NTT stands for Non-Transferable Tokens and they have a special use case in the world. We’ll explain how we’ll be using them in education to verify knowledge and skills. NTTs could be used for various things, but first, what exactly is an NTT and how is it different from an NFT? (please forgive the alphabet soup acronym usage) NFTs 🤔
NTTs 🤔 First, let’s define what an NFT (non-fungible token) is. An NFT is a token of something that is non-fungible. The words non-fungible sound like the title for a Sponge Bob Episode but what it means is that something is unique and can not be replaced by something else. In the ending quarter of 2021, there was a massive explosion in the supply and demand of NFTs.
NFTs are most commonly used for profile picture collections. Some of these projects are the Cryptopunks, Bored Ape Yacht Club, Doodles, and more. Each project focuses on its mission but the baseline is that they are all NFTs and the ownership is on the blockchain. The most popular NFTs are on the Ethereum blockchain but other chains also support NFT capabilities.
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The premise of an NFT is that they allow for ownership of data inside the blockchain. The wallet that holds an NFT is recognized as the owner of the NFT on the blockchain. What is special about this is that people can now have ownership of digital assets on the internet.
Okay now that we gave a high overview of NFTs, let’s start discussing NTTs (non-transferable tokens). At their core, NTTs follow the same principle of allowing ownership inside the blockchain, however, ownership can not be transferred. This may sound confusing at first but let me give you an example of why this is a great solution.
Let’s say you passed an assessment and received a certificate as proof of passing. This certificate only carries value because it is issued to you for passing the assessment. In comparison, the certificate would not have any value if it could be issued to anyone even if they didn’t pass the test. The merit is in passing the assessment and issuance to the appropriate person. So in other words, the value is in the legitimacy of the earning and issuance of the certificate. This is exactly what an NTT can do. By making a token non-transferable, there can now be legitimate value for earning things. If you own an NTT that means you went through the process and earned it. This could have not been purchased or transferred to you.
Lirn.io Building with NTTs
At Lirn.io, we are building a protocol for proof of education, where we will be verifying knowledge and skills. One of the first steps, we will be doing is creating an NTT marketplace for educators and learners to create and earn NTTs. The process we will be starting off with will be with educreators creating assessments and if a learner passes, they will get an NTT issued to their blockchain wallet. The purpose of the NTT is to validate proof of knowledge in a certain area. So for example, if an educator creates an assessment for calculus and a learner passes it, the learner will now have an NTT to validate them passing an assessment in calculus. This will be challenging to grow and get society to accept but our vision is that NTTs could be culturally accepted as a new symbol for proof of education.
With NTTsLirn.io Building With NTTsLirn.io Building With NTTs