If you are wondering about creating your own token and you do not know how to make it, in this article we will explain what are Simple Token and How are they produced. Open Simple Token or OST is a protocol designed to support mainstream applications built on Ethereum. Simple Token takes the approach of building its own blockchain (sidechain) on top of the Ethereum blockchain to help bring companies into the token party.
What are Simple Tokens?
Open Simple Token or OST, a protocol designed to support traditional Ethereum-based applications. The team is building the basic infrastructure and tools that allow companies to benefit from owning their own crypto assets without having to build and deploy them themselves. At the heart of the protocol is the Simple Token (OST), an ERC-20 token that can be staked to create or mint custom tokens in the OST sidechain. The value of the new tokens is directly related to the value of the staked tokens.
Who invented Simple Token?
Open Simple Token (OST) co-founders are current CEO Jason Goldberg, CTO Sunil Khedar and chief strategist Benjamin Bollen.
How are Simple Tokens produced?
The Simple Token (OST) was created during an ICO in December 2017, in which 46.828 ETH worth about $20 million was used to purchase 261.070.175 tokens. Sales nearly doubled the initial target and were purchased by more than 6,000 addresses. The total supply is 800.000.000 OST.
What can a Simple token do?
Aside from trading, OST tokens are best used for the new Pepo mobile app developed by the OST team. Pepo aims to be a social network and video app (similar to TikTok) designed for the crypto community. Like other branded tokens on the OpenST platform, Pepo uses OST tokens and stakes them to create Pepo Coins. Pepo Coins are ERC-20 tokens used as thank you tokens on the Pepo platform. Since Pepo runs on the OST sidechain, Pepo coins can be transferred between users quickly and easily. Like other OST branded tokens, Pepo tokens can be stripped and converted back into OST tokens.
So I hope now you know what are Simple Tokens and How are they produced. With Pepo up, running and ready to connect the crypto world, OST is looking to move beyond a single blockchain. Their ecosystem is ideal for fast microtransactions, and by 2020 , they aim to support machine-to-machine transactions, enabling their technology to connect to Internet of Things (IoT) applications. Ultimately, OST plans to expand its platform to many different blockchains beyond Ethereum.
