Today, Cryptovest had the opportunity to speak with Jason Goldberg, Founder and CEO of Simple Token, who provided some insights into the project and its upcoming token sale on November 14, 2017.
Jason is an entrepreneur with a solid track record spanning 18 years, during which he has launched ventures such as XING, Pepo, Hem and the popular Fab.com, which at one point was valued at $1 billion.
Now, Jason is at the helm of Simple Token, a blockchain venture that follows a tokenization-as-a-service model to allow consumer companies and businesses to take advantage of blockchain technology without having to invest resources in building infrastructures from scratch.
CV: Thank you for joining us Jason. Please tell us a bit about the Simple Token project and its goals.
JG: Thanks for having me. We think there is a technological elegance to blockchain technology and it has the potential to benefit all facets of society, commerce and business, but there is a gap between the reality of blockchain technology today and the ability of mainstream businesses to utilize it effectively and seamlessly.
With Simple Token, we aim to bridge that gap and allow companies, whether they are big, global brands, or startups, to utilize blockchain and create their own economic ecosystems without having to worry about the technical aspects.
CV: How does Simple Token work and what can businesses do with it?
JG: Quite simply, we give companies the ability to issue ‘branded tokens’ without having to hire blockchain developers, launch ICOs or sort out regulatory issues. We do all that, and work to ensure that using Simple Token is as seamless an experience as accepting payments online.
The technology also goes much further, allowing companies to set their own rules and create ecosystems that are tailored to their businesses. We have developed OpenST, which is an open-source protocol that allows developers to generate branded tokens very easily, and since the whole network will be built on the same protocol, all tokens will be interoperable.
Our own set of value-added services, provided by The Simple Token Company, further enhance functionality and flexibility by offering a complete suite for companies to manage their branded token ecosystems, with features facilitating customization, analytics and fraud-detection, all without ever needing to hire any blockchain developers.
At the core of it, branded tokens are generated by staking Simple Tokens, and since we are creating a network of networks that is powered by Simple Tokens, they only increase in value as the network grows (Metcalfe’s law becomes applicable here, according to which a network’s value is proportional to the number of nodes).
CV: What kind of use-cases do you anticipate for companies which generate branded tokens?
JG: We are already seeing a lot of traction and interest from companies who want to move different aspects of their business onto blockchains. The use-cases vary according to the type of business, but an example can be a customer reward or loyalty program. A company can generate branded tokens and distribute them to customers as rewards or incentives for certain behaviors.
They can also be used in marketplaces, for micro-transactions and even digitization of copyrights. The important factor here is that such a system would be open, transparent and immutable, unlike how most proprietary reward programs work these days.
CV: What, according to you, is the advantage Simple Tokens has over competitors in the space?
JG: We believe we have a first-mover advantage in terms of giving users a comprehensive service that takes care of everything, from development to infrastructure and the tools required for management, distribution and analysis.
Solutions being offered by most competitors are aimed towards developers, and it is a false expectation to think that most companies can hire the required technical resources. With Simple Token, we aim to help millions of businesses manage their internal economies and we are proud to be driving mainstream adoption of blockchain technology.
CV: Do you anticipate any regulatory challenges as the project takes off and companies from around the world join the network?
JG: Regulations can vary from country to country, but we are seeing some common ground being developed. Since branded tokens generated by companies can only be traded against Simple Tokens, there are no risks associated with secondary market trading.
Additionally, we have already consulted reputable lawyers, and Simple Tokens, since they provide utility and power the OpenST protocol, are within acceptable guidelines. Problems arise when a token is merely a substitute for fiat, and that’s not where we ever wanted to go. Our network is designed to provide a safe environment for companies to create secure ecosystems.
CV: Tell us a bit about the upcoming Simple Token sale.
JG: Currently we are open for Early Access registrations, which will close on November 13, 2017. On November 14, we will start the Early Access Sale, which will have a maximum purchase limit and a 10% bonus.
The Public Sale will start from November 15 and will be open until December 1, 2017, or when the hard cap is reached (whichever comes first). The total Simple Token supply is 800,000,000, but the token sale will distribute 240,000,000 tokens, with each token priced at $0.0833 (price in ETH will be announced on November 11).
We have also taken a novel approach for our token sale since we wanted to align the interests of the project and the community. We have set landmark community bonuses, starting from 20% at 100M tokens getting sold, going up to 30% if 180M tokens or more are sold.
You can learn more about the sale and register for Early Access and an additional 10% bonus by visiting the official Simple Token website here. For project updates, you can join Simple Token on Telegram or follow them on Twitter.