Kriptoks

Open Simple Token (OST) protocol is a blockchain solution designed to bring cryptocurrencies to mainstream consumer applications. The platform is built on the work of teams in the decentralized space and offers a simple, integrated development experience for companies looking to tokenize and build economies through their user base.

By staking Simple tokens on the Ethereum mainnet, companies can create branded tokens for their consumer applications, thus benefiting from network effects that are otherwise difficult to achieve. This allows both companies and their users to earn and spend seamlessly between different consumer applications, resulting in a more user-friendly experience.

One of the key benefits of the OpenST platform is its ability to address user experience issues that currently hinder the mainstream adoption of cryptographic security tokens. By providing a coordinated economic, legal, and technical engineering effort, OpenST enables crypto-economics in consumer applications.

OpenST is managed by a non-profit organization that oversees the development of the protocol and performs high-level guardian tasks on protocol instances associated with simple ERC20 tokens on public Ethereum. The platform's native token, Simple Token, can be used as collateral for valuable crypto assets to mint utility tokens and serves as the base token on the utility chain for calculating gas (fees) consumption.

The OpenST protocol creates a bridge between two blockchains for different purposes. A value blockchain is used to hold cryptographically protected valuable assets, while a utility blockchain with utility tokens is used to hold the assets. The utility chains need to support lower transaction fees and lower transaction confirmation times than value chains. The OST platform enables micro-transactions in mainstream consumer applications using utility tokens.

The Simple Token token generation event was completed in November 2017, and the second milestone focused on engaging with third-party developers to build on the OpenST protocol and create software and tools that provide a rich user experience. The third milestone marks the integration of mature decentralized scaling technology into OpenST to support an open platform where over 10,000 member companies can tokenize their existing mainstream consumer applications.

In conclusion, Open Simple Token (OST) protocol provides a promising solution for mainstream consumer applications looking to integrate cryptocurrencies into their platform. Its user-friendly experience and ability to address user experience issues could play a vital role in the future of crypto-economics.