Announcing LytePay — The Decentralized Finance Platform for the Gig Economy, powered by $OST
We’re excited to announce today that LytePay — the decentralized finance platform for the gig economy — has partnered with Simple Token, OST, to launch a branded cryptocurrency token for their growing economy.
LytePay’s current core service is invoice factoring for freelancers, such as online influencers and web designers. Lytepay is currently in closed beta and it has achieved initial validation, processing more than $400,000 in transactions over the last 3 months. LytePay hopes to build the industry-standard decentralized finance platform for the gig economy as freelancers are expected to make up more than 40% of the global workforce by 2020 and their needs are not being met by current financial institutions.
Over the next few months, OST and LytePay teams will partner closely to launch LytePay’s own branded token economy powered by OST, and then to rollout LytePay services to freelancers globally.
LytePay Compassionate Banking for Online Influencers & Freelancers
LytePay was founded in 2017 by serial entrepreneurs in Southeast Asia. The mission of LytePay is to build the compassionate banking platform of the future, providing freelancers everywhere with access to affordable capital, fair insurance, and benefits from community membership.
LytePay invoice factoring is the first service that will be powered by the token. Clients can pay freelancers with the tokens and enjoy favorable credit terms, while influencers using LytePay can receive faster payments by accepting the token. This solves a real problem for online influencers and freelancers as payments often lag by 60 to 120 days from when the service is performed.
The LytePay token can also be used to power business expenses, savings, tax filings, insurance payment, also as collateral for loans and payment fees for credit scoring and credit checks.
Over the course of 2018, LytePay will be developing its solutions in close partnership with OST and we look forward to sharing the updates.
For enquiries about LytePay, please contact firstname.lastname@example.org.
LytePay will launch on OST KIT — the complete blockchain toolkit for business.
OST is developing the complete blockchain toolkit for business. Our ambition is to be the blockchain technology partner of choice for businesses of all sizes and levels of technical sophistication, enabling any business to create, launch, and manage their own branded digital token economy powered by OpenST protocols and OST blockchain management software. We are actively investing in an ecosystem of developers and apps built on OST, to help drive requirements from actual use cases.
We are targeting end-February 2018 for alpha release of our signature product, OST KIT, which will enable mainstream businesses to launch their own cryptocurrency powered by OST.
OST KIT alpha will include early versions of the following features:
- Token Management Dashboard
- Token Economy Planner
- Staking OST on Ethereum & minting Branded Tokens on OpenST sidechains
- Setup transaction types: Peer-to-peer, Company-to-customers, Customers-to-Company
- OST Price Oracle: Enabling transaction values to be set in fiat value, BT to auto-adjust
- OST Pricer: Enabling companies to collect commissions/revenue for certain transactions
- User setup
- Airdrop Branded Tokens tokens to selected users
- Key Management alpha
- Gas reserves and transaction fees on OpenST side blockchains
- Developer console
- Developer API’s
- OST VIEW: Our homegrown block explorer which will include insights into transactions on OpenST sidechains.
LytePay is the 21st $OST announced partner company.
Early OST partners benefit by providing direct input into our features and roadmap, and helping shape the OST platform to ensure that it meets their unique business needs.
Early partners also benefit from OST input on their products, token economics and blockchain technology integration.
Select OST partners can also receive OST token grants to help fund their development and incentivize their project teams.
This Medium post is not a prospectus nor a solicitation for investment and it does not pertain in any way to an offering of securities in any jurisdiction.
Purchasing, holding or using cryptographic tokens carries significant potential financial, regulatory and other risks, including potential loss of the entire value of Payment.
Tokens are only for sophisticated purchasers who are knowledgeable and experienced in the features and risks of digital platforms, digital assets, blockchain technology and smart contracts. Potential purchasers should determine for themselves the relevance of the information contained in this document and related materials, in each case as supplemented from time to time, and the necessity for additional enquiry, research and professional advice. Any decision to participate in a token sale should be based upon such independent investigation and advice as you deem necessary. This document should not be considered as a recommendation by any person to participate in any token sale or digital platform.