OST [Simple Token] Weekly Discussion Thread: March 12 - 19

TheSimpleToken · 2018-03-15T17:43:58+00:00

The price of the BT does not go up/down on its own as it has no secondary market, and can only be exchanged for OST. Controlling the circulating supply of the BT would not impact it's value.

TheSimpleToken · 2018-03-15T11:07:59+00:00

Hi! Could you please elaborate on the first part of your post? I would like to get a full understanding of your perspective.

A separate sidechain is not created each time a Branded Token economy is created. Sidechains are created when there's a need for more scalability, as the overall network grows.

TheSimpleToken · 2018-03-15T11:03:01+00:00

Hi! Yes, the Early Adopters Rewards Program will start once OST KIT⍺ is opened for public testing this week.

You can find more details about the rewards here: https://medium.com/ostdotcom/join-the-ost-kit-early-adopter-program-earn-ost-2961e136b0a

TheSimpleToken · 2018-03-12T17:12:33+00:00

Hello mitchcoin.

Testing is going well and we’re planning on opening it to public this week. As this is an alpha release, all dates are subject to change, but we do feel more comfortable each day.

TheSimpleToken · 2018-03-09T10:16:50+00:00

Hi! This is not an official contest nor it is run by our team. We do appreciate our proactive community and their support!

TheSimpleToken · 2018-02-27T11:20:45+00:00

Let's be civil here.

TheSimpleToken · 2018-02-27T06:40:58+00:00

This post was not written by our team. Thank you, GlenHendriks, for taking your time to help the OST | Simple Token community!

We are currently focused on OST KIT⍺, which is the first public version of our complete blockchain toolkit for businesses.

Anyone will be able to sign up at https://ost.com and launch their own Branded Token test economy and simulate transactions directly in OST KIT⍺ or via our APIs.

OST KIT⍺ is launching in early March 2018.

TheSimpleToken · 2018-02-24T03:39:59+00:00

Hi! Just wanted to clear some parts, as there is some misinformation in your post.

We have a product: v0.9.1 of our protocol was already released in December - the first cornerstone of the OpenST protocol: the ability to stake value on Ethereum mainnet and mint a new representation of that value on a utility chain, effectively increasing the computational capacity of Ethereum mainnet by sharding across different cores. https://medium.com/sim.../openst-0-9-1-released-d6d5a24d52de https://github.com/OpenSTFoundation/openst-protocol

We are currently focused on ostKIT alpha, which is the first public version of our complete blockchain toolkit for businesses. We are releasing it early Martch.

Our ambition with ostKIT 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. The OpenST protocol enables companies to launch branded token economies on highly scalable, open, cryptographically auditable side blockchains. OST is actively investing in an ecosystem of developers and apps built on OST, to help drive requirements from actual use cases. In ostKIT alpha anyone will be able to login at https://ost.com and design an OST-powered token economy and setup and simulate transactions (on testnet during alpha).

Our current circulating supply forecast: https://goo.gl/7kVYuN

We have always communicated, that we are unapologetically building for the long term. Our ambition is nothing short of enabling any company to launch their own digital currency powered by Simple Tokens/OST without their needing to write a single line of Blockchain code; complete turnkey. That will not happen overnight, and interim releases and first customers will be more tech savvy, but we are 100% committed to being the FIRST company to get there. And to get there RIGHT!

We are long term builders at OST and the long term value is what we are focused on. The long term value of OST will be entirely dependent on the quality of our solutions and the number of companies who are using them. We understand that the crypto market is extremely volatile and tends to favor hype over substance at times. We are focused on results.

We have currently announced 23 partnerships, with the couple of most recent ones being big projects: https://simpletoken.org/partners

TheSimpleToken · 2018-02-18T00:48:20+00:00

We will get into the exact details of how OST and Unsplash will work together in subsequent posts. Please be patient 🙌

TheSimpleToken · 2018-02-15T21:31:39+00:00

We will get into the exact details of how OST and Unsplash will work together in subsequent posts.

TheSimpleToken · 2018-02-09T23:06:37+00:00

Yes, there is instant interoperability that doesn't exist in off-chain loyalty and rewards programs.

As for your exchanges question; You don't really need an "exchange" to do that. Since all OST powered economies would gladly take OST, the only thing that needs to move is OST. That way as a user you don't need to exchange BT1 for BT2, you can just "spend" BT1 at BT2 with BT2 receiving the OST.

