Artificial Intelligence (AI) is a hot topic these days. Just look around you, you ask Siri for directions and Alexa for recommendations on what to buy or what the weather is. If you look at tech giants such as Google or automobile experts such as Tesla, everyone seems to be leveraging this technology to get the most out of it.
Therefore, it is not a surprise to see that blockchain technology, which is being considered as yet another sought-after invention in the years ahead, is slowly adopting AI through new ventures. These potential business explorations focus on bringing the best of these two innovations to the end user, revolutionizing different industries and various business segments in the process.
This new idea poses a question: how capable is it to achieve that goal and can it do so in the first place?
To find an answer to that very important question, let’s go ahead and look through the concept in a detailed manner.
The Market Opportunity: What is Opet Foundation?
Opet Foundation brings about effective solutions for high school students, with a system designed to facilitate them through their years of schooling and transition to college.
It certainly has a compelling vision bring about more education to people all over the globe, providing more access and inclusion to all students regardless of their financial standing or the class that they come from. Their idea is to increase global education through the use of technology to drive innovation in this sector.
What exactly is the problem that they are trying to solve?
The team at Opet is seeking to solve the problem of education on a global scale in regard to that of the transition from high school to college.
Schooling may be affordable to those who are in preschool all the way to their last day in high school. This is possible because most nations may provide public education throughout these crucial years of a child’s life. Yet, this may not be the case after high school, thus, children may be on a somewhat equal playing field in their earlier years but not so much after they progress.
There might not be significant support and resources that many children can access as they make their way from high school to college. Even the process of applying to universities is cumbersome and difficult. Different systems and processes by each high school and college can make the process even more tiresome.
Furthermore, passing exams to make the cut for different colleges can also be complicated for those families who are not able to give their children the extra attention that they need to excel and move on to the next phase of their lives. Private tuition might be hard to come by and cost-effective solutions in this segment might not be prevalent.
The next problem is that of the lack of direction and guidance in taking the next step in their academic career. Many youths may not have had parents who have gone the route of pursuing higher education due to lack of resources and fighting for survival. This leaves youths with a potential scarcity in places to turn to and understand what is best for them and their specific future.
These and more education-related problems are what OPET seeks to address.
But how does Opet foundation do so? What tools, tactics, and methods does the foundation employ to make an impact on the lives of the next generation?
Tuition, Mentoring and Academic Discussions
At the core of the foundation is its Opet bot, which is a chatbot which not only provides next -generation AI services by being an interactive tool to converse with but one that has been designed with educational assistance in mind.
The Opet bot app will thus act as a powerful resource for GCSE and A Level students to ask questions and get answers from regarding their day to day assignments, academic exams and even when they are in the need of a companion to revise their coursework as well.
This dynamic tutoring functionality will serve as a much-needed supplement throughout their high school years, allowing them to learn and grow in areas where they need more assistance in.
The chatbot will also have answers to students’ questions related to their academic future, too. It could discuss their options for advanced education according to the institution they would want to pursue a higher education with. A compelling feature because it would provide them with guidance where they may not have had any before, causing significant potential impacts on their lives.
Through these services, Opet will provide tutoring solutions that will be accessible and affordable by students from all walks of life, instead of having to pay sky-high tuition costs, they will be able to obtain just as smart mentoring through a highly efficient AI system.
Record Keeping and Management
In addition to the Opet bot, the system will also include other applications that will be accessible through both desktop and mobile devices, which will include solutions such as email and text apps. All of these applications will be based on Opet’s blockchain network, which will ensure the implementation of information security for its users, considering how sensitive it would be to execute safety protocols due to the young age of the students who will be utilizing the platform.
Through its array of applications, Opet will also keep a record for its users upon their discretion, where they will be able to maintain their academic data in one place including but not limited to their academic progress, interests, preferences, testimonies, and extra-curricular activities. The system will also utilize the University of Cambridge’s personality profiling tool to streamline the academic data for its users.
All these tools and smart systems will essentially digitize each student’s data and make it easy for them to access and share academic information whenever they want and whoever they want to share it with. It would not only help save costs but will also ensure that each student’s data is streamlined in the most efficient of manners which would meet the standards of colleges and universities all around the world.
Accessibility to Higher Education
All of these mentoring and data management solutions would then help the system pair the students with the most optimal match of academic institutions, even those which the students might not be aware of. Showing the student aligned institutions as well as the right fields to go into that match with their portfolio, characteristics, and history.
It would once again save costs that would otherwise be spent on often unhelpful consultation and intermediaries who take a chunk out of a student’s reserved education funds. In addition to this, it would also make the daunting process of applying for higher education much easier. Instead of having to try to put together an application which meets the standards of revered institutions, a process that could be considered daunting, individuals would have better options.
Students will be able to have all the information already available at their disposal which they could deploy to share with an institution of their choice at the click of a button.
An Education Ecosystem
The Opet Foundation’s blockchain will not only be open to students and the institutions that they want to have access to but will also allow other relevant segments to take part in the platform’s digital ecosystem.
These parties may include but will not be limited to teachers, coaches of extra-curricular activities, headhunters, employers, validators and testers, and accreditors. Each of these segments will be able to utilize the platform for their respective needs and potential benefits; for instance, teachers and coaches could offer their own services through the Opet Foundation blockchain for students to hire their services, while employers and headhunters could look for new talent and bright minds to recruit from a pool of interesting students.
A Transparent System That Brings It All Together
All of these AI-based services will be powered through a blockchain based token by the name of OPET, which will act as the fueling agent to supplement the aforementioned functions on the Opet Foundation’s blockchain platform.
The OPET tokens already have their private pre-sale event in process since June 31, 2018, which is slated to end on August 31, 2018. Following this, a public sale will be held, after which the tokens will be listed on cryptocurrency exchanges.
OPET Review: The Crowdsale
About OPET Tokens
The Opet Foundation’s blockchain is going to be based on the Hyperledger Fabric with Ethereum, which makes the OPET an ERC20 based token.
As described above, OPET will its private pre-sale in process until August 31, 2018. During this event, the Opet Foundation aims to raise 45,000 Ether (ETH).
This will be followed by a public pre-sale event, which will start on September 1, 2018, and end on September 30, 2018, while having a target of 10,000 ETH.
The public pre-sale is going to be trailed by a public token generation event, which will start on October 1, 2018, to end on December 31, 2018. In this phase, the Opet Foundation will chase a target of 5,000 ETH.
The campaign’s soft cap has been pegged at 10,000 ETH with its hard cap being set as 60,000 ETH. 1 ETH will equal 500 OPET, with bonuses being provided at different phases of the sale event.
30%: Research and Development for AI and Machine Learning
20%: Advisory Network and Panel Expertise
20%: Marketing and Overseas Expansion
10%: Blockchain Development
10%: Business Partnerships and Curriculum Development/Acquisitions
10%: Legal and Compliance Professional Fees
It has been mentioned by the Opet Foundation that in case the sale does not meet the hard cap, then these scales will be adjusted accordingly.
40%: Token Sale
30%: Team and Advisors
15%: Network Incentive for OPET
About the Opet Team
OPET Foundation is based in Singapore and has a team of individuals that are spread across a few countries but which seems experienced enough to pull off the feat of putting this system together.
For instance, its founder and CEO Wilson Wang have an experience of around 18 years in the investment and finance sector, while co-founder and CTO Ameya Kulkarni boasts of tenure in programming and development. Other members of the team hold similar experiences, which alludes to the possibility that the Opet Team could very well know what it’s doing and has high chances of achieving its goals.
However, since most of these individuals remain unknown in the blockchain industry, it is difficult to comment on whether their experience in this sector will prove to be as successful as their previous endeavors.
Should I Invest in Opet?
But the potential still remains a question of one’s own judgment. AI is something that is being used as a lucrative term by many new ventures in order to rake in as much revenue as possible and so extra caution should always be present.
A new technology such as AI combined with another one like blockchain definitely can be some cause for risk and should certainly be accounted for in an investment decision. The next risks that need be looked at are components such as competition and other sorts of weaknesses of the project as well.
OPET Review: Competition
Centralized competitors have established significant footprints in this space, Chegg.com, Coursera and other sites like Tutors.com, Schooli, SolutionInn and more.
Chegg is a platform that has been growing in numbers and ranges in providing services from tutoring to solutions to connecting to jobs and careers as well, its power comes from being a full -service solution. It is competitively priced.
Threat Level : Medium
Then we go into the sector of the fairly new phenomenon of massively open online courses with platforms like Coursera, edX, FutureLearn, OpenClassrooms that can add value to the education of youths and adults all over the world. But the problem with these MOOCS is that they are fragmented and may be transitioning to charging more for courses.
Threat Level : Low
The key advantage that OPET can bring to the table is that they can bring about a holistic highly cost – effective solution that caters to youths all over the world. The solution that is presented is definitely needed, the only problem is in regard to implementation.
OPET Review: Weaknesses
As noted above, corporations like Google and others are developing AI solutions for a variety of verticals but AI still has a long way to go. Personalizing AI and having it act as a tutor and a guidance counselor is quite difficult, true AI will have to be dynamic and as nuanced as human teachers to provide a stronger experience than a static google search.
Their business model seems to hinge on the monetization of their digital tutor companion, personality profiling, college admission docket preparation services, and their access to ebooks and other services. This would pose one interesting question, just how cost-effective will their solution be? What their pricing structure looks like is uncertain and unclear.
OPET Review: Conclusion
OPET is taking on a significant challenge, it is definitely looking at tackling a key issue of improving global access to education at a crucial point in the child’s life. It is on the right track of utilizing technology to decrease the barriers to access, providing value in more ways than one. The solution hinges on the power of the technology and the overall cost. If the technology will be advanced enough to truly deliver it can then definitely be cost effective and provide value to many all over the world.