Transitioning from Token Sale to OpenST

Simple Token Update 11 December, 2017

It has been 10 days now since the end of the OpenST token sale and the Simple Token team has been charging forward at full speed towards achieving some significant milestones.

Here’s a short update on some of the many Simple Token work streams in progress:

Simple Token [will trade as “OST”] is an ERC20 token and OpenST is a protocol to support token economies in mainstream applications. The business and technical challenge we set out to solve is to enable mainstream consumer applications to benefit from deploying their own branded crypto-backed token economies, in a scalable and cryptographically auditable manner, without needing to mint and maintain their own publicly-tradeable ERC20 tokens.

The OpenST protocol enables the creation of utility tokens on a utility blockchain while the value of those tokens is backed by staked crypto-assets on a value blockchain.

Prior to our token sale we released OpenST protocol 0.9.0 which enables OST to be staked on Ethereum testnet against creating branded tokens powered by OST. Any developer can replicate 0.9.0 on Ethereum testnet.

Purchased OST were distributed to buyers’ ETH addresses when purchased, but remain locked and non-transferrable until 19 December, 2017.

OST will be unlocked on 19 December, 2017 at 05:00:00 UTC, at which point they will be transferrable.

Once OST is unlocked and transferrable, we are able to move OpenST from testnet to mainnet with the release of OpenST 0.9.1 — meaning that experienced blockchain developers can move to the next step and replicate the OpenST protocol on Ethereum mainnet and begin to prepare their branded token implementations. This is still just the start though. We aspire to enable any mainstream company to launch their own branded cryptocurrency powered by OST without any internal blockchain developers. We are working on an aggressive roadmap for numerous innovations in areas such as: scalability, token design, key management, automation, token economy management and analytics, wallets, interoperability between branded token economies, price oracles, and more. In January we plan to release an interface for staking OST towards creating BT, as well as an end-to-end experience for developers around the first branded token experience powered by OST.

As noted, Simple Tokens will be sold from here-on under the symbol “OST.”

Regarding exchanges. Those who followed our token sale closely know that we have taken great caution not to discuss or promote secondary markets during our token sale; our intent was and is that purchasers of OST buy OST to benefit from the utility of OST and the OpenST protocol. Now that our token sale is over, we remain committed to making sure that people who want to use OST, have the best places to purchase it, and that there is a market-established price for OST as required for the OpenST protocol. We will let the community know more developments closer to 19 December.

OST purchasers from our token sale can login to their accounts at https://sale.simpletoken.org to view a receipt of their purchased and their bonus tokens. Please note, this is just a purchase receipt and it is not synced to your Ethereum wallet used for purchase. If you sell or transfer ST, such sales and transfers will not show up in your logged in account at https://sale.simpletoken.org.

All bonus tokens will be distributed on 15 January, 2018, already unlocked and transferrable.

Our team has fielded more than 100 inbound requests the past couple of weeks from companies who desire to launched branded token economies powered by Simple Token. The interest has been overwhelming and we have been doing our best to keep up with it. We’re hoping to share some tangible updates on companies very soon.

Simple Token is hiring — power up your career with OST. We’re hiring developers, product managers, marketing professionals, and business developers in our Berlin and Pune offices. Please contact us at careers@simpletoken.org if interested. We’ll publish some job postings in the coming days as well.

Thank you again Simple Token community for your support and enthusiasm. And, thank you for your patience as we shifted our attention a bit more inwards the past week in attempt to lay some important foundation and to get organized following the token sale. Going forward we are committed to being even more engaged with the community than we were during the token sale.

-Jason & the Simple Token team


LEGAL DISCLAIMERS

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.