What is Simple Token (OST)?
Future of OST Cryptocurrency and know how to buy OST

#1 What is Simple Token?

Simple Token: The Basics

  1. Setting up a blockchain infrastructure is an expensive and complicated ordeal, and many may certainly be on the lookout for a solution that handles this for them. Simple Token is that solution.
  2. Simple Token enables all types of businesses to tokenize their assets. It empowers mainstream apps to have their own branded tokens, helping them set up their own crypto based economy on the Ethereum network.

Simple Token Development

  1. The Simple Token website lists over 35 people as part of its team, with other sections listing even more people as it advisors and extended team.
  2. Jason Goldberg is the CEO, with an 18 year career and experience in multiple countries and sectors. He is assisted by Sunil Khedar at the CTO position, and Ben Bollen as the Chief Blockchain Strategist.
  3. The team is well recognised by the investor community and markets in general. This is easy to see when you observe that it is backed by multiple VCs, including 500Startups, Greycroft, and China’s Tencent among others.

#2 What are the Benefits of OST?

OST Technology

  1. OST’s technology stack comprises of some key domains:
    - KYC and Identity,
    - A Universal Wallet,
    - A Branded Token Exchange,
    - OpenST Platform RESTful APIs,
    - An OST KIT - Token Management SDKs and SaaS,
    - Decentralized Keys Engine,
    - A Token Rules Engine, and
    - A Pricing Engine.
  2. The OST KIT allows for effortless token issuance. Its alpha version is the first public version of the team’s complete blockchain toolkit for businesses. With this platform, any company should be able to design an OST powered tokenized economy that stimulates transactions on a testnet.
  3. The OST KIT alpha will include early versions of the following features:
    1. A token Management Dashboard
    2. A token Economy Planner
    3. Ability to stake OST on Ethereum and mint Branded Tokens on OpenST sidechains
    4. Setup transaction types: Peer to peer, Company to customers, Customers to Company.
    5. OST Price Oracle: Enabling transaction values to be set in fiat value, BT to auto-adjust
    6. OST Pricer: Enabling companies to collect commissions/revenue for certain transactions
    7. User setup
    8. Airdrop Branded Tokens tokens to selected users
    9. Key Management alpha
    10. Gas reserves and transaction fees on OpenST side blockchains
    11. Simulator
    12. Analytics
    13. Developer console
    14. Developer API’s
  4. Having transactions run on their own side chains rather than the Ethereum mainnet ensures much faster transaction times, since it avoids the Ethereum network’s congestion as well.
  5. A key innovation is using open scalable side chains, these side chains have all the benefits of the public Ethereum platform, but without any of the scaling problems.

Protocols The Simple Token Works With

  1. The Interledger Protocol makes use of a two-phased escrow on two ledgers where a connector has funds on both ledgers and functions as a market maker between the two chains; additionally allowing for a graph of connectors to transfer across multiple hops. Drawing inspiration from the Interledger protocol, solved another problem for Simple Token: minting a new token representation on a utility chain of the value staked on a value chain.
  2. Tendermint is a leading protocol for cryptographically sealed Byzantine fault-tolerant, Proof-of-Stake consensus. It is implemented by Ethermint, Parity and Hyperledger Burrow.
  3. Cosmos by Tendermint is a framework for interoperability between blockchains. It has pioneered the concept of Inter Blockchain Communication (IBC), which is applied here in a specific context for transferring proofs of utility between Ethereum and a utility chain. Cosmos as a network also provides structure between different chains. OST explores for utility chains to be natively compatible as Cosmos zones (when running Tendermint consensus).
  4. The work done on payment channels using the Lightning or Raiden protocolshas both inspired the OST protocol, and also forms a natural complement to OST. Raiden can transfer Simple Token between different utility chains (and the Ethereum mainnet). Payment channels specifically can be hosted by member companies to scale the volume of transactions for their branded token off the utility chain. This also protects user privacy and helps shield a member company’s inner metrics of its application to the outside world, while being open and accountable with their branded tokens.
  5. Plasma has a very specific application. Some of its ideas are also abstractly proposed in the Plasma white paper. OST says it looks forward to mutual contributions amongst the two technologies.
  6. Polkadot is a protocol for heterogeneous general state transfer between multiple chains. OST aims to solve a particular problem, but sees some advantages in strengthening the guarantees against Byzantine validators across utility chains.
  7. Casper is deployed on the Simple Token network as well. Casper is the upcoming update to the Ethereum protocol which will allow the network to move from energy-intensive power-hungry Proof-of-Work based mining, to the cleaner, less exposed to centralisation, Proof-of-Stake based consensus. As OST spans out over many utility chains with all value staked on Ethereum, all work to strengthen and scale Ethereum greatly benefits the ecosystem, and as a result OST.

