Challenges for the blockchain, specifically the corporate blockchain, occur on the blockchain boundary and the outside world. Here, we need several mechanisms to attach the student's public key to the class and mark the professor's public key. And, we will need a system to help professors who lose their keys - it will happen. Maybe the role of university registrars here is from Oracle. The need for one public key database differs in spirit from the Bitcoin blockchain. We are not sure whether this is a problem or a compromise that makes sense for corporate blockchain.
To achieve immortality on the blockchain, ledgers must be independent. We need incentives for miners to maintain copies of ledgers, monitor (listen to) new values, validate information, create new blocks, and reach consensus. Without third parties monitoring or checking the work of miners, it is important that this incentive is given as part of the blockchain.
GradeChain can provide this incentive by creating a GradeCoin that miners will get to add information blocks. The ledger must then save this balance along with level information. In order to function, GradeCoin must have value but does not have to be a fully liquid currency.
One possibility is that GradeCoin is a utility token that only provides services on the blockchain - students use GradeCoin to calculate their GPA. Maybe, GradeCoin can be converted into course credit. Here, we need to be careful not to damage values as a signal of students' understanding of subject matter. This GradeCoin has the look and feel of an airline miles award that can be converted to status or facilities in a closed system.
As an alternative, or in addition, GradeCoin can be exchanged for limited goods and services outside the blockchain. For example, GradeCoin can be used to prioritize waiting lists for selected courses, tickets to soccer matches, or coffee at local cafes. Again, pay close attention to the airline miles used for more than airline purchases, such as renting a car or staying at a hotel. However, because an oracle is required to register students in class, the value of GradeCoin that can be exchanged will depend on real-world entities - for example, local cafes - that offer redemption. Allowing greater liquidity is possible by requiring miners to listen and record transfers or sales but not necessarily.
Sort: Trending