WhitePaper 6 - bitschool.io · public; enables test takers instant access to the tests via either...

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WhitePaper 6.1

05/23/2018

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CONTENTS

OVERVIEW .................................................................... 3

EDUCATION PROBLEMS & SOLUTIONS ......................... 4

BUSINESS MODEL ......................................................... 6

REVENUE PROJECTION ............................................... 14

TOKEN SALE PLAN ..................................................... 19

PROJECT ROADMAP ................................................... 21

PARTNERSHIP ............................................................ 22

FOUNDERS & TEAM .................................................... 25

LEGAL NOTICE & DISCLAIMER ..................................... 29

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“BitSchool will revolutionize not only ‘what’ we teach, but also ‘how’ we teach” – Tom Ku, CEO of

BitSchool

An ideal learning environment is where all learners have clear individual learning paths

accurately reflecting their abilities and matching their educational interests, and where the right

tool sets are provided to continuously guide and help learners excel on their path. For this,

excellent courses are extremely important. However, an excellent course can only be effective

insofar as the learner possesses the ability to follow and fully understand it. This is only possible

when the courses are supported by a process that will help learners find the right courses

matching their current learning abilities and needs. The BitSchool Personalized Learning

Solution (PLS) will provide this process. By enabling accurate assessment of the learner’s

understanding and progress per courses, PLS Assessment will help education providers with

optimal curriculum planning that would allow learners to choose the right courses to resolve

their weaknesses systematically and enable them to advance their studies built upon firm

foundations. PLS Learning will help learners examine their learned knowledge and identify

knowledge gaps through adaptive mock tests, and provide intelligently generated learning

materials that would help learners plug their gaps immediately in ways matching their learning

styles. PLS Test will allow education providers to automatically create and administer adaptive

exams that would help not only evaluate the test takers’ true performances but also minimize

the cost, time and resources required for exam administrations.

“A model is only as good as its underlying assumptions” – Columbia Business School Finance

Professor

This finance adage directly applies to BitSchool as the BitSchool PLS can only be successful

when it is powered by an expansive database of high-quality educational contents such as

question / answer pairs or learning materials. However, in reality, building this expansive

contents database is a very expensive and time-consuming and to a startup like BitSchool both

money and time are limited. However, blockchain opens the possibility to incentivize the

educational contents creators to contribute contents by rewarding tokens. At BitSchool, we will

push forward to create an Intellectual Property Management System that allows contents

creators to trace transactions using their contents and get paid whenever such transactions

happen. This blockchain mechanism will provide the contents creators with a fair financial

treatment of their creation, and encourage them to contribute their contents which would allow

us to build an expansive education-contents database over a short period time. This global

education-contents database will transform BitSchool into an education-data company in

addition to a global education-solution provider.

Education Problems & Solutions

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BitSchool has been created to resolve the following major educational problems with a

scientific, comprehensive and effective approach.

Education is tailored to the average learner rather than the individual

We will solve this problem by enabling accurate assessment of the individual learner’s level of

understanding of the course and provide her with a clear guidance on her curriculum plan.

Furthermore, we will support the learner’s progress by enabling continuous assessment of her

improvement and providing tailored learning materials precisely targeting the learner’s

knowledge gaps and her learning style. This process will be personalized further by our On-

Demand Tutor service that will extend instant and timely help regarding specific learning needs

as there could still be areas the solution may not have addressed fully.

It is difficult to assess the understanding or progress of the learner

The adaptive assessment function of our PLS will allow high-precision assessment of the

learner’s understanding of a course and generate an analytics outcome delineating the

learner’s strengths and weaknesses. Based on this outcome, an optimal curriculum planning will

be possible to systematically resolve the learner’s weaknesses and form a thorough knowledge

base built upon firm foundation. Also to check the learner’s understanding and progress, mini

assessments may be implemented as frequently as needed. In the later stage of development,

machine-learning capabilities will be integrated in the assessment function that would

significantly increase the precision of assessment and curriculum planning.

It is hard to find the right learning pathway

The adaptive assessment would ultimately be able to help individuals, schools, universities or

employers create not only tailored curriculum plans, but also optimal academic and career

pathways fitting the learners’ strengths, areas of interest and passion.

Learning resources are not provided as frequently and timely as required

The PLS’ adaptive learning function with our On-Demand Tutor service (ODT) will offer instant

tailored lessons to resolve specific questions. The adaptive learning function will generate

learning materials including adaptive videos that match not only the learner’s learning needs

but also her learning style, thereby increasing the leaner’s engagement and memory. The ODT

will address the learning needs not sufficiently resolved through our PLS by extending micro

lessons targeting specific questions.


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Exams do not necessarily reflect the taker’s true performance

This is why we will integrate adaptive algorithms in our test solution. The adaptive test function

of our PLS will allow the best scientific approach to gauge the true performance level of the test

taker by focusing on not ‘how’ many questions the test taker gets right but ‘what’ she gets right.

