Simple Token acts as a conduit between consumer apps and crypto currencies leveraging a platform and ecosystem for apps to launch branded tokens on open scalable side chains and tokens are mined staking Simple Token and collateralised crypto assets. Consumer apps capitalise on designing, launching and managing tokens using an ERC-20 utility token and implement a cryptographic and auditable OpenST protocol.
The consumer apps market comprises a multitude of barriers to adoption including limited engagement, growth and monetisation deterring from disrupting incumbents and reducing value leakage to technology monoliths. Ethereum tokens address these barriers and incentivize users, reward value creation, monetise micro transactions, decentralise the industry and provide interoperability.
Simple Token is competitively positioned as an alternative to tokenisation costs and significant technological constraints as Ethereum lacks the capacity for high volume transactions and challenging user experiences.
The protocol utilises merkle proofs and signed receipts to ensure atomic and cryptographically secured transfers of usable value between Ethereum and the Simple Token sidechain. The protocol retains valuable crypto assets on Ethereum recovered if proven Byzantine behaviour on the Simple Token sidechain occurs. The Simple Token platform will initially be tested on a private version of native Ethereum/Proof-of-Authority to distinguish Simple Token’s core competencies from additional platforms.
Consumer apps can leverage a monetary policy for the utility token and stake smart contracts designing the token user base while launching the initial stake. Consequently, the staking contract must be whitelisted for minting new utility tokens or users can stake crypto assets and increase the amount of utility tokens circulated.
Branded tokens can be redeemed for their known value staked on the value chain and a secondary market for token trading is strongly suppressed however consumer apps can tokenize user interaction. Facilitating consumer apps on the blockchain has severe implications for key management concerning user privacy exposing correlated data despite pseudo anonymous addresses.
Consumer apps provide signed receipts to users’ standalone wallets and assert users’ managed addresses identify recoverable off chain managed balances. Branded frozen and non-transferrable tokens are subsequently transferred to recovery addresses and users return tokens to minting contracts.
Simple Token’s first confirmed member company is Pepo which is attempting to democratize the local and travel expertise market. There are currently 200,000 Pepo users the app can leverage for deploying its token Pepo Coin and subsequently grow exponentially to a substantial 5mn.
Pepo will utilize Simple Token to generate Pepo Coin, incentivize and reward valued content creation, enable peer-to-peer transactions and develop a user first alternative to large advertising supported businesses such as TripAdvisor & Yelp. Moreover, Simple Token can underpin Pepo and stakeholders contribute to decentralizing and democratizing archaic incumbents and ongoing development of Simple Token protocols.
Simple Token plans to develop user friendly modules supporting a variety of consumer apps features such as Pepo’s planned implementation of up votes encouraging users to spend Pepo Coins to up vote valuable content.
Consumer apps considering tokenization contend with exposing users to crypto currencies’ wild price fluctuations. Negative fluctuations create challenging user experiences and positive appreciation provokes consumers to hoard the currency and third-party companies are mitigating this by exploring providing price stabilization for branded tokens to member companies.
Consequently, rather than staking a basket of uncorrelated assets, less volatile assets can be staked against the member company’s branded tokens including Simple Tokens. Any appreciation of the crypto assets basket can be captured as profit and more assets can be loaded into the basket and collateral address to address depreciation.
Affiliate apps can attain Simple Tokens outright from issuers or earn them utilising valued contributions, bounties will be established for particular projects and offers/submissions will be evaluated by the Simple Token foundation. Member companies can also be scaled using monthly subscriptions for tokens combined with price stability services rather than incurring large upfront fees.
Simple Token’s foundation governs and promotes OpenST protocol’s transparency and real-world application and implementation of the platform generating a robust governance model. Simple Token holders, developers and member companies determine the platform and ecosystem’s functionality and direction. The foundation is separate from for profit ventures including Simple Token and will have an independent board of 5 directors overseeing token supply, distribution and resource allocation.
The foundation owns the platform’s IP enabling Simple Tokens to be staked against deploying branded tokens on chains and associated API’s allowing Simple Token based applications and services. The foundation provides an open source platform basis for users with a license to study, change and distribute to anyone and can approve memberships.
The foundation additionally manages the Simple Token supply, platform development and intellectual property and evaluate and approve memberships, token network accelerator program grants and branded tokens. OpenST’s platform is an open source implementation of the protocol and developers can utilize the platform to develop modules, dashboards and applications enabling member companies to integrate easily with the sidechain.
OpenST is publishing specifications and implements REST APIs for value transfers between two addresses allowing developers to provide admin dashboards containing transaction modules, analytics, price stabilization mechanisms and price oracles. Simple Token has generated 800,000,000 tokens and the initial sale constituted token protocol, prototypes and proof-of-concepts contributing to $20M absolute hard cap.