Ethereum and Student Engagement
The University of New South Wales (UNSW) is taking a bold step into the future with a unique rewards program that allows students to earn Ether tokens for their on-campus purchases. This initiative, expected to begin from October 6, 2017, and run through November 20, 2017, is not just about rewards; it’s a spirited experiment in combining technology and student life.
How the Unify Rewards Program Works
The Unify Rewards program is intriguing, with a cap of just 500 eager participants who had the foresight to sign up ahead of time. The mechanics are pretty straightforward: students will use a mobile app to make their purchases, and for every ten transactions, they’ll earn $5 worth of Ethereum. That’s right! A little bit of technical magic can turn your campus coffee into a cryptocurrency.
Getting Data-Driven Insights
Andrew Lowe, the managing director of the startup behind this program, expressed enthusiasm about how students will engage with this novel form of loyalty currency versus traditional point systems. With Ether’s soaring value—up by 30% just last month—they’re eager to see if this digital coin will inspire more excitement and interaction than your average punch card, which, let’s face it, is just not as cool.
Support from Academic Powerhouses
This innovative project isn’t just flying solo—it’s backed by powerhouse departments at UNSW, including the School of Computer Science and Engineering and the School of Business. The university and its blockchain collaborator will gather rich data during the program to analyze student behaviors and responses. So, if you thought your purchases were just transactions, think again—they’re now part of a larger research study.
A Look Back: Learning from MIT
For those who love comparisons, the UNSW program can be looked at in light of a similar project undertaken by the Massachusetts Institute of Technology (MIT). There, students received a whopping $500,000 worth of Bitcoin. While MIT’s approach was broader in its token distribution, UNSW’s program hones in on a specific, localized experience—turning routine spending into a digital investment.
The Future of Student Rewards
As technology evolves and integrations of blockchain become more mainstream, programs like Unify Rewards could be pioneer examples of the future of student engagement and loyalty schemes. Who knows? One day, we might see entire tuitionfees being paid in cryptocurrencies. For now, students at UNSW are at the forefront of this financial revolution—one app transaction at a time.
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