Educational contents are not rewarded fairly

Creators of movies or technologies earn compensation whenever their works are sold. However

the intellectual property rights of education contents like exam questions / answers are not

compensated fairly as there is no system that allows transparent transactions of these contents

and tracing such transactions. Our blockchain-based ‘Pay Per Use’ system will enable contents

creators to trace the transactions of their contents and get paid. This will empower contents

creators to keep creating and contributing high-quality contents and help form an evolving

data pool of high-quality educational contents.

Lack of equal learning opportunity is still a major issue

The BitSchool GoGreenFund opens the door to the application of cutting-edge technology to

the greater good by issuing blockchain-based token scholarships to low-income learners and

thus contributing to enhancing the equal chance of education globally.

Business Model

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Business Model

BitSchool Model: Present

1. Product

The BitSchool Platform is an eLearning project based on adaptive technology, artificial

intelligence and blockchain, and currently has a beta version of the Adaptive Assessment

App and runs an Automated Test Solution System (“Smart Test Solution”).

1.1. Adaptive Assessment App

The beta version of the Adaptive Assessment Application (which you can find on our

website www.bitschool.io) assesses the learner’s understanding and progress with

respect to study topics. Currently it has a computer science and basic business course

but we will expand the courses over the short term. This assessment app is very

innovatively structured so that the learner can also learn while being assessed.

1.2. Smart Test Solution

The Smart Test Solution integrates an automated test solution, a learning solution, and

a performance-evaluation dashboard (a sample test can be found at

https://www.entercube.net/?2)

Smart Test Solution works by inputting the test questions, answers, learning materials

and feedback into the solution’s database, and generates tests and marks them

automatically. It can be used for any type of tests (from academic exams to driver’s

license tests) and be provided on both computers and mobile devices. Also the Smart

Test Solution uses Amazon Web Services allowing minimal errors and smooth

connections for the test creators or takers regardless of their time zone, location or

amount of online traffic.

This solution also has video and voice integration functionalities (upload files or

integrate youtube links) by which the questions or learning materials can be provided in

visualized and phonic fashion.

The solution allows providing the tests either to a targeted group of test takers or the

public; enables test takers instant access to the tests via either log in, email links or SNS

links. Also the tests can be shared through social media and google docs.

It has the extraordinary ability to group multiple questions under the same instructions,

varying the answer types (multiple-choice vs written answers).

http://www.bitschool.io/

Business Model

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It has the capability to provide learning materials and feedback. For instance, it can

provide the appropriate learning resources for all test questions and allow the test

evaluator to leave overall or targeted feedback to the test taker such as opining on

improvement areas.

It integrates a performance analytics dashboard which demonstrates the test takers’

areas of strength and weaknesses in graphical and visual ways (such as spider charts or

individual performance vs average) and the time it took to answer each question. It

additionally has the capability to produce certificates.

2. Blockchain

We have created a smart contract to issue the ERC20-compliant BitSchool token with the

ticker “BSCH” in March 2018.

3. Target Market


The Assessment App targets schools (elementary, middle and high schools) initially.


Smart Test Solution has been sold to educational institutions, companies and

governmental organizations.

4. Geographical Coverage


The Adaptive Assessment app is currently tested by two GCSE schools in the UK.


The Smart Test Solution is sold in Korea.

4.3. Partner or Memberships

Currently we have a network of partners /members in the US, UK Australia and Korea

who are education experts and will help us expand into these countries and beyond.

We’re continuously growing our global network.

5. Profit Model


The App is still in its beta testing and generates no revenue.


The Smart Test Solution is offered on contract basis with flat fees. Advertisement on

test screens is an additional revenue source (e.g. driving school ads on driver’s license

tests)

Business Model

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6. Market Performances


The Adaptive Assessment App is receiving very positive responses from its trial users.

Here are some excerpts:

“My students are loving the course stats with feedback on strengths and weaknesses

and the user friendly chart on progress, not to mention the asteroids treat at the end of

each section; all great incentives to learn.” – Caroline Chisholm School, Northhampton,

UK

“This would be really worthwhile for teachers, especially in a flipped classroom scenario,

allowing them to track student progress, amount of time spent, overall score, areas of

strength and weakness.” – The Academy at Shotton Hall, Peterlee, UK

“As a teacher I find the class PLC feature a great tool for assessment and to pre-empt

where extra intervention might be needed. The dashboard features on average class

score, correct answers and total time studied give a good overview and the individual

student stats make tracking homework so easy.” – Caroline Chisholm School,

Northhampton, UK


The Smart Test Solution has been developed from 2014 and officially sold from 2017. As

of April 25, 2018 the Smart Test Solutions is used by more than 9,300 customers

including 10 corporate clients (such as private prep schools, universities and

corporations, governmental organizations), and its cumulative paid test-taker base

exceeds 143,000 with 2,000+ new users every month according to google analytics.

BitSchool Model: Future

1. Product

Our goal is to create the optimal personalized learning environment and we will do this by

consolidating the Adaptive Assessment App and Smart Test Solution into one

comprehensive “Personalized Learning Solution (PLS)”. The PLS comprises three core

components: (1) PLS Assessment adaptively assesses the learners’ understanding and

progress per courses; (2) PLS Learning provides mock tests that help identify the learner’s

knowledge gaps and generates adaptive learning resources per questions tailored to plug

learning gaps in ways matching the learner’s learning style; (3) PLS Test generates adaptive

tests evaluating the learners’ true academic or professional performance. The personalized

learning environment empowered by the PLS will be complemented by our On-Demand

Tutors who will address specific questions or tasks not resolved by the PLS.

