Place/Date: Vienna, Austria - April 12th, 2021 at 2:00 pm UTC · 3 min read
Contact: Dan Edelstein, Source: ethbox
As it rolls out its Forward Protocol to incentivize its peer-to-peer community of educators and students, global English teaching platform English Forward is embracing ethbox as a means to reduce the complexity involved with sending crypto payments.
English Forward, which currently serves a 300 million-strong community, has opted to embrace blockchain technology as part of its efforts to serve the growing global education and training market expected to reach $7.3 trillion in spending by 2025. Given the obstacles that the blockchain payments ecosystem faces, the tie-up with ethbox will simplify the payment gateway and accompanying security for this new blockchain protocol.
ethbox serves as a trusted third-party escrow service in transactions through its decentralized blockchain. By combining two-factor authentication with its smart contract’s preset conditions, cryptocurrency spenders can avoid the costly mistake of sending payment to the wrong address. A sender simply deposits funds into the contract and specifies a wallet address before the receiver confirms the wallet address and enters the corresponding passphrase to satisfy the contract conditions and unlock funds.
As demand for remote English learning services expands in the wake of the pandemic, the Forward Protocol marks serious EdTech development progress. In the future, the platform will gradually expand the peer-to-peer services supported by this token economy by incorporating eBooks and educational institutions along with audio and video resources.
According to English Forward CEO Mitch Rankin:
“To help English Forward cater to the next decade of students and remain on the cutting edge, blockchain represents a perfect fit for our use case. Still, given the learning curve involved with this new technology, our partnership with ethbox will ensure community members have an easy way to avoid potentially costly transactional mistakes in our forthcoming Forward Protocol.”
Lukas Schiefer, ethbox’s Co-founder, concludes:
“Education must remain user-friendly to encourage learning and expand its digital footprint, and English Forward’s success reflects this notion. This fits perfectly with our mission to lower the barriers to blockchain adoption. The Forward Protocol’s impressive use of blockchain in EdTech marks a huge leap, and we’re proud to be a strategic partner in this organization’s ambitious roadmap.”
For the last 19 years, English Forward has built a flourishing global community of students and educators through its English learning support services and Q&A feature where users can answer and ask questions. In 2018, the platform transitioned to the blockchain and is currently deploying its Forward Protocol to cultivate a more significant and broader education focused economy. The company’s initiative has been recognized by important worldwide bodies, including UNICEF and WHO.
ethbox’s smart contract-based payment solution makes crypto transactability seamless. By simplifying the process and adding layers of privacy and security, the system prevents mistakenly sending cryptocurrencies and tokens to the wrong recipient. Co-founded by Lukas Schiefer, Lukas Pratschner, and Paul Simode, ethbox is audited by CertiK and backed by investors including Boxmining, DuckDao, and KVestor.