The state of blockchain technology today is much like the state of the Internet in 1993 (albeit with the hype of 2000). While confusing to main street due to its complex nature, developers alike see its potential to transform every industry. Simple Token, along with other blockchain projects are planting seeds, building infrastructure, and developing platforms that will take many years of tremendous vision, effort, tenacity, and execution to deliver on the promise.
The business and technical challenge the Simple Token team set out to solve is to enable mainstream 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-tradable crypto tokens.
Birth of an Idea
This project idea was born in 2016 when they first attempted to develop a token economy for the consumer-app, Pepo. To our realization, rather than building tokenization technology for one app, the much more important, interesting, and worthy challenge was to build the enabling technology for any app to be tokenized and benefit from having parts of their business on a blockchain.
Simple Token seeks to enable any business to launch their own branded crypto-based economy without the legal, regulatory, and technology headaches involved with going in alone. This could enable them to monetize user contributions and content, power peer-to-peer transaction, provide meaningful incentives and rewards, develop transparent loyalty programs, and unleash thousands of new monetization and supply / demand possibilities.
Simple Token’s platform (“OpenST protocol”) is powered by our ERC-20 token (“ST”) to enable any company to stake ST on Ethereum main-net to mint their own branded digital currency (aka “tokens”) on open scalable side blockchains, in a crypto-graphically auditable manner.
OpenST will enable mass-market app developers to focus on their core businesses and their app technologies, opening up the possibilities of blockchain and tokenization to hundreds of thousands and even millions of businesses vs. a relatively small (but certainly powerful) army of blockchain developers in the community today.
Token Sale November 14th
The Simple Token pre-sale is currently underway, and the token sale has a hardcap of
$20 million. The Simple Token public token sale begins on November 14, 2017. For more information on the Simple Token platform and token sale please visit their website to see our project deck, and join their founders live on Telegram.