Business Model

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1.1. Personalized Learning Solution (PLS)

PLS Assessment

Until November 2018, we will make the Adaptive Assessment App sellable at least for

computer-programming courses. Also once the Adaptive Assessment App is complete

for sale, we will consolidate the App with the Smart Test Solution, forming the PLS that

will consist of an assessment, learning and test function. We will also launch PLS

Assessment with gamified features on Pinmo, a digital marketing platform, and start

targeting individual users.

Starting from early 2019, we will develop and integrate machine-learning capabilities

that are expected to significantly increase the accuracy of the PLS’ Assessment and its

analytical / predictive ability, and the capability to intelligently generate feedback with

respect to the learner’s optimal curriculum planning or academic / career pathways.

The AI based PLS Assessment will launch between late 2019 and early 2020. We might

explore the option to use proprietary AI engines like Watson which may substantially

expedite the development processes and reduce development cost.

During 2019 and until mid 2020, we will expand the courses covered by PLS Assessment

to most of the courses taught in the academic sector.

PLS Learning

From mid 2019 to mid 2020, we will integrate machine-learning technologies in PLS

Learning to intelligently produce adaptive learning resources per questions that are

currently being provided by manual input. As part of these adaptive learning resources,

we’re considering developing an Adaptive Video Technology that will intelligently select

educational videos matching not only the learners’ specific learning needs, but also

their styles and interest areas to increase their engagement. The AI based PLS Learning

will launch in mid 2020.

PLS Test

From December 2018 to May 2019, we will integrate adaptive technology in PLS Test to

provide adaptive tests which will increasingly become a dominant practice globally.

From mid 2019 to mid 2020, we will apply the machine-learning technology to

automatically generate tests based on the educational contents we’ve accumulated.

The AI based PLS Test will launch in mid 2020

From mid 2020 until mid 2021, we will start designing and developing intelligent

marking and feedback capabilities for long written answers like essays.

Business Model

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1.2. Education Contents Database

Before the reward system for contents creators and evaluators is established on

blockchain, we will use the Course Admin System which consists of educational

professionals such as teachers or tutors who will not only provide the contents by

themselves but also manage their educational communities to contribute those data.

The token reward will be distributed to the Course Admins and redistributed to

contents providers.

Once our blockchain-based token reward system for contents creators and evaluators

is implemented in February 2019, anyone with high-quality contents will be able to

contribute and get paid. The success of this system will establish us as an education

data company in addition to an education solution provider.

1.3. On-Demand Tutor Service (ODT)

The ODT is a tutoring platform consisting of tutors who provide targeted micro lessons

to specific questions. The ODT will complement the personalized learning created by

the PLS. We plan to start the development of the ODT platform by September 2018 and

it is expected to take approximately 6 months, including alpha / beta testing.

2. Blockchain

2.1. Payment System

Our payment system to purchase our products / services on the BitSchool platform will

commence on September 2018 and be operable by February 2019. Our Paid Per Use

(PPU) system to pay contents creators and evaluators will start on December 2018 and

launch by April 2019 including the linkage between our centralized database that

contains the educational contents and blockchain. Apart from the blockchain payment

system, we will implement a fiat-based payment gateway for the transactions on our

platform which will be set up by October 2018.

2.2. Certificate

The infrastructure to store certificates and test /exam results on blockchain will start

from March 2019 and be finished by September 2019.

2.3. GoGreenFund

We will start developing the GoGreenFund from March 2019 and will begin operating it

from July 2019. An additional technical requirement is to make the tokens circulated

only on our platform and not on a crypto exchange.

Business Model

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3. Target Market


Until November 2018, we will keep expanding the trial schools of the PLS globally. We

will also seek partnerships with education ministries that may allow us to expand the

PLS test base to a wider range of public schools who will greatly benefit from the PLS.

From December 2018, we will start sell the PLS to the academic sector including but not

limited to schools, universities, prep schools, individual learners and education

companies such as educational publishers or eLearning providers, and we will start

customizing and developing our PLS for the corporate eLearning sector in October

2019 and launch it in July 2020.

From May 2019, the PLS will target the global adaptive test / exam market.


The ODT will launch in February 2019.

4. Geographical Coverage


From December 2018, we will sell the PLS first to UK and Korea. From June 2019, we will

expand the PLS coverage to other English-speaking countries mainly targeting the US,

Canada and Australia. From 2020, we will expand further into non English-speaking

countries such as China, India and the EU.


Upon commencement, the ODT will be provided globally.

5. Profit Model


License fee structure based on a flat fee to cover the operation costs plus variable fee

(e.g. number of users x number of questions x frequency x unit price of questions).


Transaction fees between 2-6% of the transacted amounts, depending on the tutors’

service ratings.

5.3. Advertisement

Advertisement revenue from eLearning companies, educational publishers, schools,

universities and others by posting their ads on PLS.

