Simple Token (OST)
Simple token is a brandable token that users can implement in their businesses. The main aim if the token is to help business create a branded token ecosystem. The simple token project was launched to help businesses benefit from deploying their own crypto-backed token economies. The token can be customized for a range of task and purposes such as monetize users content and contributions. Users can also power their P2P transactions or meaningful rewards and incentives using simple token. You can thousands on other cryptocurrencies and develop a transparent loyalty program using simple token.
How does simple token work?
The work of simple token is to allow business to launch their own brand token without the hassles or regulatory headaches that come with building your tokens. The Opens protocol used allows users to stake simple token against minting their branded tokens. The platform operates as a software as a Service platform which gives business the much-needed tools to manage, customize and analyze their token economy.
Three core parts of simple token ecosystem
The openST Protocol is smart contracts that implement the core of the protocol. They allow companies to stake on Ethereum and mint branded token. The process used in minting branded token is a cryptographically audible method on a utility chain.
The APIs and Web3 extensions allow companies to integrate branded token into their consumer application.
Simple token sale
The simple token sale ended with the company has achieved 189% of their target. Simple token sale is the openST smart contract reposition for the OST token sale.
Simple token features
Identify: Users of simple token get the benefit of monitoring users and present fraudulent behaviors. The tools used by the platform ensure compliance with local regulations.
Token design: You can set up your token brand, enable custom token types, restrict token and set an exchange rate for branded tokens.
Wallet: Simple token offer user-friendly wallet design that can be re-skinned and customized to suit user’s economy.
Transaction: The platform enables various transaction types, including customer rewards, incentives, business-to-customer transactions, peer-to-peer transactions, API monetization, recurring subscriptions and much more.
Ledger: Customers benefit from user-friendly ledgers to track and audit transactions across their branded tokens.
Other features include administering dashboard, and rights management.
Simple token is led by Jason Goldberg, CEO lead engineer Jason Banks, Chief technology Strategist Ben Bollen and chief technology officers, Sunil Khedar and Nishith Sha among others.