Pepo & Fab.com founder Jason Goldberg is the brains behind Simple Token a protocol for apps to build branded tokens, bridging the gap between cryptocurrencies and mainstream consumer apps. With the Simple Token protocol any app can launch branded tokens on open scalable side-chains. This new technology is a revolutionary way for any already existing business to take advantage of tokenization in order to better serve their clients. The CEO of the company an 18 year tech veteran see’s the evolution and life cycle of a token as a network of networks. He believes that Metcalfe’s law should come into play over time as the overall demand for ST increases as an exponential function of the number of nodes in the network.
So how exactly does this work?
The token is powered by their ERC-20 token “ST” which enables 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. They are also building a software suite for managing your token economy, enabling easy access and simple steps to tokenizing your business without the long and expensive process of a Token Generation Event or Initial Coin Offering.
They are referring to the process as a branded token that can be used for major purchases or micro-transactions. This is different than so many loyalty-point programs, the value of your branded token is always clear. Customers can spend the branded tokens they earn on your products or to purchase from each other. They can convert them into the branded tokens of any other company tokens using the Simple Token platform.
Granted like any big idea this is a daunting and ambitious project!. The author believes that with any project an award winning team and a visionary founder is the driving force to world changing technology.
The openST Foundation
The Foundation’s intended purpose is to promote the real world application of the OpenST protocols and its implementations, collectively referred to as “the OpenST Platform” or “the Platform”. It will have its own robust governance model, including formal policies and procedures with proper oversight on such topics as: board governance, third party vendor management, membership and token issuance.
- It is initially conceived that The Foundation shall conduct the following activities:
- Manage the ST token supply.
- Manage the Platform development and intellectual property.
- Allocate Foundation resources.
- Evaluate and approve memberships to the Platform.
- Evaluate and approve ST token grants under the ST Network Accelerator Program. (see the Project Deck / Whitepaper for further information)
- Approve the deployment of branded tokens based on Simple Tokens.
The Foundation may take on other activities that align with the best interests of the platform, including its governance framework. In the future subject at all times to its discretion and the legal and regulatory obligations to which it is subject.
For more information go to on the OpenST Foundation, SimpleToken ,the project slidedeck or the technical whitepaper visit:
Disclaimer this article does not constitute as investment advice or recommend any participating in any crowd sales or Initial coin offerings and is for informational purposes only.
The author may have a relationship with some of the people or companies mentioned in this article.