Simple Token, found online at SimpleToken.org, is a brandable token you can implement in your business. Find out how it works today in our review.
What is Simple Token?
Simple Token wants to help businesses create their own branded token ecosystem. The project was launched with the goal of helping businesses benefit from deploying their own branded crypto-backed token economies. Businesses get a real token under their own brand without the legal, regulatory, and technology headaches involved with it.
Simple Token can be customized for a wide range of purposes and tasks. You can monetize user contributions and content, for example. You can power peer-to-peer transactions, or provide meaningful incentives and rewards. Develop transparent loyalty programs, or embrace thousands of other crypto opportunities.
When you buy a Simple Token, you get the opportunity to reserve a branded token name. When you purchase the token, there’s a slot where you can enter your branded token name. If you want to make “AndrewCoins”, for example, then you can reserve that name during the token sale.
The only restriction is that all token names are subject to project vetting and applicable trademark laws – so you can’t use Simple Token to launch your own pirated version of AmazonCoin or FacebookCoin.
Early registration for the platform began on November 1. The token sale starts with an early access period on November 14.
How Does Simple Token Work?
Simple Token allows businesses to launch their own branded token without going through the hassle or regulatory headaches of actually building their own token.
The OpenST protocol allows any business to stake Simple Tokens against minting their own Branded Tokens. Simple Token operates as a Software as a Service (SaaS) platform that gives businesses the tools they need to manage, customize, and analyze their token economy.
There are three core parts of the Simple Token ecosystem, including:
These are the smart contracts that implement the core of the protocol. These contracts enable a member company to stake value on Ethereum and mint branded tokens in a cryptographically auditable way on a utility side-chain. It’s available under Apache License 2.0.
The web3 extension and APIs allow any company to integrate their branded tokens into their consumer application. It’s available under the GNU LGPLv3 license.
Simple Token Sale:
SimpleTokenSale is the OpenST smart contract repository for the ST public token sale, which is available under the MIT license.
All three of the above modules are available on Github.
Simple Token Features
Simple Token gives businesses everything they need to manage their own branded tokens. That includes all of the following:
Setup your token brand, set an exchange rate for branded tokens, enable custom token types and restricted tokens.
Simple Token provides tools to help you monitor users and prevent fraudulent behavior. KYC services ensure compliance with local regulations.
Simple Token enables various transactions types, including user incentives, customer rewards, peer-to-peer transactions, business-to-consumer transactions, recurring subscriptions, API monetization, and more.
Simple Token offers customers user-friendly ledgers they can use to track and audit transactions across their branded tokens. The tokens and transactions are fully browsable, searchable, and immutable.
You can use your token to convey and track digital rights, copyrights, and allowable uses. you can enable digital contracts attached to token transactions.
Access critical tools to monitor supply and demand, see how people are earning and spending your tokens, and get early warnings for signs of fraudulent activity.
The Simple Token Crowdsale
The Simple Token crowdsale begins with an early access sale on November 14. That 1 day early access sale is for early registrants only (early registration is available from November 1 through November 14). There will be a maximum purchase size per person in order to ensure more people can participate.
The public crowdsale starts on November 15 and will last for 7 days (or until tokens are sold out). There’s no maximum purchase per person.
There’s a hard cap of 240 million tokens, or $20 million in total value (20% of the total supply). The total token supply is set at 800,000,000.
Simple Tokens are ERC20 tokens built on Ethereum. The tokens will be activated no later than December 12, 2017 (the company is hoping to activate the tokens sooner).
Throughout the token sale, tokens are priced at $0.0833 per token, giving the currency a projected market cap of $66,666,666,67.
30% of the total supply of tokens is available during the token sale (240,000,000 ST). The remaining tokens are going to an accelerator program (27.2%) for promising branded token projects and developers building on ST, advisors (10%), future token sales (10% to 17.2%), early backers (5.6%), and founders (10%).
Who’s Behind Simple Token?
Simple Token is led by Jason Goldberg (CEO), an internet entrepreneur with 18+ years of experience scaling products to millions of users.
Other key members of the team include Nishith Shah (Chief Technology Officer), Ben Bollen (Chief Techology Strategist), Sunil Khedar (Chief Technology Officer), and Jason Banks (Lead Engineer).
The company is based in Hong Kong.
Simple Token Conclusion
Simple Token is a unique digital currency that is available for businesses to brand. Businesses can purchase tokens, then stake tokens on the Simple Token platform. When businesses stake tokens, they can create their own branded tokens in exchange. Businesses can access the advantage of a digital token ecosystem without the cost or regulatory headaches of launching their own token. Simple Token also gives businesses a user-friendly back-end they can use to manage and track all aspects of token deployment.
The token sale for Simple Tokens begins on November 14. You can learn more by visiting the platform online today at SimpleToken.org.