There is a in-depth discussion of this at otlw.co
if you want to jump straight into it. If not I will summarize below.
A decentralized education system could provide a powerful level of education to any individual and increase the opportunities offered as well. It would function by having every individual function as both an assessors and a student, participation in both aspects required for the other.
Assessment would be through a consensus system, calling multiple assessors with experience (as defined by their own assessments within the system) to assess. The result will be calculated taking into account the assessors previous accuracy/honesty and then their individual scores will be measured against it. A more accurate score will receive a greater reward in the form of tokens. These tokens allow the individuals to initiate assessments of themselves. They can also be committed to group learning contracts, to form a group of people committed to working with each other to learn a specific subject and eventually be assessed on it.
This generalized system can function in any level of education from high schools to universities, supported by different outside tools throughout, such as teachers or advisors in younger years, or institutions for research level topics.