Introduction to Simple Token (OST) [Part 1]
What is Simple Token (OST)?
OST allows businesses of any size, any form and in any area to tokenize their consumer applications without having to develop or invest heavily in their own blockchain. It allows businesses to launch their own branded tokens and create their own token ecosystem.
This is done by staking $OST and receiving an equivalent amount of branded tokens within OST’s OpenST protocol. Users will then be able to manage, customize, monitor and analyze their token economy on the platform.
Assessment of the Current Problem OST is Solving.
- Complex for the General Users
- Expensive to Implement
- Regulatory Burdened for Businesses
There is hardly a medium or an in between application for them to easily try to utilize the technology, be it even just for a small part or division of the business.
For an existing company to implement blockchain technology, it will not come cheaply. They will have to hire a team of blockchain developers or/and use third party experts, go through an entire ICO process and deal with the complexities of legal and regulatory hurdles. When you account all these costs in, it is expected to exceed $USD 500k. This makes it unfavorable for a company, especially in the infancy stage of blockchain, to invest in given the risk to reward ratio.
Therefore, this deters many businesses from integrating blockchain into their workflow.
What is OST’s Solution?
OST solves this by alleviating the risk and cost associated with the development, legal, tax and advisory burdens for these businesses.
The team is developing a range of applications, as detailed below, that will support an easy integration into creating your very own token economy.
Thank You
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