Business Model

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Blockchain Vitality

Blockchain is vital to the BitSchool Platform in various ways. However, among them, the

monetization of educational contents and hence incentivizing the contribution of high-quality

contents is most important for the success of BitSchool and quickly establishing its leadership

position in the global eLearning industry.

1. Transactions on Platform

Tokens will be used for licensing our products and services. Although the token value

fluctuation may form a hindering factor for token holders to use the tokens for this

purpose, we believe that as tokens increasingly become a more accepted method of

payment, people will get familiar. Also we plan to offer a 50% discount for token purchases

of our products in the first year following our platform launch and this is expected to

incentivize the token usages and set it as a common payment method on our platform.

2. Monetization of Educational Contents

2.1 Purpose

The greatest vitality of blockchain is the monetization of educational contents that will

allow content creators to get paid every time a transaction of their contributed

contents occurs. This monetization will significantly incentivize content creators to

contribute contents as it is basically providing an Intellectual Property Management

System for the contents they contribute and will thereby allow us to accelerate

developing an expansive data pool of education contents.

2.2 Paid Per Use (PPU)

Once a content creator contributes educational contents such as questions, answers,

learning materials or lecture videos to our database, it will be validated as per certain

criteria including but not limited to error / flaw checks, unauthorized copying or quality

of contents, and each evaluator will provide a rating, which will then be weighted

averaged, taking the number of tokens hold by each evaluator as the weight, to

calculate the final rating.

When we sell the content creators’ contents as part of our solution and whenever their

contents are used, smart contracts will be set up so that the content creators will get

paid tokens (PPU) in amounts pertinent to their contents’ ratings (the higher the ratings,

the higher the payments). The rating is an evolving process and may move up or down

based on factors including but not limited to the number of users or user reviews.

The content evaluators who initially validate the contents before they are fed into our

database (‘initial rating’) as well as our clients who provide us with quality reviews of the

contents (‘user rating’) will receive tokens. These user ratings are essential for evolving

the content’s rating. Especially the token reward to the initial rating will be based on a

Business Model

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‘stake’ system where each evaluator gets rewarded proportionate to the amount of

tokens they hold against the total.

3. Mass-Marketing of eLearning Apps

We have a partnership with Pinmo which is a digital marketing platform in North America.

We will leverage the Pinmo platform to market our products to individual users (apart from

our direct sales to organizations) similar to the marketing of ‘Games’. Digital marketing will

be a very powerful marketing tool for our products as they use social-media influencers to

gain the interest of potential buyers. We plan to reward our tokens to the social-media

contents creators and advertisers.

4. Certificates

Our Personalized Learning Solution has the functionality to create certificates and we will

encrypt and store these certificates in the blockchain along with test results so that the

data holder can take full ownership of this information and determines with whom to share

it. The immutable and transparent nature of blockchain will provide credibility to these

certificate / test results and also easy access when the owner applies to an overseas

educational program or job.

5. GoGreenFund

GoGreenFund will endow token scholarships to low-income learners that can only be used

to buy products or services on our platform. The fund will be formed through tokens

allocated through the token sale, percentage of token transaction fees, and donation from

token holders. As the tokens will circulate only on our platform, the fund is expected to act

as an effective token-value stabilization mechanism.

Revenue Projection

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Revenue Projection

Market Analysis

BitSchool targets both the eLearning and global tutoring market which combined revenue was

$255Bil in 2016 and is expected to grow to $376Bil by 2021, where tutoring will take up $155Bil

and eLearning $221Bil. The BitSchool eLearning products will target Self-Paced Learning,

Individualized Learning, Mobile Learning, Game-Based and Gamification Learning, and

Corporate eLearning, which accounts for 51% of the total eLearning Market. Just taking 1% of

each of this market translates into $2.7Bil. In addition, BitSchool is a global platform and

therefore, the mentioned statistics directly apply to its business.

Figure 1. Market Growth: 2016 - 2021

Revenue Projection

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Figure 2. 2018 Online Tutoring vs Self-Paced eLearning Revenue by Region

BitSchool Revenue Projection FY2019

The following first figure contains our estimated expense breakdown:

Figure 3. Expense Projection FY2019

avg wage Payrole # Total

Front 80,000 3 240,000

Backend / Blockchain 100,000 4 400,000

UI / UX 80,000 3 240,000

Machine Learning 200,000 1 200,000

Finance/Ops 90,000 4 360,000

Sales/Mkt 50,000 10 500,000

Total Wage 25 1,940,000

Technology 2,000,000

Marketing* 2,500,000

Overhead 1,000,000

TOTAL 7,440,000

EXPENSE

*Includes sales incentive

Wage

Revenue Projection

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The reason we scheduled only one engineer for the development of our machine-learning

technology is we will likely license a proprietary AI engine and the engineer’s main job would

be to customize and maintain it. We have already secured an engineer with a PhD in AI for this

purpose.

Figure 4 shows our revenue projection for FY2019.

