Coin Stats is pleased to present our new feature, Crypto Spotlight, where we will regularly evaluate a token or cryptocurrency in the crypto market that we think has a promising future. In our inaugural edition we present our first pick for Crypto Spotlight: Simple Token (OST).
According to a report “State of the Token Market,” by VC fund Fabric Ventures, Initial Coin Offerings (ICOs) raised $5.6 Billion for projects and startups in the year 2017. This innovative decentralized way of crowdfunding has seen no signs of slowing as the trend has only increased month over month throughout the last year.
OST is a utility token that makes it easy for any business to issue crypto tokens even if they don’t have the know how to custom code ethereum smart contracts. It’s similar to how companies like Square make it easy for laymen with no coding experience to have their own website up and running in a short timeframe. They currently have an alpha release of their flagship project ostKIT, which allows this effortless token issuance, scheduled for release in early March.
ostKIT will also make it easy for companies to easily issue decentralized bonus reward tokens so companies can use decentralized tokens the way current mobile apps reward customers in the form of gems, coins or points. Worldwide in-app purchase revenues were $37 Billion in 2017. As this is another market sector with healthy growth, there will surely be many app developers looking to integrate the novelty of crypto currency into their apps and Simple Token offers an easy way to do that.
Another exciting project in the Simple Token universe is their offering, ostKYC token that offers a turnkey solution to easily comply with Know Your Customer regulations,
filling a market need that many ICOs have in this revolutionary space. KYC regulations force companies to go through a cumbersome process that is both time consuming and risky, resulting in a cache of prime identity data that must be protected against data thieves. The simple token team promises processing times of under 4 minutes per KYC registration and provides a secure solution for keeping that identity data safe. OST Ltd. charges issuers in OST tokens by volume to use the service.
A recent interesting development is the reinvestment by their own company. Last month the founder of Simple Token made an announcement that their private company OST.com Ltd. will be buying back $10 million worth of OST tokens from the open market “for the purpose of investing it in more OST-powered projects.” This bodes well for their continued confidence in their own project.
The team boasts impressive chops. Their CEO Jason Goldberg started his career working with the White House Chief of Staff during the Clinton era and transitioned into a successful 17 year run of entrepreneurial experience developing digital applications. He has partnered with the CTO Nishith Shah in over 7 startups. The team is comprised of a core unit of six members with a larger group of over 20 developers in India. Early investors in the project include both Tencent and Gil Penchina, startup angel investor to PayPal, Filecoin, and Ripple.
Short term, we think there is a possibility of exciting news as the founder has made several mentions of upcoming partnership announcements in their recent blog posts. In our opinion, OST is an erc20 token worth keeping an eye on.
Basic Data on OST
- Telegram users: 9000+
- Number of participants in ICO: 6871 out of ~11k whitelisted
- Current Market cap: ~$66 million
- Current Price: ~$0.244 USD / OST
- ICO Price: $0.0889 USD / OST
- Current Exchanges: Binance, Huobi, OKEx, Gate.io
- Website: https://simpletoken.org/
DISCLAIMER
The materials available in this post is for informational purposes only and not for the purpose of providing investment advice. CoinStats does not give a research recommendation and/or price target in this material. This post may contain forward-looking statements. These statements are not guarantees of future performance. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.
This post does not constitute an offer or solicitation to sell shares or securities of OST Ltd. or any related or associated company. Coin Stats is not affiliated in any way with OST Ltd. or any of its subsidiaries.!