White Paper — A Novel Blockchain Token to Return a New Normal in International Student Exchange
Abstract
This Initial Coin Offering (ICO) contains a novel approach to utilize blockchain technologies to offer students a viable means to achieve a post-pandemic return to successful international student exchange programs. ICO investors, venture capitalists, and student exchange facilitators will find the methodologies described herein to be a catalyst to revive programs inoperable during the pandemic of 2020. An underlying inference in this ICO is that significant wealth was gained and lost during the global shutdown in 2020. The losses illustrate the need for solutions. The ICO proposes methods to revitalize student exchange and increase opportunities for student socialization using blockchain tokens.
Introduction
Notwithstanding the toll of human suffering during the pandemic of 2020, global economies and supply chains ceased operating or diminished significantly. A cascading effect from this shutdown resulted in students being unable to obtain traditional educational opportunities. Home-schooling or hybrid education models became the new status quo. The long-standing tradition of international student exchange programs stopped. Students no longer could satisfy first-hand their interests in cultural experiences other than those of their native countries. Health concerns and government mandates brought global travel to a halt. Globally, centralized fiat currencies fluctuated widely. Economic stability was elusive. Enforcement quarantines and lockdowns became commonplace yet varied around the world. To attempt a return to the pre-pandemic status, colloquially called the “new normal,” this ICO offers a method to obtain revitalization and economic stability in international student exchange programs.
Problematic Market Considerations
Presently, international student exchange programs are floundering or unavailable. Economic uncertainty fueled by health concerns lowers supply opportunities. Nevertheless, demand remains stable and perhaps even increasing from teenagers and young college students because of the lack of socialization. Complications of fiat currency fluctuations raise profit concerns of program providers. Additionally, international travel requirements, such as increased approval time of passports and visas and potential quarantines on arrival, change often.
Consider parents with children who want to participate in a student exchange program. Assuming pandemic issues related to health in a specific area have abated, other areas of concern are still present. Safety, logistics, exchange curriculum, and the students’ desires from the exchange program still predominate the family’s thoughts. This ICO presents novel solutions to alleviate most concerns, increase student participation, develop economic incentives, and revitalize economic sectors.
The “Norm” ICO Solution
To fully appreciate the solution to the problematic market situation of international student exchange, stakeholders and their requirements need consideration.
· Students — require safe accommodations, sampling of local cuisine, socialization, educational opportunities, timely travel, and supervision.
· Providers — Most consider bilateral interfamily international exchange as the standard in these programs. However, other types of providers require consideration. Intercollegiate exchanges are possible providers. Also, regional leaders could provide requisite services with students staying in a communal environment such as hotels or hostels.
· Logistic service providers — Transportation providers, local dining establishments, ground travel, regional managers, and the administrative and governance staff all require consideration.
· Investors — Those providing investment in startup and ongoing expect a return of and on their invested funds
Commercial Details and Timeline
A novel token, “Norm,” based on a decentralized blockchain, provides the framework for solving the aforementioned issues. After creating the Genesis block, initial investors may purchase Norms to provide the necessary capital to either create or recruit existing service and logistic providers and provide operating capital.
While detailed tokenization strategies, regulatory requirements, blockchain permissions, and consensus mechanics are outside the scope of this lightweight ICO proposal, an explanation of the technical and financial details of the Norm token follows.
Technical Details
The Norm blockchain appears similar to the services currently provided by the centralized offerings of Airbnb. Norm, however, provides a safe, lower-cost, decentralized alternative via disintermediation. Plus, it includes the added benefits incumbent in an international student exchange program.
Full nodes of the Norm blockchain will exist in all regions offering student exchange services. Intra-region client-server endpoints will operate concomitantly until a sufficient full node mesh is in place. These additional client access points augment Norm and offer fail-safe access for students, parents, and providers.
Financial Details
The business structure will vary depending on local and national law; however, regional managers will vet potential exchange locations and curricula. Compensation for these managers will either be via Norms or fiat, depending on the manager’s choice. Managers will visit homes and other potential exchange service locations to obtain accurate photographs and location information, becoming part of the blockchain.
` As Norm provider opportunities expand, marketing efforts in multiple media aimed at the academic marketplace. Parents or adult college students may review the various locations published on the blockchain. Students will exchange fiat currency for Norms at a yet determined but fluctuating exchange rate upon finding a desirable exchange experience.
The provider, who deals directly with the student or parent via the decentralized Norm blockchain, will receive a negotiated portion from the funds received, either in Norms or fiat. The provider pays for exchange should they opt for fiat. Portions of funds paid to the provider, similar to Ethereum gas payments to miners, will cover operating costs. The remainder will become assets in yet to be determined secured investments to increase the market capitalization of Norm.
To increase the liquidity of Norm, vendors in the region and other logistics providers may opt to exchange services of products for Norms. These Norms could then provide exchange opportunities for children of the vendors’ employees. Additionally, NGOs and other not-for-profit associations could purchase Norms at a predetermined rate based on market capitalization for distribution to their beneficiaries.
Summary
The Norm blockchain supporting international student exchange offers many benefits over the pre-pandemic provider model. Administrative costs will be significantly lower under this model. A greater variety of safe and vetted student exchanges will occur. Opportunities for participating in a wider variety of cultural and social experiences will increase. The overall cost for sending a student on what may be an experience of a lifetime will be more affordable. Perhaps these are sufficient incentives to consider investing in Norm but consider the greater appreciation of multiculturalism as an added benefit for participation.
Keywords: student, international, blockchain, Norm, socialization, education