 

#3 How to Buy and Store OST?

How to buy OST

  1. Simple Token is available on multiple leading exchanges globally, including OKEx, Huobi, Binance, and UpBit. Pairings include Bitcoin, Ethereum, and Tether, amongst others.
  2. The easiest way to buy OST is to use CoinSwitch, the largest cryptocurrency conversion platform. CoinSwitch aggregates rates across cryptocurrency exchanges all at one place, allowing users to pick and choose the most favorable rates for them.
  3. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your OST coins. Instead, all transactions happen to and from your own personal private wallets, ensuring superior security and privacy.

How to store OST

  1. The easiest and most convenient wallet option for storing OST is MyEtherWallet, which can store any Ethereum token including OST. Any other Ethereum wallet should work just as well with OST, since it is an ERC-20 token.
  2. Another option to avoid losing any to of your precious crypto to hackers is by making use of a hardware wallet that can plug into your computer like a USB stick. It encrypts the private keys to your cryptocurrency wallets, and the only way to access it is by having physical possession of the device, as well as knowledge of its password. Only someone with both of these can access and move your crypto.

 

#4 What is the future of OST?

  1. OST has been in the market since 19th Dec 2017, and it too shares the inevitable volatility of the cryptocurrency market. After its initial growth spurt it has been on a constant decline during the bear market of 2018.
  2. It launched at a price of $0.410537. As of July 2018, it trades at a price of $0.061189.
  3. OST has been on the decline since it’s initial spike, which may make it seem like a risky crypto to invest in.

Also Read: Complete Analysis of Simple Token | Live Simple Token (OST) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

25 July 2018

0.060069

0.064115

0.058357

0.062391

652,409

21,366,300

1 July 2018

0.061365

0.088554

0.059905

0.070296

2,749,770

20,795,600

1 June 2018

0.151391

0.158765

0.151219

0.155842

946,910

48,863,500

1 May 2018

0.290330

0.293182

0.259506

0.275454

8,699,970

88,779,600

1 April 2018

0.133944

0.135798

0.117985

0.126443

1,605,260

38,644,800

1 Mar 2018

0.239221

0.255765

0.236385

0.248703

2,248,100

65,280,800

1 Feb 2018

0.450915

0.471656

0.331274

0.372774

9,817,410

116,013,000

19 Dec 2017

0.410537

0.411040

0.383625

0.398158

29,195,600

-

 

#5 How is OST different from other cryptocurrencies?

  1. OST is the future of business tokenization, allowing companies to have their own branded tokens without the costs of setting up a blockchain infrastructure.
  2. Faster transaction times, since transactions are run on their own side chains rather than the Ethereum Main Net, avoiding the Ethereum network congestion.
  3. The use of open scalable side chains, a key innovation of this platform, has all the benefits of the public Ethereum platform, without any of the scaling problems.

 

#6 Should you invest in OST?

  1. After its initial growth, OST has seen slump since the start of 2018. But given that the cryptocurrency market as a whole went through a downturn in 2018, these movements may not make it a poor investment choice.
  2. Bitcoin and Ethereum both are currently quite saturated, and it might take a while for them to grow exponentially the way they have in the past, given that they are already large cryptos (in the sense that they have humongous market capitalisations). This is especially true for BTC. OST on the other hand is at a very early stage and still has plenty of potential.
  3. At this point in time just about everyone is looking to tokenize their businesses, and Simple Token might just be the answer to this need. A working product along with an active team are certainly some of the important parameters investors tend to keep an eye on.
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