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The new university will cost $19,200 per year, and the school is hoping to onboard world class teachers by offering competitive salaries and benefits. Although this cost seems high as compared to many universities throughout the world, it is over $10,000 less per year than the average private university’s tuition, with some estimates placing the average tuition at $32,400.

Joshua Broggi, the founder of Woolf University and a research fellow at the University of Oxford, spoke to ABC News about the avant-garde university experiment, saying:

“Woolf’s blockchain is designed to cut out the middle layer of bureaucracy between the classroom and the regulator. The platform is designed to offer students and teachers uncompromised ownership of their personal data.”

The new college is speculated to be located in the Mediterranean island nation of Malta, and is expected to offer two types of courses, both online and on campus, in order to reach the maximum number of students.

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