All the plain, simple business people! You can now have your own cryptocurrency!
Am I kidding? No.
Well, that might be over-generalization, but that is that.
OST in simpler terms makes it possible for businesses to create their own cryptocurrency without having to start everything from the ground up. It provides them a simple to use dashboard-kinda system to name their coins, set their values, and publish them for the best for their business.
It does all of that on top of the Ethereum blockchain and it only takes the good things from it, which means: No worries about congestion like the one experienced by Ethereum last year because of those cuddly cute things,known as CryptoKitties.
But I forgot to mention one thing.
OST is just the name of the company
(Got you, there!)
OST is one hell of an ambitious company that strives to let all the businesses have the best of the blockchain without investing much in it (I mean investing in back-end facilities. I’ll get to this later).
Supported and innovated (almost daily. Just saying.) by the OpenST Foundation, the OST.Com, to be more specific, offers OpenST protocol.
Now, what is OpenST Protocol?
To state it simply, it is the underlying code, the juice of the ambition of OST.com that is geared towards removing any possible hurdles for the business to use their own cryptocurrencies. That is, in turn, done by utilizing this code to create a plethora of different products:
- OST KIT
- OST Wallet
- OST View
- OST KYC
- OST Campaigns
OST KYC is already on the roll to change the lives and working mechanisms of many business networks. All of the rest of the products are in either their development phases or are set to attract companies from around the world.
And this is where I should talk about the OST KIT.
OST KIT and its importance in the OST.com ecosystem
OST KIT is the main deal, yo!
It is the core of the OST.com ecosystem and it is what will provide (actually, it has begun to provide) businesses simple Shopify or WordPress like experience in creating and launching their own BT (Branded Tokens. Just a fancy name for the tokens that businesses will create).
The businesses (I keep on saying this too much, no? Bear it with me, please) that will be using OST KIT won’t have to worry about the APIs, back-end facilities, ICO regulations, and other hassles incurred during the creation of a blockchain and the tokens to fuel it.
With that, I can’t wait to say that the businesses wanting to have their own currency don’t have to be based on blockchain at all! Or, in other words, they don’t have to be DApps. Any business or app in this whole wide world can have its own currency, thanks to OST, err… OST KIT.
But, you’d need to have OST Tokens to do that.
OST Tokens and their use
As a business, before you could use OST and create your own BT, you’d have to have OST Token.
Once you’ve purchased them, you’d have to “stack” them to back the creation of your BT on the Ethereum Main Net. This EMN is given the name: The Value Chain.
There’s another chain, too, where this BT will be put to good use. That chain is given the name: The Utility Chain.
So, conclusively, the value chain is the main chain while the utility chain is the side chain. All of the business to customers, customers to customers, and customers to business transactions would have to be done through the BT in the utility chain. This is exactly what I meant when I mentioned the scalability problem and that makes the OST token the primary store of value against which your BT (Branded Token of your business) can be traded.
You could possibly use your BT for a number of functions, but there’s a limit to it in terms of trading. You can only trade them for the OST. This should herald benefits for you if you are the user – owning BT would automatically entitle you to own the equivalent amount of OST, which would be determined by the OST-BT exchange rate (once set by the business, cannot be tweaked, mind you!).
If you’re worried about the effect of the fluctuations of the OST on the BT, let me tell you that the link between the OST and your BT would be automatically set to the right value. But for this, Price Oracles would have to be used.
Trying to make things more simple; consider OST token as a gold bar and your business’s branded token (BT) as printed money that is backed by a gold bar (in this case, OST token). So, if you have priced your 1 BT at $0.001 and 1 OST token is priced at $1.00, you can create 100 BTs while owning 1 OST token.
So, this was all about the OST Tokens. Now, let’s get to the main deal.
Why OST and why tokenize?
After reading what I’ve explained so far, you must have an idea of the potential of OST.
It is meant to offer an ecosystem for the crypto and non-crypto community alike that will help them incentivize their operations so that every consumer can add value to their system – something which fiat currency can only sparingly do because of the exchange rates and everything.
For the consumers, that would mean more engagement. They’d be finally incentivized for their time and efforts to make a system viable.
Because of the potential of having a business run on a cryptocurrency, many startups have made their way toward the platform already.
Some of them are:
- Treat –a health resource for sharing treatment experiences and receiving advice,
- License Rocks – a platform for “licensing through tokenization”, and
- TribeCoin – a marketing platform to incentivize people that createvaluable content.
You can checkout the complete list of OST partners here.
So, this is OST for you. A simplified solution for any app owner or business owner seeking to have their own tokens. To put this in the words of Jason Goldberg, the founder,
(OST is) an easy for businesses to issue blockchain-powered tokens without any drama.
And it really is!
If you have been thinking about getting into blockchain tech and utilizing the transparency of blockchain to create economy within your own app, OST is the solution. Do checkout OST website and the least you should do is signup their newsletter to stay updated!
Would OST become the real breakthrough like http was for internet or WordPress has become for websites, is unclear yet but the way Jason Goldberg (CEO & founder of OST) is executing, it sure will become a real breakthrough in the blockchain tech.