An ecosystem and software suite that lets mainstream consumer applications launch their own tokens.
What is Simple Token?
Simple Token empowers any company — from a global brand to an emerging app maker — to issue what we call “branded tokens” that can transform its business into a dynamic economic ecosystem. No complex programming. No perilous ICO. No cross looks from regulators. We take care of all the hard work. Using Simple Token is designed to be as easy as accepting credit cards by integrating with an online payment service like Stripe or PayPal.
Simple Token [“ST”] is an Ethereum-based EIP20 token and OpenST is a protocol to support token economies in mainstream consumer applications. The business and technical challenge we set out to solve is to enable mainstream consumer applications to benefit from deploying their own branded crypto-backed token economies, in a scalable and cryptographically auditable manner, without needing to ICO, mint and maintain their own publicly-tradeable EIP20 tokens. The OpenST protocol enables the creation of utility tokens on a utility blockchain while the value of those tokens is backed by staked crypto-assets on a value blockchain. We couple that with a robust software suite for app developers to manage their token economies without their developers having to be blockchain experts.