How are NFTs any different from other images on the internet?
It all comes down to decentralization. Traditional companies generally own the data you post on their site. Using the blockchain we can empower end users to own their data and transact with trust online. For example, at EDUcoin we offer NFTs and content via the Polygon network. Even if EDUcoin goes away you can access those NFTs via any other application that supports Polygon. Polygon doesn’t own the data either, their network of miners and users certify and support the network, publicly verifying all its transactions.
Is minting NFTs bad for the environment?
Thanks to network innovations we have created a much safer way to transact online. 1 Poly transaction currently emits .0003 CO2. For context one Bitcoin transaction emits 945.2 CO2. Blockchain networks are constantly using new methods such as proof of stake and layering to reduce environmental harm and create a more sustainable network.
Can students make copies or sell NFT Skill Badges?
No. It’s a common misconception that non-fungible tokens are always transferable, but this is able to be adjusted at the contract level. NFTs can be set to be non-transferable and thus a permanent part of your students account.
I have heard stories about crypto wallets getting lost or stolen, is it safe to own an NFT?
Yes. Just like any log-in however it is always possible to hack if you expose your password. The big downside to a hack in the crypto space is that transactions are largely irreversible by design. With that said there is yet to be a breach with the actual network so as long as your personal account is secure you should have nothing to worry about.
Can I use my NFTs from Educoin in other Metaverses?
It depends. Currently chains like Blockchain, Solana, and Ethereum are not easily compatible. While solutions are entering the market to bridge the gap, there is still much to determine. What that said, transactions done on Educoin will be compatible with any other applications built on the same chain (currently Polygon).
Will everyone be able to see my content on the blockchain if I mint it?
No. Currently Educoin only displays content locally hosted to those which own an NFT. The NFT is not the content merely a key to view the content. When you "mint content" you are in fact minting an access pass to content and therefore viewing the content will be limited on our site to those with the associated NFT.
Why do I need to use a blockchain for this?
The blockchain offers a few unique benefits for learning and skilling. One major advantage is that it is an immutable record and verified at the point of transfer. In a web2 environment the opportunity to lie or fabricate credentials and even change academic history is very much possible . We offer a more honest approach to badging and allow students to keep their badges regardless of the application they are on, without integrations.