Figure 4. Revenue / Income Projection FY2019

In the UK we have a strong network of 3000+ teachers (our CTO is a computer science teacher

and we have a number of teachers as members) and schools so we think for the first year

following our launch we can easily secure over 50 school clients. We also have international

members with education backgrounds in Canada, Australia and the US, and in these countries

combined, we’ll be able to secure at least 20-30 schools while the remainder will come from

Korea leveraging the Entercube Smart Solution System’s increasing user base and gained

reputation. We will also forge partnerships with education ministries in these countries and

market our PLS to enhance the education environment at public schools.

Education companies refer to prep schools, eLearning companies such as MOOCs, education

publishers and etc. The majority of the 50 will be private prep schools which have strong needs

to provide high-quality personalized learning environment from optimal curriculum planning to

automated adaptive learning and exams. As for educational publishers and eLearning

REVENUE & EARNING

Avg Price Amount Total

Personalized Learning Solution

Schools 11,640 120 1,396,800

Education companies 20,000 50 1,000,000

Individual 1,320 5,000 6,600,000

On-Demand Tutor

Transaction fee(4%) 50 100,000 200,000

12,000 50 600,000

REVENUE 9,796,800

EXPENSE 7,440,000-

EBT 2,356,800

TAX (15%)* 400,656

NET INCOME 1,956,144

*Tax rate assumed Singapore or Ireland as potential HQ

Advertisement

Revenue Projection

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companies, our target markets will be providing online-exams functionality as part of textbooks

and integrating PLS for complementing online course lectures (allowing assessment, exams,

course planning, and certifications) respectively.

Individual refers to individual users and we will reach them by marketing our products on

digital marketing platforms. Our product offerings to individual customers will mostly be our

PLS Adaptive Assessment and Adaptive Learning as these tools combined will allow an effective

self-learning environment. For this, we will increase our gamified features and also give our

apps game-like appearances. At BitSchool, we believe by making education apps more fun and

game-like, it will resonate with our main target market of young students and learners, and

therefore the assumed 5,000 client base does not seem aggressive but rather conservative.

The ODT will assist the personalized learning environment created by our PLS by extending

micro-lessons tailored to specific questions. The ODT will have a wide range of target market as

the need for instant educational help is not confined to the classroom. The price per ODT

session can be anywhere between $50 and $100 or more, and we took a conservative view by

setting the average price per session at $50.

Entercube’s STS has set up the infrastructure to post advertisements on each test screen. Once

we gain sufficient recognition in the global education community, we expect the demand from

education companies, schools, universities and others to advertise their products, programs or

services on our PLS to increase as the test screens will provide an effective venue to promote

them. Nevertheless, this increase must be preceded by sufficient user traffic and that’s why we

have set a modest 50 as our target client number in 2019.

Figure 5 shows how we came up with the average price of our PLS.

Figure 5. Average Price Calculation – Schools, Education Companies

The Avg Price is a combination of a flat fee (covering our operating expenses) and variable fee

which is basically the product of [number of students x frequency of taking the test x the

number of questions contained in the test x price per question].

Avg Price - Schools, Education Co.

student times question price variable flat Avg Price

Schools 800 36 30 0.01 8,640 3,000 11,640

Education Companies 100 60 50 0.05 15,000 5,000 20,000

(figure 3)

Revenue Projection

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Figure 6 shows how we came up with the Avg Price for Individual.

Figure 6. Average Price Calculation – Individual Users

Figure 7 shows how we calculated the Amount of the ODT.

Figure 7. Amount Calculation of ODT

The Amount represents the total number of ODT transactions and is based on the assumption

that we will get 10,000 ODT customers in 2019 and they will use on average 10 ODT sessions.

Figure 8 shows how we computed the Avg Price of Advertisement.

Figure 8. Average Price Calculation for Advertisement

Although we expect the monthly advertisement price to be higher than the $1,000 we’ve

currently set for this projection, the increase depends on how fast we gain enough reputation

and traffic, and we assumed that price over a year would be averaging out around $1,000.

Avg Price - Individual

price month total

PLS Assessment 50 12 600

PLS Learning 60 12 720

Avg Price 1,320

(figure 4)

Amount of On-Demand Tutor (ODT)

user # transc. # Amount

ODT 10,000 10 100,000

(figure 5)

Avg Price of Advertisement

price months Avg Price

Advertisement 1,000 12 12,000

(figure 6)

Token Sale Plan

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Token Sale Plan

Token Sale Outline

Total Token supply: 500,000,000 Tokens

Token Sale Timetable:

Currently Private Sale is ON at a 30-40% discount

Public Token Sale is scheduled on July - Aug 2018

Max Cap (Max Public Funding Target): 375,000,000 Tokens

Min Cap (Min Public Funding Target): 10,000,000 Tokens

Token Name: BitSchool Token (BSCH)

Token exchange rate: 1ETH=6000 Token

Funding coins: ETH, BTC

Minimum purchase: 0.01ETH

The following chart describes the Token distribution plan:

Token Distribution

Unsold Tokens

Any unsold tokens will be put into the GoGreenFund.

Token Distribution

Token will be distributed to the investors’ wallets 15 days after the Token Sale is finished.

Token Sale Plan

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Token Mandatory Holding Period

Token subjected to holding period are Tokens held by the BitSchool Founders, Advisors and

Team, and are not allowed to be sold until 180 days from the Token distribution date.

