OST LIVE Episode 1 Recap: What is Simple Token (OST)? An Overview With CEO Jason Goldberg

On the very first YouTube live stream of OST LIVE, CEO Jason Goldberg discussed scaling token economies with millions of users via the OpenST Protocol. The new OST LIVE video podcast series will introduce industry experts and showcases OST’s 65 person team, highlighting what goes on behind-the-scenes.

The OpenST Protocol

The OpenST Protocol is a protocol for enabling any company to create their own token and token economy based on OST. OpenST Protocol 0.9.0 was launched last October, followed by a proof in November and pushed onto mainnet with the release of OpenST 0.9.1 in December 2017.

Any developer can build tools on top of the OpenST. The OpenST foundation is a non-profit that works to support the OpenST protocol and to further the OpenST developer ecosystem. In Q1 2018 OpenST 0.9.2 was introduced to enable APIs and token transfers, followed by OpenST 0.9.3 to further decentralize the network. We are currently developing OpenST 0.9.4, focused on key management, which allows mass-market token users to hold tokens without the need to safeguard a private key.

The OST Company

The OST Company, (separate from the OpenST Foundation), works to improve the OpenST protocol and build developer tools and interfaces that can enable mainstream businesses to leverage the protocol without having to write blockchain code themselves. OST blockchain infrastructure empowers new economies, such as Unsplash, Hornet, or Fainin.

OST is solving scalability, usability, and liquidity for companies with millions of users such as Unsplash. Unsplash has more users than the entire current number of crypto wallets in the world. Enabling Unsplash users to participate in a token economy will increase the number of crypto users drastically. OST is developing the complete blockchain tool for business, a technology stack that includes middleware, APIs, and SDKs for software developers. Companies building with OST have the benefit of creating a cryptocurrency backed economy without an ICO. Any business can stake the OST token on Ethereum against creating their own token as a mirror image of the OST token on OpenST side chains. Processing transactions on the side chains allows for scalable economies. In addition, any given set of transactions on the side chains can be asynchronously synced back to Ethereum.

The OST token is also used for transaction fees on the side chains, which will be significantly less than Ethereum gas prices. The network benefits from Ethereum’s Proof-of-Work security, while leveraging side chains for scalability.

Roadmap

Our 4 year roadmap is a blueprint for scaling blockchain economies to billions of users, processing tens of thousands of transactions per second. Our roadmap focuses on infrastructure, developer tools, and the branded token exchange.

• Infrastructure — We will enable scalable and decentralized token economies.
• Developer tools — Tools built on the OpenST Protocol including OST KIT.
• Branded Token Exchange (BTEX) — We will provide liquidity solutions and for token swaps to be processed seamlessly. (OST is in the process of applying for required licenses for the BTEX project so that we can serve as the single regulated entity on behalf of our clients.)

Where OST is Today

We are currently working on OpenST Mosaic, a solution for creating scalability on Ethereum. An abstract has been created on how to run meta blockchains on Ethereum to scale DApps to thousands of transactions per second, and the OpenST Mosaic Protocol paper will be released around the end of September. OpenST Mosaic includes consensus rules that allow validators to leverage auxiliary systems to enable asynchronous syncing of millions of transactions being finalized and then committed back to Ethereum. OpenST Mosaic will be presented at the following events before werelease the paper.

• 28 August Ethereum Meetup Berlin
• 6 September Berlin Blockchain Week — Token Design Workshop
• 7 September ETH Berlin — will be presenting and participating, specifically around OpenST Mosaic
• Upbit Developer Conference, in South Korea, on 13 September

A couple hundred development teams have been working on integrating OST technology. We are building OST with the community to address needs of real businesses. Over ⅔ of the OST team is working on product and technology, gathering feedback from the community and developing features and solutions that address the needs of real businesses.

Early next year, we plan to have mainnet launches of partner platforms to bring existing economies onto the OST blockchain. We plan to process thousands of transactions to millions of transactions by mid 2019. More features on the protocol level and the software level will be developed to establish trust, scalability, wallets, analytics, and liquidity.

The Blockchain Industry Today

Blockchain technology is in the early days of technology development. We are building protocols, which are the highways and infrastructure that applications will be built on top of. Today one workstream of blockchain projects are focused on taking established businesses and implementing new blockchain based economies. Another Blockchain workstream is focused on creating DApps that will be building blockchain based decentralized businesses for the first time. OST is one of the products that is building blockchain infrastructure for these new economies. It will take time for blockchain projects to be fully developed, which is why OST has a 4 year roadmap.

Join us for next week’s OST LIVE video podcast, where Ben Bollen, Co-Founder and Chief Blockchain Strategist, will discuss OpenST Mosaic, a solution for scaling blockchain economies. Subscribe to our YouTube channel or on iTunes so you won’t miss any episode in the future!

About OST

OST blockchain infrastructure empowers new economies. OST is a public blockchain platform designed for the needs of businesses with millions of users. Launch your own Branded Tokens with OST technology and turn your business into a dynamic ecosystem. OST is built on the OpenST Protocol, a framework for building highly scalable blockchain token economies. OST has offices in Berlin, New York, Hong Kong, and Pune. For more information, please visit: https://ost.com.