Increasing costs and decreasing budgets for education #
Many countries divert funding from education when faced with budget deficits created from extraordinary events. The global pandemic had an adverse financial effect on countries all over the world. Developing countries’ budgets were hit exceptionally hard presenting large deficits. In this context, the first step toward transformation is to urge funders to redirect resources back to education to close the funding gap.
But how the funds move in any industry is restricted to regulatroy environment built around it. The use of cryptocurrency in the education domain has been growing steadily over the past few years. More and more people are using it to pay for their education-related costs. This trend, however, is not mainstream yet.
Tuition Coins are meant to be tokens facing the masses where instead of appealing to existing blockchain enthusiast communities, we educate the general public about the future of finance and technologies associated with it. Increasing accesibility to good educations needs access to surplus resources to support the needs, and Tuition Coins are meant to play a pivotal role in providing that support.
Vision: Reduce the compensation gap for teachers and strengthen traditional scholarship programs #
It is no secret that teachers are paid relatively little compared to other professions. In fact, according to the OECD, the average salary for a teacher in the US is just over $50,000, which is significantly lower than the average salary for other professions such as doctors, lawyers, and engineers.
This compensation gap can have a number of negative effects on education. For one, it can make it difficult to attract and retain good teachers. Additionally, it can lead to lower morale among teachers, which can in turn lead to lower-quality education for students.
Tuition Coins can be used to create additional compensation and stipend systems for teachers, which would help to increase their dispensable income consequently leading to improved performance in workspace and an increased retention rate for schools. Additionally, Tuition Coins can be used to create crowdfunding campaigns for specific education projects or initiatives by nonprofits and other social enterprises.