What is BitDegree (BDG)?
BitDegree (BDG) is an ERC-20 utility token for the blockchain education platform of the same name. The asset can be used to pay for e-learning courses, and the current BitDegree price can be previewed above. It’s expected to be utilized in Learnoverse, the metaverse project by the BitDegree team.
The BitDegree crypto learning hub is a one-stop shop for educational and informative content about IT topics and crypto tech. Users are able to upload courses on subjects ranging from more general topics, such as programming languages, to crypto-native concepts like dApp development.
What is the Story of BitDegree?
BitDegree was founded in August 2017. The project’s founding team includes Danielius Stasiulis and Ervinas Rimdeika. Stasiulis is an entrepreneur and the company CEO, while Rimdeika is the Chief Legal Officer. Soon after, the team was joined by Dr. James K. Scarborough of Stanford University and Jeff Burton, the co-founder of Electronic Arts (EA).
The idea behind the BitDegree crypto education platform was to create an affordable blockchain-based platform that would connect learners, educators, and employers. It’s based on the principles of gamification that bring elements of video games, such as earning XP by completing tasks, into the learning process.
In addition to educational content, the platform also lists up-to-date information about the crypto industry. Users can access crypto trackers for assets and exchanges, and provide daily updates on the newsfeed.
The ICO for the BitDegree coin was held in December 2017, lasting nearly an entire month. Over the course of the event, the project attracted more than 12,000 contributors. The raised funds amounted to 32,000 ETH.
At the time of the ICO, the BDG price was set at a rate of 1 ETH:10,000 BDG. In total, more than 366 million tokens were made available to the public at the launch. The sale concluded once all available assets were sold.
While the token has historically demonstrated low volatility, there have been several value spikes over the years. In February 2018, the BitDegree coin was valued at around $0.14. Its price steadily fell to approximately $0.05 in March when the first gamified interactive course, Space Doggos, was launched.
In March 2019, the BDG price briefly rose to $0.11. Although the price changes are not as volatile compared to other assets, BitDegree tends to follow the general trends set by larger cryptocurrencies like Bitcoin, as seen by the increase in market activity in November 2021. Check out the chart above for its historical performance.
In April 2022, BitDegree announced its plans to launch Learnoverse, the first-ever crypto-learning metaverse. It utilizes gamification alongside Learn&Earn mechanics and enables the use of NFTs to create a virtual world for crypto education.
How Does BitDegree Work?
The BitDegree token has a limited supply of 660 million. Following the ICO, the token was distributed among the team and the user base as such:
- Public tokens – 366.6 million (51%)
- BitDegree team – 66 million (10%)
- Advisors & partners – 13.2 million (2%)
- BitDegree Foundation – 66 million (10%)
- Scholarships pool – 165 million (25%)
- Bounties – 13.2 million (2%)
Since the supply is capped, the asset is considered inflationary. This means that over time the supply will become more scarce, and the BitDegree price will increase.
The asset is an ERC-20 token, meaning that it was built on the Ethereum blockchain. It can be stored in any digital or physical wallet that supports this token standard.
As a utility asset, BDG is used primarily as the payment method on the learning platform. Users that enroll in courses and select BitDegree as the payment method are eligible for a discount. The token can also be accepted to pay for other digital services on supporting platforms.
Active BitDegree users can earn tokens as part of the gamification model. BitDegree tokens are rewarded as incentives for submitting peer reviews and completing the chosen course. The amount of tokens received for finishing a course may vary. It’s also possible to earn BDG from the scholarship program.
The BDG Token Club is an initiative for accessible education. It’s a selection of courses that can be purchased for a lower rate using the platform’s native asset. The BitDegree price at the Club is fixed at $0.07 per token.
While the asset is not used for network governance, users can upvote their preferred courses as a show of support for the instructor in the Community Courses category. Courses with the most upvotes rank higher in the catalog.
