SAYVE: The Terra Luna Protocol Utilising Crypto to Fund Education
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SAYVE: The Terra Luna Protocol Utilising Crypto to Fund Education
Depending on which country you reside in the cost of education can be quite expensive and with each nation having its own form of educational support, loans and fees these additional costs can quickly add up and cost people out of education.
Education has proven benefits that can lead to better life choices, higher income, increased self-advocacy and an overall high standard and quality of life source.
According to Sayve a basic college degree costs $US500,000 in 18 years which is why they are bringing a crypto based savings protocol focused on education and enabling people to save and earn high interest to cover their educational costs.
Sayve Savings Protocol and Learn 2 Earn
To support the costs of education
Sayve is launching a savings protocol to combat the increasing inflation of education costs as outlined on their medium a four year degree can cost people $US120,000 per year for private education and even upto $54,000 per year for public education source.
Sayve appears to be an American based education savings protocol with references to IRA and 529 education savings funds that have an interest rate of .63% to 1.71% per annum Source.
Sayve states that it is offering the highest educational savings account of its kind, offering 15% APY with no minimum amount required to start savings and the ability to withdraw funds when needed. Sayve also stated that the protocol will also include insurance to safe guard against system errors source.
Also included as a core mechanism in the protocol is an AI powered Learn 2 Earn feature where savers can participate in educational activities at the chance to earn additional income, rare NFTs as well as the opportunity to win scholarships funded by Sayve source.
The How
Sayve is building a protocol for non crypto users and to achieve their goal they will be releasing an easy to use dApp that will require no KYC and no complex wallets or registrations.
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The dApp will enable parents or students to set their target goal and time frame to easily see their current savings and continued growth. It won't be the only thing on offer in the dApp as Sayve will also include a Learn 2 Earn feature where savers can participate in educational activities at the chance to earn additional income, rare NFTs as well as the opportunity to win scholarships funded by Sayve source
The initial start-up and functionality of the token will take place on the Terra (Luna) Network and the dApp will follow at a later date. The project has stated that they intend on undertaking regular buy backs and re-distribution to stakers. Sayve token utility will also have the means of payment/exchange for real world goods e.g. educational goods, lessons, etc.
The project is launching their Alpha release in Jan - Feb 2022 with the Beta launch scheduled for mid or late Feb 2022 and official launch in May 2022. Sayve will be looking for Alpha testers to take part in assessing its code and features. The opportunity will be available to early Sayve token adopters who participate in the pylon pool.
Sayve plans on developing partnerships within the educational sector and being able to offer exclusive educational tutors, trips/camps and other offers focused on enhancing the educational experience of students and parents alike.
Team Interview
I had the opportunity to meet with the team and ask them a few questions about their project and what led to its development.
What do you hope to achieve with Sayve?
With Sayve we hope to build an ecosystem and community around education and De-Fi for users under 18 and their parents. Initially, our goal is to pioneer Learn to Earn to provide a risk free beneficial experience for students to both better their education as well as financial literacy. For parents we provide a higher and less volatile savings alternative for their kids’ education.
How much of a benefit will Sayve be to students?
While the high-interest saving provides a solid boost to students’ financial planning for their future education, our core value - Learn to Earn - is what serves as both extrinsic and intrinsic motivation design for students on their quest to college education. The AI-powered education in itself is already a state of the art proven experience to help students learn language and improve their education. The financial gain from earning tokens is an additional benefit to students beyond the AI powered education. In sum, the Learn to Earn and Sayve platform provide additional financial gains and educational opportunities for decentralized financial management and entrepreneurship skills.
What kind of scholarships are you planning on funding?
We plan to provide standard education scholarships that will help pay for college and training courses. In addition, we plan on providing grants for one of a kind experiences through our partners, for example a full paid trip to an exclusive camp, or private tutoring lessons from a sought after mentor.
How did you come up with the idea for Sayve?
Our team is a group of people who are passionate about learning and education. The core has over 10 years in the education and AI field, and have had successful exits in education companies that cater to the same market. We became investors and users in the Terra ecosystem, and believed it is capable of changing the world. While observing the world’s inflation spiral out of control and rising cost of education, we believed that our own experience combined with the Terra community and ecosystem could help alleviate a lot of financial and educational burdens for billions of parents and children of the world.
If you would like to know more, you can visit the following links:
Website Twitter Telegram Medium
Let me know what you think about the project in the comment section below.
Image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial advice.
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