportunities such as technology boot camps are nothing new in themselves and have already evolved to promote the DAO idea. However, these are often subject to similar structures as traditional degree programs and do not offer an innovative incentive structure. Competition for highly skilled workers will increase. Accordingly, more training is required for workers who need to be retrained or for workers who want to learn specialized skills. Web3 makes it possible to find potential workers even in emerging markets due to borderlessness, which can verify the relevant skills on the blockchain.

Another option we see is the inclusion of micro-certificates. Instead of receiving a generic certificate at the end of a course or schooling, micro-certificates allow for the demonstration of a single skill within a course. Accordingly, one takes only the courses that are actually needed, creating a lifelong portfolio of evidence. Credentials in the form of NFTs also open up benefits after graduation. For example, certain credentials could unlock access to token gates or events with speakers from the field. Tokenizing credentials and the entire ecosystem could completely change the relationship between teachers and learners. In this context, credits can be awarded in the form of tokens that can be stored in learners' digital wallets and redeemed for additional courses or other added value. Learning is suddenly fun, personalized and significantly more effective.

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THE FUTURE LIES IN THE METAVERSE

With Web3, the metaverse will also be able to take on more concrete forms in the coming years. The metaverse defines how we will experience the Internet in the future and, in particular, how we will learn and teach in the future. The Metaverse will make it possible to do all that we can do in the real world, but augmented by digital experiences and possible in a holistic world of physical and digital experiences.

Not only will the Metaverse make learning more interactive and innovative, but networking is no longer limited to local boundaries. To join the Metaverse, all that is required is a digital avatar and an Internet connection. Sharing ideas with people from similar fields of interest or inspiring teaching personalities makes the Metaverse more innovative than ever. For employers, too, recruiting could already be done at virtual events by the respective talent in the field. Barriers to entry are drastically lowered regardless of gender, location or other biases.

Demographic readiness, advancing technologies, and market timing are also accelerating the adaptation of the metaverse. Acquired skills, degrees, and certifications can be represented in the metaverse in the form of NFTs. For example, certain skills can provide exclusive access to limited content or virtual spaces. Another idea is to represent digital identity in the metaverse. For example, certain virtual garments could represent a skill or degree.

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READY FOR THE WEB3?

In order to integrate Web3 technologies into our current education system and create the basis for a future-proof education system, a longer-term perspective is required. Nevertheless, we see enormous potential for borderless and personalized education. Education is just one of the areas being revolutionized by Web3 technologies. If you, your department or your company would like to take the first important steps towards Web3, please contact us for a no-obligation talk.