Public Fund Distribution

The Public Fund raised through the Token Sale will be stored in an offline cold multi-sig wallet

which will require three private keys out of four to authorize the release of funds. The four

private keys will be separately and independently held and managed by four core members of

BitSchool, and stored in four separate safe deposit boxes at a bank. Once the fund releases

Ethers, they will be exchanged into fiat currency which will be then deposited at a reputable

bank and executed according to the Public Fund distribution plan.

The following chart describes the Public Fund distribution plan:

Project Roadmap

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Project Roadmap

Year Month Milestones

2017 06 Start development of Adaptive Assessment App (AAA)

2018 Q1 03 Start Beta testing of AAA at schools

Start Private Sale

Issued BSCH, the BitSchool ERC-20 token

2018 Q2 04 Entercube, developer of Smart Test Solution (STS), joined BitSchool

2018 Q3 07

09

Public Token Sale

Kick off development of On Demand Tutor platform (ODT)

Start development of token payment gateway

2018 Q4 10

11

12

Set up fiat-payment system

Consolidate of AAA with STS to create Personalized Learning Solution (PLS)

Launch PLS in Korea and UK targeting the academic sector

Start integrating adaptive technologies in PLS Test

Begin development of Paid Per Use (PPU)

Launch PLS Assessment on Digital Marketing Platform

2019 Q1 02

03

Start development of PLS machine learning capabilities

Launch token payment gateway on blockchain

Start development of certificate storage / retrieval system on blockchain

Start development of GoGreenFund

2019 Q2 04

05

06

Launch PPU

Launch Adaptive PLS Tests

Launch ODT

Expand PLS in English-speaking countries, i.e. US, North America, Australia etc

2019 Q3 07

Launch blockchain-based certificate storage / retrieval system

Launch GoGreenFund

2019 Q4 10 Start development of PLS corporate eLearning version

2020 Q1 01

Launch PLS in non-speaking countries such as China, India and EU etc

Launch AI-equipped PLS Assessment

2020 Q2 06

Launch AI-equipped PLS Learning and PLS Test

PLS will cover most courses taught in the academic sector

Start development of PLS Test for essay-type questions

2020 Q3 07 Launch PLS corporate eLearning version

2021 Q2 06 Launch PLS Essay Test

Partnership

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Partnership

Entercube

Entercube is a Smart Test Solution (STS) company established in 2014 with over 9,300

customers and 2000 monthly new users. The STS is a fully automated test creation and marking

solution with innovative functionalities including but not limited to learning-materials and test-

feedback generation, video and sound integration capabilities, and test performance analytics.

BitSchool will build upon the STS to create the Personalized Learning Solution that will be

composed of an adaptive assessment, adaptive learning and adaptive test function. More

information can be found at www.entercube.net and for an English test sample, please visit

www.entercube.net/?2.

TechBridge

TechBridge established in 2015 has been providing innovative programming curriculum to

young coding aspirants. A prominent feature of their curriculum is that they focus not only on

teaching programming codes systematically, but more important on the application and project

management aspects of programming so that the learners know why they need the codes and

gain practical coding skills. By far, TechBridge offers a number of courses from Scratch to

Python. BitSchool will partner with TechBridge to test and co-develop the Personal Learning

Solution (PLS) in the field of computer science and apply it to the assessment of students’

proficiency levels of programming courses, optimal curriculum planning for them, administering

and marking assignments automatically, and so on and so forth.

CAFA

CAFA Lab Inc. is a leading US R&D Institute and has conducted research and developments in

the technology-based assessment projects with various partners such as Samsung Electronics,

Korea Institute for Curriculum and Evaluation, CISCO Systems. CAFA will provide consultations

on Intelligent Assessment Engineering Systems to BitSchool which will include Automatic item

generation (AIG); computer-adaptive formative assessment models; and educational big data

analytic systems. More information about CAFA can be found at http://emathtest.com/cafa or

https://www.amazon.com/gp/product/0998129860.

http://www.entercube.net/

http://www.entercube.net/?2

http://emathtest.com/cafa

https://www.amazon.com/gp/product/0998129860

Partnership

PG 23

IRDNA

IRDNA, a key educational research institution located in France, aims to research and develop

different methods to support every child throughout the educational process. They are made

up of a large group of specialists, experts and researchers in the fields of neuroscience,

pedagogy or educational sciences technology. IRDNA will provide research into the BitSchool

Platform to ensure that our solution provides the best education for next generation learners.

The Academy at Shotton Hall

The Academy at Shotton Hall is GCSE and BTEC school in the UK providing a vibrant and

stimulating environment for 11 – 16 year olds. Shotton Hall received ‘Outstanding’ – the highest

accolade a school can receive - in the most recent Ofsted inspection. Shotton Hall is an

important partner and potential client of BitSchool and they are testing BitSchool’s Adaptive

Assessment beta version at their school. This test will provide BitSchool with important user

data and feedback which will be used to perfect our Adaptive Assessment capabilities.

