Not all cryptocurrency and blockchain-related projects have to be complicated. Simple Token is, as the name suggests, designed to be simple. This new token aims to empower businesses worldwide and create stronger digital communities as well. It’s an interesting venture, but what makes it tick?
The Simple Token Concept Explained
On paper, Simple Token is a cryptocurrency designed to power digital communities all over the world. Anyone will be able to use this ecosystem and create their own digital currencies through public Ethereum sidechains. Businesses can be turned into more dynamic versions of themselves to cater to the digital requirements of this day and age.
The Technology Supporting it all
While Simple Token is designed to build a network for the tokenization of consumer apps, it will need proper technology to do so successfully. The project offers all of the traditional benefits associated with blockchain technology without having to worry about the high costs and risks of building solutions from scratch.
This project is built on top of Ethereum, which means users will benefit from all the technology which that ecosystem offers as well. Smart contracts and the ability to easily issue new tokens are just two of the aspects worth exploring as of right now. The decision to use sidechains also makes a lot of sense, as it removes any blockchain bloat concerns from the equation.
So far, there are two main projects to be paying attention to. First of all, there is the OpenST protocol to issue Branded Tokens for businesses. It is the complete blockchain toolkit for most businesses. Secondly, there is the ST KYC solution, which focuses on Know-Your-Customer and Anti-Money Laundering procedures. There is also an option to explore ICO ventures, especially when it comes to whitelisting such offerings.
The Native OST Token
Even though this ecosystem is all about letting brands and companies create their own tokens, Simple Token also has its own token, known as OST. The token sale was quite successful, and these tokens can be used to invest in future projects created on top of Simple Token. The team recently bought back 10 million tokens to invest in projects themselves, which is rather interesting. It goes to show there is some inherent value to the OST token as of right now, even though most of its value will be derived from the products built on top of Simple Token moving forward.
What Comes Next?
With the team providing monthly updates, it’s evident there is still a lot of work to be done. The ostKIT alpha is close to being released, and serves as the first public version of the complete blockchain toolkit for businesses. ostKYC is already live, and uses the OST token for all billing purposes. Other tools currently in development include a block explorer and an enterprise-grade email marketing solution. There’s also the consumer-oriented wallet to keep an eye on, as well as an updated version of the Simple Token protocol itself.