Despite the fact that blockchain tech is taking over the world, there are a handful of people steering clear of projects that are based on that very tech, along with shying away from digital tokens as well. And that too because of the most simplest and mundane reason of all, it’s just too complicated. Well, here we have a token that breaks through that stereotype and makes it all simple, the Simple Token. Not very subtle huh? As the name suggests, the Simple Token is designed to be, well.. simple all the while empowering businesses across the world and creating stronger digital communities.
The Problem Simple Token is Targeting
The entire process of setting up a blockchain infrastructure is a pricey and complicated ordeal, and in order to avoid that, many platforms would probably be on the lookout for a solution that handles this hassle for them and Simple Token doing just that. It empowers different businesses to tokenize their assets and gives the mainstream apps the opportunity to have their very own branded tokens, thus helping them in setting up their own crypto based economy, which would be on the Ethereum network.
The Simple Token (OST)
Despite the fact that the Simple Token ecosystem is all about allowing brands and businesses to create their own tokens, like many other blockchain projects, the Simple Token too has its native token, known as OST.
The Tech Supporting Simple Token
Since the project is built on top of the Ethereum blockchain, it will provide users with all the benefits that the Ethereum ecosystem has to offer, which obviously includes smart contracts and the easy issuance of new tokens. The team behind the Simple Token has also decided upon sidechains, specifically because it does away with any blockchain bloat concerns. Other than that, there are two main projects that are in the limelight.
The OpenST Protocol
First of, is the OpenST protocol, which is responsible for issuing branded tokens for businesses. This protocol basically builds a “bridge between the Ethereum value blockchain and a number of utility blockchains”. The website explains it as, value tokens on Ethereum, e.g. OST, are transposed into utility Branded Tokens (“BT”) of equivalent value on the utility chains and they are redeemable at all times by the users, for the staked value through the protocol. It serves as the complete blockchain toolkit for majority of businesses.
The ST KYC Solution
This particularly focuses on the Know-Your-Customer and Anti-Money Laundering procedures and is basically a “plug-and-play KYC/AML management solution for token sales”. It offers,
- A hassle-free AML/CTF Id verification
- Automated KYC/AML APIs
- Customizable user experience
- Whitelisting ETH addresses
- Security and compliance.
Protocols the Simple Token Works With
The Interledger Protocol
The Simple Token drew inspiration from this protocol to solve one of the issues they were facing; minting a new token representation on a utility chain of the value staked on a value chain.
It is one of the leading protocols for cryptographically sealed Byzantine fault-tolerant, Proof-of-Stake consensus.
Cosmos is actually by Tendermint and is a framework for interoperability between blockchains. The Simple Token uses the whole International Communication pioneered by Cosmos, for the purpose of transferring proofs of utility between Ethereum and a utility chain.
Raiden has the ability to transfer Simple Token between different utility chains (and the Ethereum mainnet).
This is a protocol for a diverse general state transfer between multiple chains.
This protocol has been deployed on the Simple Token as well. Casper is actually the approaching update to the Ethereum protocol with an aim allow the network to move from the current energy-intensive and power consuming, Proof-of-Work based mining, to the cleaner, Proof-of-Stake based consensus.
You can read the whitepaper here.