Caroline Chisholm School

Caroline Chisholm is GCSE and BTEC school (mid and high school in other countries) in

Northampton extending high-quality education to 4 – 19 year olds. 81% of Caroline Chisholm's

GCSE students gained Maths and English GCSEs at grades A+ ~ C which is an outstanding

result. Caroline Chisholm is an important partner and potential client of BitSchool and it is

currently testing BitSchool’s Adaptive Assessment beta version. This test will provide BitSchool

with important user data and feedback which will be used to ready our Adaptive Assessment

app for commercialization.

CIF

Crypto Improvement Fund (CIF) is a project focused on the education and implementation of

Blockchain initiatives. CIF will bring invaluable conceptual and technological insights and

expertise in cryptocurrency and blockchain to BitSchool and will help us with the design,

development and deployment of our blockchain infrastructure. For more information of CIF,

please visit their website at: http://cryptoimprovementfund.io.

http://cryptoimprovementfund.io/

Partnership

PG 24

Pinmo

Pinmo is a North American digital marketing platform with a 55,000 person user base in that

provides targeted marketing based on AI algorithms. BitSchool will partner with Pinmo to

aggressively target the global eLearning market and introduce a new eLearning marketing

paradigm where BitSchool’s effective, fun and game-featured learning apps will be sold like

games which exactly matches the purchase pattern of the younger generation customers. The

partnership also enables the BitSchool On-Demand Tutors to advertise their services.

Evilnut

Evilnut is a ecommerce web design / development and digital marketing as well as customer-

relationship management (CRM) system provider with over 300 corporate clients served so far.

Evilnut will help BitSchool to develop appealing UI and features, making the learning

applications more attractive and likable to younger users. We are looking forward to usher in

the new eLearning marketing paradigm together, where could-be-boring learning tools are

actually traded like ‘cool’ and ‘exciting’ games.

Founders & Team

PG 25

Founders & Team

Founders

Kiung (Tom) Ku

CEO Global / Co-Founder

Tom received his MBA from Columbia University in 2007 and worked for Ernst

& Young in New York as a credit risk-management consultant. From 2010, he

has established and run EssayPartners, a top MBA consulting firm and also

developed his online consulting platform.

Colin Jung

CEO Asia Pacific / Co-Founder

Colin is the CEO of Entercube and has over 20 years experience as a System

Integration specialist and IT project manager. He holds an Electrical Engineering

BS and EMBA from Seoul National University.

Philip Leipper

CTO / Co-Founder

Phil is a Computer Science teacher in the UK. He received his computer-science

degree from King’s College and has over 12 years of programming and

development experience including full stack web development.

Aiden K Moon

CSO / Co-Founder

Aiden is an accomplished serial entrepreneur and the CEO / Founder of the

global marketing communications group – UNICESS. He is also a Venture

Capitalist, Accelerator, Crypto Influencer and has completed multiple successful

ICO projects and acts as strategy advisor to many current projects. He majored

in Business Administration at Yonsei University and received his EMBA from Seoul National University.

Founders & Team

PG 26

Team Members

Bad Edwards CMO

Bad has worked in marketing, brand management, database marketing and market

research for telecoms, IT, satellite TV and fast consumer goods. She is the Head of

Computer Studies at a UK high school.

Evan Stanfield Marketing Manager

Evan is a Digital Marketing Specialist, Web Analyst, and Graphic Designer with over a

decade of experience with expertise in print design, digital campaign creation, and

identifying correlations between numbers.

Deok Gun Park Chief AI Architect

Duck received a BS in electrical engineering and an MS in biomedical engineering at

Seoul National University. Duck received a PhD in Artificial Intelligence at the University

of Maryland in 2018.

Lina Kim Executive Assistant / Digital Marketing Manager

Lina holds significant experience as a seasoned executive assistant at major

multinational corporations and also expertise in marketing research, brand

management and strategy, and brand communication.

Matthew Bowen Backend Developer

Matthew is a UK software engineer and computer scientist and has worked as a

computer scientist at CERN contributing to the CMS experiment, and then as a

software engineer for GE Oil & Gas.

Michael Leipper Frontend Developer

Mike is a frontend developer with expertise in React, JavaScript and angular 2.0. He has

recently undertaken a 4-year computer science course at the open university.

Michael Demetriou Blockchain Developer Michael is an engineer and entrepreneur with 10 years’ experience. He majored in civil

and environmental engineering at the University of Cyprus with a minor in

Management.

Dalibor Štefanac Community Manager

Dalibor graduated from University of Zagreb, Faculty of Graphic Arts, and has acquired

skills in visual communication and graphic technology. He is specialized in 3D

photorealistic visualizations.

James Lee Graphic Specialist

James has been a graphic designer for 7 years and participated in a number of ICO

project helping them with everything from graphics to community management.

Founders & Team

PG 27

Course Admins

Tegan Macmillan Wapping High School

Teacher of Science and Steam

Andy Percival Shirley High School

Head of ICT and Business

Chris Demtriou Course Admin Willow

Brook Primary School Academy, ICT Leader

Jaspal Singh Loughborough High School, Director of Academic IT

Student Team

Our student team comprises the best and brightest students that were mentored by teachers of

the BitSchool team, and will participate in developing learning based games

Krzysztof Dobrzycki

Student Games Developer

Jacob Burney

Student Games Developer

Founders & Team

PG 28

Advisors

Dr. Jaewha Choi Associate Professor of George Washington University (GWU)

Technology / Strategy Advisor

Dr. Choi received a Ph.D. in Measurement, Statistics, and Evaluation from the

University of Maryland and is the Program Director of the Assessment, Testing, and

Measurement program at GWU.