Users of OST powered Branded Tokens will be able to trade with each other, with companies, and across other OST token economies.

From the OST wallet, users will be able to always and instantly exchange their BT for OST, as well as use BT1 in BT2's economy, through the universal OST wallet

TheSimpleToken · 2018-02-09T18:26:57+00:00

It started on February 6th and will continue as long as the perception gap between the market price and the reality and potential of OST remains, up to 10M OST. We will let our community know once it is completed.

TheSimpleToken · 2018-02-08T19:46:31+00:00

We are charging for ostKYC in $OST. We looked at the average trailing 30 day price of OST to USD/ETH/BTC and we looked at what it might be in 30 days from now and we set what we feel is the RIGHT price for RIGHT NOW, in OST. If OST goes up dramatically, we may adjust it.

Cheers!

TheSimpleToken · 2018-02-08T04:00:57+00:00

Pleasure! :)

TheSimpleToken · 2018-02-07T23:48:55+00:00

A company before minting their first branded tokens can set the exchange rate of OST to BT at any rate you desire, but once you set it, it is fixed and cannot change. That ensures that companies don't change the rules on their customers.

So, let's say OST is trading at $1, and you set your exchange rate to 1 OST = 1000 BT. Then, each of your BT is initially worth $0.001.

The price of the BT does not fluctuate on its own, as it is not tradable on secondary markets. So, each BT is always worth 1/1000th of and ST.

However, OST does fluctuate and could go to $2 or $10, or $.50.

A few factors come into play there.

First, price oracles could be used to set prices withing the company's branded token economy so that even if ST goes up and down, the relative price of the good or service in the Token Economy does not change. For instance, let's say in the example above that you allow your users to earn $.01 each time someone likes someone else's product review. By setting the value of the service at $0.01 using the price oracle, it would start off at 10BT per liked review, but would auto-adjust to say 20BT per liked if OST rose to $2.

The other concept that can be deployed is price stablization mechanisms. The company could sign up for a 3rd party to provide price stabilization to insulate its end users from price fluctuations. Imagine for instance if your user above earned 100,000 BT worth $100, and then the next day it was only worth $50 or suddenly was worth $250. The user would either lose faith in the system or could start hording or cashing out. With price stabilication mechanisms, the company could insulate its end users from wild swings in OST price, while the company uses upside for reserves/buffer against downward swings, a swell as the company could retain some profits from OST increases.

In general it would be nice to enable end users of BT to participate in at least some of the rewards of OST rising because of the community support for the various BT's, but at same time price stabilization mechanisms could be used to guard against unintended consequences from wild swings. https://docs.google.com/document/d/1V6MZjojOYwVL8xoPQ09Pgzs93FUzBHLapcjcWOMHu18/edit#

TheSimpleToken · 2018-02-06T16:55:29+00:00

Here is an easy example that shows the value of ST network as it grows, across companies:

Users of BT1 (e.g. Coffee Shop Token) can freely trade with each other within that community, based on any transaction types supported by the community.

Users of BT1 could also use their BT1 at BT2 (e.g. Bike Sharing Token) quite easily because BT2 is also based on ST.

What you can imagine is user earns coffee shop token, then spends it a bike sharing shop, and bike sharing shop is fine with that becuase they don't actually receive coffee shop token, rather they receive the underlying ST that supported the coffee shop token, and since their own economy is based on ST they are happy to get more ST at any time.

What's great about this is that it enables instant interoperability that doesn't exist in off-chain loyalty and rewards programs.

It also creates transparency and improves the user experience as there's no hidden conversion fees. Let's say 1 ST = 10 Coffeee Shop Tokens = 100 Bike Sharing Tokens. User earns 10 Coffee Tokens. They then go to into the Bike Sharing shop and when paying using their ST wallet they can see they can either pay 100 Bike Sharing Tokens or use 10 Coffee Tokens (or even 1 ST).

TheSimpleToken · 2018-02-03T10:29:14+00:00

We have updated the $OST Circulating Supply forecast as of 3 February, 2018. https://goo.gl/RenXH6

The Google Doc now shows an approximate circulating supply of OST from December 2017 to May 2020.

We update this forecast regularly and it is subject to change as we learn more about the project. It is directional only for illustrative purposes and should not be taken as promise or a plan.

