Early Access registration for Simple Token sale is now underway!

Here’s a summary of everything you need to know in order to get on the Simple Token early access sale whitelist.

Jason Goldberg
Nov 1, 2017 · 7 min read

Important Information for Sale Participants

  • The Simple Token public sale is an event during which participants can purchase Simple Token, “ST.”
  • Who should purchase ST? Companies who want to create branded tokens. Developers who want to explore developing on OpenST. Individuals contemplating future projects with ST.
  • Ether, “ETH,” will be the only acceptable form of payment in the token distribution event. During registration, you will be asked to enter the address of the Ethereum wallet you will use for the token event.
  • As part of registration, we will be collecting information with the aim of verifying KYC (“know-your-customer”) for every participant and running the data against AML (“anti-money-laundering”) and CTF (“counter-terrorist-financing”) databases.
  • You will be able to reserve a branded token name for your project during registration.
  • Any attempts to send ETH from a different address or directly from an exchange (such as Coinbase, Kraken, Poloniex, etc.) during the distribution event will result in an inability to purchase Simple Token (“ST”) and your ETH may be permanently lost.
  • Be aware of scam websites or phishing emails attempting to obtain sensitive information such as password or ETH address.
  • The Simple Token public token sale occurs only on the domain https://sale.simpletoken.org and all email communications are sent from the sending domain “@simpletoken.org.”
  • Important: Simple Token never requests or sends any sensitive information via email.
  • Very Important: Simple Token never requests or sends any sensitive information via email.

Key dates ahead

  • 1 November → registration and KYC/AML starts for the Early Access sale on 14 November. Individuals must register between 1–11 November in order to be in the Early Access sale.
  • 7 November → absolute last day for private pre-sale. ($200K+ purchasers, 12 month linear monthly distribution of tokens following the sale, 1/12th per month to ensure long term commitment to the project).
  • 9 November → results from the pre-sale will be released.
  • 12 November → we will announce the maximum purchase amount per person in the Early Access sale on 14 November.
  • 12 November onwards → people can continue to register but only for day 2 purchases, not for the the Early Access-only sale day.
  • 14 November at 1pm UTC → Early Access sale. Only people on the Early Access whitelist can purchase on November 14th. There will be a cap per purchaser to make sure as many whitelisted people as possible can purchase.
  • 15 November to 21 November → Public sale (if remaining tokens after Early Access day), for up to 7 days until sold out.

Token Sale Details

  • There are 800,000,000 total tokens being minted, a finite supply that can never be increased. The price per token is $0.0833. 30% of the Token supply will be sold in this token sale, hard cap = 240,000,000 tokens = $20M.

About Simple Token

Simple Token “ST” is a utility token that enables any company to create, launch, and manage their own branded digital token economy, powered by Simple Token protocols and software. It allows companies and communities to create a crypto-token and build it into their ecosystem without the technical, legal, and regulatory risks involved with going it alone. We’re bringing crypto to mainstream. The OpenST protocol is live and available today for use. We are investing in an ecosystem of developers and apps to build on OpenST to help any company simply launch and manage their own branded token economy.

Useful Links:

The business and technical challenge the Simple Token team set out to solve is to enable mainstream businesses to benefit from deploying their own branded crypto-backed token economies, without the legal, regulatory, and technology headaches involved with going it alone. This will enable them to monetize user contributions and content, power peer-to-peer transaction, provide meaningful incentives and rewards, develop transparent loyalty programs, and unleash thousands of new monetization and supply & demand possibilities.

The OpenST protocol is usable today, open sourced on Github and the first end-to-end integration has been completed within the Pepo app on side-blockchains.

The Simple Token team consists of 30+ software developers with strong backgrounds in Blockchain and consumer internet. The two principal founders Jason Goldberg & Nishith Shah were the product founders behind Social Median, Fab.com, and Hem.com. The technical lead was the lead developer of hyperledger burrow and the entire Berlin team from Monax joined in. Perkins Coie, KWM, PWC, Smith & Crown, Kenetic, are partners on the project. Early equity backers include Tencent, Greycroft, and 500 Startups.

Creating a Best-in-Class Platform, Token Sale and Simple Token Ecosystem

From the beginning of the Simple Token project we set out to be an example of a professional, responsible, “best in class” platform and token sale. To that end:

  • We partnered with King Wood & Mallesons & Perkins Coie on legal and regulatory matters and sought out legal opinions in numerous jurisdictions.
  • We are taking great efforts to ensure that ST is a utility token, with definable utility and use of ST prior to token sale and distribution.
  • We engaged 3 security auditors, Zeppelin Solutions, Cure53, and Bok Consulting to audit our smart contracts.
  • We partnered with a “Big 4” firm on tax, governance, reporting, and transparency.
  • We partnered with Smith & Crown to dive deep into ST token economics and modeling.
  • We established a Board of Directors for the OpenST Foundation with 5 members including 3 non-executive directors.
  • We publish all of our work on our website, including our entire pitch deck, our technical white-paper, and a series of side papers that go deep into very specific ST topics.
  • We have published our token sale smart contracts on GitHub, and we are in the process of publishing our project code on GitHub within next 24 hours.
  • We are highly responsive in our Telegram channel, making sure that every potential buyer-customer of Simple Token gets their question answered promptly and substantively.
  • We’ve secured meaningful advisory board relationships that add value to the project.
  • We are committed to transparency and responsibility. We will issue a transparency commitment pledge to the community prior to the token sale.

Tokens are allocated as follows

  • 30% available for this token sale
  • 27.2% reserved for grants for projects building branded economies on Simple Token.
  • 10% to 17.2% of the token supply locked in a smart contact for a minimum of 6 months from the initial token sale for possible future token sales. (The exact amount will depends on bonuses provided in pre-sales, as further described below). Purchasers in Token Sale #1 get automatic 20% discount on Token Sale 2.
  • 10% for advisors, with 2 year vesting.
  • 10% for the founding team, with minimum 3 year vesting.
  • 5.6% for early financial backers, with minimum 3 year vesting.

Use of Proceeds

The purpose of the first Simple Token sale is to empower an ecosystem and to help finance further development of the Simple Token protocol. The majority of proceeds from token sale #1 shall go towards protocol and associated software development and ecosystem development. Other expenses shall include security, legal, and regulatory matters to maintain the integrity of the OpenST network.

ostdotcom

OST Platform is the first full-featured “no-code” blockchain platform — a set of unified dashboards, APIs, SDKs, and protocols that any business can use to easily test and deploy their own brand currency without requiring any in-house blockchain development.

Jason Goldberg

Written by

Founder and CEO of OST.com Inc.

ostdotcom

ostdotcom

OST Platform is the first full-featured “no-code” blockchain platform — a set of unified dashboards, APIs, SDKs, and protocols that any business can use to easily test and deploy their own brand currency without requiring any in-house blockchain development.

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade