Online Knowledge Payment Blockchain for MIC Set a Rule

Place/Date: - July 24th, 2020 at 7:30 am UTC · 3 min read
Source: MIC

Since 2018, with the maturity of short video and live broadcast formats, online paid education platforms for knowledge have also sprung up.

The outbreak of the coronavirus pandemic has brought opportunities for the development of online knowledge payment. While the knowledge payment market is developing rapidly, there are still problems such as non-standardized pricing, unverified content and piracy. At present, payments for knowledge on-demand mainly take the form of rewards, paid memberships, paid communities, and paid personalized consultations. Due to a lack of standardized pricing, the prices of various products can range from tens to hundreds of dollars.

The Good and the Bad are Imminent

The aforementioned problems such as unstandardized pricing, unverified content and piracy has brought about chaos in the industry. There were also issues with false content or content that are considered “unhealthy”. These problems have left users thinking that they have paid for “inferior products” or were ripped off.

Some of the chaos in the knowledge on-demand market is caused by information asymmetry between the user and the platform, the imbalance of rights and obligations associated with payments and the lack of a regulatory oversight. The superposition of these factors has tarnished the reputation of the knowledge payment market. Among them, the issue of piracy and infringement has also been controversial. Public reports show that in e-commerce platforms and QQ groups, many stores copy paid products and audio courses and package them at low prices for sale in the secondary market. In fact, it has become somewhat of a black market.

Blockchain Revolutionizes the Field of Online Knowledge Payment

MIC is well acquainted with the problems in the online education industry and wants to help solve these problems with blockchain technology. Blockchain technology has the characteristics of decentralization and tamper-resistance that can overcome many of the apparent issues in the online education space.

MIC aims to integrate users, teachers and teaching methods with blockchain technology. MIC will be using Directed Acyclic Graph (DAG) which is a new generation of blockchain technology that is different from that used by Bitcoin and Ethereum. Compared with the traditional chained data structure, the use of DAG, a form of graph data structure, will help MIC to better solve the problems associated with horizontal scaling and transaction malleability.

With the development of traditional online education knowledge platforms and with the entry of many companies, the pressure of competition has increased sharply. The education industry is bound to face a series of problems such as a sharp increase in costs, plagiarism of teaching resources, and imitation of teaching models.

The emergence of MIC will completely solve these problems by introducing a token economic model that mitigates the conflicting interests amongst users, teachers and platforms to maximize the interests of all parties.

MIC’s core philosophy is to allow content generators to be incentivized for creating content and minimizing the level of content piracy in the industry.

To balance the distribution of interests, technology must be used to prevent people who have malicious intents to benefit from the system. Through the implementation of technology, the costs of engaging in malicious behaviors will increase; this acts as a deterrence for people who are trying to exploit the industry.

In short, the chaos in the knowledge on-demand market is not a simple problem to solve. However, MIC sees that blockchain technology is a viable solution to solve those problems and enable the healthy development of the industry.