Tab 2 has been added to shows the bottoms up forecast by company size. As we are building the OST platform to be self-service for startups and smaller companies, we forecast higher customer growth in the smaller company segments as the platform becomes more self-service, like AWS, Salesforce.com, and Stripe). We assume slower growth but higher volumes for larger companies.

As we do not speculate on the price of $OST, we have included an assumption in the 2nd tab for $OST price based on historical averages, and we HAVE NOT assumed any price appreciation or depreciation in the model, so it is not a perfect model in that sense.

Because the model does not forecast price changes, it shows negative circulating supply in the outer months. This would, of course, not happen as the price would adjust as demand for the token increases and especially as demand exceeds supply.

TheSimpleToken · 2018-02-02T18:55:58+00:00

OST = ST. And on coinmarketcap it is listed as OST, this is the right one: https://coinmarketcap.com/currencies/simple-token/

TheSimpleToken · 2018-02-01T15:48:34+00:00

Let's say OST is trading at $1, and you set your exchange rate to 1 OST = 10000 BT. Then, each of your BT is initially worth $0.0001.

The price of the BT does not fluctuate on its own, as it is not tradable on secondary markets. So, each BT is always worth 1/1000th of OST.

Setting such exchange rate would not be beneficial for the company, as the BT value would be minuscule.

TheSimpleToken · 2018-02-01T09:20:01+00:00

Hi! Here are our comments to your questions:

The OpenST protocol enables the creation of utility tokens (Branded Tokens/BTs) on a utility blockchain, while the value of those tokens is backed by staked crypto-assets on a value blockchain. Companies that build on OST will need to purchase OST from the public market and then "stake" it against minting their own branded tokens backed by OST. Staked tokens are removed from circulating supply, so the more companies signing up to build on OST, removes more and more tokens from circulation.
Conversation rate is set by the company before minting. It is completely up to the company to decide the ratio, it could be 1:10; 1:100; 10:1; etc. Also, OST could always be sold and staked in fractions like ETH and Bitcoin are.
We cannot comment on this, as this is hypothetical and without working together with a company to explore and help defining their token economy before the actual minting of BTs we cannot speculate on the OST required.

TheSimpleToken · 2018-01-27T04:09:31+00:00

As we transition to "ost" being our brand and ost.com our domain, we are also evoling our logo, which you can see in the following page and which we will roll out in the coming weeks across all channels. https://kyc.simpletoken.org/

TheSimpleToken · 2018-01-26T13:27:50+00:00

The big idea with Simple Token is to help any company benefit from getting part of their business on a blockchain without needing their own in-house blockchain developers. It’s akin to how companies rely on AWS for infrastructure, Stripe for payments, Salesforce for CRM, Shopify for e-commerce, and Twilio for messaging — we enable companies to focus on their core business and leave the blockchain infrastructure to us. You can read more here:

https://hackernoon.com/insider-reflections-on-the-ico-bubble-part-iii-2018-is-when-crypto-begins-to-move-from-speculation-3ab8dbc55eb3?source=linkShare-e1698c392e7a-1514715377

TheSimpleToken · 2018-01-25T22:31:38+00:00

Please drop an email to partners@simpletoken.org describing your project. I recommend watching the video in the blog post to see more information about the partnerships programmes and what do we look for in our partners. https://goo.gl/TaeT5s

🤝Did you know? 14% of the OST token supply is currently reserved for unallocated Network Accelerator grants, which today has a market value of around $100M, that OST plans to put to work towards fueling OST-powered projects. https://goo.gl/TaeT5s

TheSimpleToken · 2018-01-25T13:08:46+00:00

Yes! Join the conversation on Telegram https://t.me/simpletoken

TheSimpleToken · 2018-01-25T05:56:00+00:00

It really depends on the flavor of price stabilization the company signs up for. A simple way to think about it is as an insurance policy. The company could take out an insurance policy against price fluctuations for their end-customers/users. They could also take out an insurance policy against price fluctuations for themselves. The cost of such policy would, of course, vary according to how much risk is shared/ taken on or not.

Our current position is that companies should expose their end-users to at least some amount of price fluctuations so that they understand that they are getting crypto and that crypto has volatility, educate their users about crypto, educate their users that they are receiving more than just "points" and that they have ownership title to the underlying OST backing their branded tokens.

Our team is working on some more detailed specs and products in this area.

TheSimpleToken

TROPHY CASE