By Jason Goldberg, Founder and CEO of Simple Token
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. Our project, 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 our 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.
This project idea was born in 2016 when we first attempted to develop a token economy for 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 tokenize and benefit from having parts of their business on a blockchain.
We want to enable any business to launch their own branded crypto-based economy without the legal, regulatory, and technology headaches involved with going 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.
The Simple Token pre-sale is currently underway with a $20 million hard cap. The Simple Token public token sale begins on November 14, 2017. For more information on the Simple Token platform and token sale please visit our website to see our project deck, and join our founders live on Telegram.
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