The Simple Token Project
Any app can launch branded tokens on open scalable side-chains, powered by Simple Token, a protocol for consumer-app tokenization and an ERC-20 utility token.
Like so many others, we’ve been enthralled with the technical elegance and vast potential of blockchain technology. Yet we recoil from the recent hype, speculative excess and occasional fraud associated with cryptocurrencies. Early last year, we started exploring how to use this technology to build a branded economy within Pepo, the social advice company that our team had founded. We found that the possible applications of cryptocurrencies for business are even more powerful than we thought, but the process of creating one is complex, expensive, and fraught with risk. Why do all this just for ourselves, we asked, when we could build a set of tools that is needed by many companies?
Simple Token will fill that need, empowering any company — from a global brand to an emerging app maker — to issue what we call “branded tokens” that can transform its business into a dynamic economic ecosystem. No complex programming. No perilous ICO. No cross looks from regulators. We take care of all the hard work. Using Simple Token is designed to be as easy as accepting credit cards by integrating with an online payment service like Stripe or PayPal.
The Simple Token Project contains 3 core elements:
1. Simple Token [“ST”] is an EIP20 token.
2. OpenST is a protocol to support token economies in mainstream consumer applications. The protocol enables ST to be staked on ethereum mainnet against minting Branded Tokens on open scalable side chains.
3. The Simple Token software enables companies to launch and manage their own branded token economies based on Simple Token.
The business and technical challenge we set out to solve is to enable mainstream consumer applications to benefit from deploying their own branded crypto-backed token economies, in a scalable and cryptographically auditable manner, without needing to mint and maintain their own publicly-tradeable EIP20 tokens.
The OpenST protocol enables the creation of utility tokens on a utility blockchain while the value of those tokens is backed by staked crypto-assets on a value blockchain.
ST is a utility token, and not a security, as supported by legal opinions in all relevant jurisdictions. The OpenST protocol will be in use prior to the public token sale on 14 November and a proof and demonstration shall be published. Any developer can use the OpenST protocol immediately. For further information please consult the docs on our website or speak with our team in our Telegram channel.