There is no escaping the fact that the Blockchain is the next wave of revolutionary technology. From the fax machine to email to voice over IP, Blockchain is integrating every sector of the market. However, not everyone can access or utilize it.
Companies such as Microsoft and IBM are delving into Blockchain, making it applicable for all sorts of apps. Even those who oppose its by-product, Bitcoin, still see enormous value in the base technology. But again, while it is applicable to all, it is not as easily implemented.
Simple Token is aiming to be the solution for a technological ecosystem that is begging to jump on the wave. Simple Token sees themselves as the bridge between the Blockchain and main street.
Building that bridge
Because Blockchain technology is still so new and exciting, it is also perceived as difficult and expensive for the everyday developer or company to implement. However, its possibilities are endless and applicable to a vast array of sectors.
There is this gap that exists where those in the Blockchain world are racing ahead or breaking into it with ICOs to try and fund their startups. However, Simple Token believes they can even out the playing field.
Simple Token hopes that they can be the ones that can help mainstream apps to develop and deploy their own branded crypto-backed token economies. The benefit, they state, is that these apps can utilize a Blockchain business without needing to mint and maintain their own publicly-tradable crypto tokens.
Difficulty in running an ICO
While ICOs are all the rage, they are not as easy as they can be perceived to get off the ground or even maintain. Many countries are clamping down on ICO’s that are purely for fundraising purposes and not for particular product utility. It has been suggested that 90 percent of these ICOs and altcoins will fail, and on top of that, they also detract from the running of the core business.
Simple Token has taken it upon themselves to develop a platform which enables any app to tokenize and benefit from having aspects of their business on the Blockchain, using Simple Token’s protocol and software to simplify and manage the process.
Simple Token calls this creating “branded tokens” – a digital currency backed by Simple Tokens, which are ERC-20 tokens. The branded tokens technically cannot be traded on secondary market themselves, rather only for Simple Tokens.
Thus, the legal, regulatory and technology headaches are removed, but there is still the option for any company to launch a branded crypto-based economy.
Making use of the ST
Simple Token (ST) is a utility token that enables any company to create, launch and manage their own branded digital token economy powered by Simple Token protocols and software.
According to Simple Token, the OpenST protocol enables companies to stake Simple Tokens against their own branded tokens, minted on open scaleable side Blockchains in a cryptographically auditable manner.
Sidechains are utilized to scale Ethereum without the limitations of public Ethereum. The Simple Token SaaS platform gives companies the tools to manage, customize, monitor and analyze their token economy.
Keeping it open
The OpenST protocol which serves as the foundation for Simple Token has been open-sourced and is usable by developers today, and the first end-to-end integration has been completed within the Pepo app on side-Blockchains.
Main street army
Despite the adoption of Blockchain technology hitting new heights along with the adoption and popularization of coins like Bitcoin, it is still a relatively niche market.
Simple Token is of the opinion that because of the difficulties involved in transferring business solutions onto a Blockchain, not every business that can use it is using it.
Simple Token, therefore, hopes to be that solution that gets every day, mainstream apps onto the Blockchain in order to keep them current with the changing landscape of technology.
It could be a turning point in easing the unsure and the unprepared into the world of Blockchain by holding their hand through the process with the use of Simple Token.
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