Prof. IK Song Professor at Korea University / Hotfund Founder

Finance / Investment Advisor

Prof. Song received an economics major from Seoul National University, MBA from

Wharton. He has been alternative investment head at Korea Post Insurance and

head of Hotfund, a top investment advisory.

Edouard Brauer President / Co-Founder of IRDNA

Neuroscience / Education Technology Advisor

Edouard has over 20 years’ experience in competitive intelligence, strategy bui lding

and business management and investing advisory. He has advised early stage and

IT companies in successful IPOs and M&A.

Ian Van Der Linde Vision Science Professor of Anglia Ruskin University

AI Design / Development Advisor

Ian is a faculty member at the Computing & Technology Department of Anglia

Ruskin University and specializes in using computer modelling and experimental

psychology to study the human visual system.

Khalil Belmouddene Founder / CEO of cryptoinsider.us

Strategic Marketing Advisor

Khalil is the Founder & CEO of cryptoinsider.us, a crypto online news channel with

20,000 monthly viewership. Khalil is a well-known figure and influencer in the global

crypto community.

Scott Douglas Founder / CEO of CIF

Blockchain / Business Strategy Advisor

Founder of Blockchain.Edu & Crypto Improvement Fund (CIF). Scott has worked with

Cisco, Bell, Avaya and NEC, consulting on complex networking, telecommunication

and SAAS projects.

Legal Notice & Disclaimer

PG 29

Legal Notice & Disclaimer

Participation in the BitSchool ICO does not represent an investment opportunity but rather a purchase of the

Token to buy products and services on the BitSchool Platform. Therefore, no information contained in this

whitepaper or on the BitSchool website (“Website”) - http://bitschool.io – shall be misconstrued as investment

advices. ICO participants shall consult their own legal/financial advisors before committing to any actions set

out in this whitepaper or the Website. BitSchool carries no liability for the ability to participate in the ICO for

reasons beyond the control of BitSchool including but not limited to the ICO duration, transaction mining

delays and node-related issues. ICO participants understand that by transferring assets to BitSchool,

participants make the final decision on deposition of cash or other assets and has no right of refund except a

100% refund when public fund raised is under the min cap of 10,000,000BSCH when the ICO period ends. ICO

participants agree that they purchase, receive, sell and hold BSCH at their own risks, and that the BSCH is

provided on an ‘as is’ basis without guarantees of any kind, whether expressed or implicit. It is the ICO

participants’ sole responsibility to determine whether they are legally allowed to purchase BSCH in their

jurisdictions and whether they can resell BSCH to another buyer in any given jurisdiction. The ICO participants

guarantee that they are 18 years old or older and comply with applicable laws of the jurisdiction where they

reside. Citizens and residents or their representatives of USA, China, South Korea or any other countries

barring its citizens and residents from participating in ICO are not allowed to participate in the BitSchool ICO.

Also BSCH buyers, receivers, sellers and holders are solely responsible for determining or evaluating the tax

implications of their participations in the BitSchool ICO, receiving, selling or holding BSCH in any relevant

jurisdictions. This whitepaper does not regulate the purchase and sale of BSCH which are subject to the Terms

and Conditions published on the Website.

BitSchool makes no representations and warranty of any type as to the accuracy, reliability or completeness of

any information included in this whitepaper or the Website. BitSchool, its founders, members, associates,

employees, advisors or partners shall not be held liable for any indirect, incidental, consequential, or other

damages or losses occurring from or related with the use or misuse of any of the information contained in this

whitepaper or on the Website including but not limited to the loss of revenue or profits, and the loss of data.

Some estimates or statements in this whitepaper or the Website form future plans involving uncertainties and

risks, and may result in differences with the planned outcomes.

No regulatory authority has examined or approved of any information in this whitepaper or the Website. No

such action has been or will be taken under the laws or regulatory requirements of any jurisdiction. The

regulatory status of cryptocurrency is still unclear or undefined in some countries. These countries’ legislatures

or regulators may apply or modify existing regulations to govern cryptocurrency and these regulatory actions

may adversely affect BSCH. As BSCH is based on the Ethereum Blockchain, any malfunction or breakdown of

the Blockchain may have negative effects on BitSchool and BSCH. BSCH is also exposed to attacks by miners

while validating the transactions including but not limited to double-spend attacks, majority mining power

attacks, and selfish-mining attacks. Any successful attack could adversely affect BitSchool and BSCH including

but not limited to the accurate execution and recording of transactions involving BSCH. Hackers may attempt

to obstruct BitSchool and BSCH in ways including but not limited to malware attacks, denial of service attacks,

or Sybil attacks.

In the event any discrepancies or conflicts happen between the whitepaper English version and other

Language versions, the whitepaper English version shall prevail.

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