SimpleToken is building Blockchain and Cryptocurrency as a Service
TL;DR – SimpleToken is a really innovative and simple way for app developers to bring the benefits of blockchain and cryptocurrency to their applications without having to deal with the complexities of starting a blockchain project from scratch.
Over the past year or so, the use of cryptocurrencies as utility tokens have seen an uprising of sorts. Cryptocurrencies as tokens awarded in rewards and loyalty programs are becoming popular as for the first time in history, your reward/loyalty points are actual assets which stand the chance to appreciate. In many cases, these currencies can be redeemed for actual fiat currencies.
However, setting up a blockchain based project for your app can be a complicated process. Furthermore, for your cryptocurrency to have some sort of value and to support the development of this mammoth project, you’re going to have to go through the pains of an ICO, which don’t always work out.
This is where SimpleToken comes in. In the words of CEO and founder Jason Goldberg, SimpleToken aims to empower any company to issue what they call branded tokens (read cryptocurrencies). He says, “No complex programming. No perilous ICO. No cross looks from regulators. We take care of all the hard work. Using Simple Token is designed to be as easy as accepting credit cards by integrating with an online payment service like Stripe or PayPal.”
The SimpleToken Method
Jason says, “Think of branded tokens as digital transaction units, built with blockchain technology, which can be customized for the unique dynamics of your business.” What this means for app developers is that they can use these branded tokes for just about anything. They can accept them to get paid for products or as rewards for loyalty or as incentives for contributing content, data, or even their computing power.
As all of these transactions will be on the Blockchain, transparency is ensured.
CEO Jason Goldberg illustrated SimpleToken’s use case – “Imagine a digital music service featuring independent artists issues a branded token called SongCoin. A new customer may get 25 free SongCoin to warm her up to the benefits of the platform, but which she cannot cash-out herself. She might then buy 100 SongCoin for $1 and then pay 1 SongCoin every time she streams a track. She could earn 5 SongCoin every time she writes a review that others appreciate. And she could support musicians she likes by buying tracks at 99 SongCoin each. The artist, in turn, could use the SongCoin he earned to get music from other bands. He could spend his SongCoin at a coffee shop that has issued its own Simple Token powered branded token. Or he could convert them into his home currency to pay the rent.”
The team and our take
If you have been following the silicon valley startup scene, you might recognise Jason Goldberg as a serial entrepreneur best known for co-founding furniture e-commerce startup Fab.com. While things didn’t work out for Fab.com (which was once valued at a billion dollars USD), Jason went on to co-founder a social media platform, Pepo, which is currently running well, having raised over 2 million USD in funding.
The leadership team consists of former Fab.com and Pepo leaders and 2 other blockchain and smart contract experts.
Our take is that this is an interesting proposition for everyone who wants to use blockchain and cryptocurrencies in their applications. Finding talent and keeping them while you build a robust solution from scratch is not easy and SimpleToken, if it does what it says it does, is a great value proposition. Furthermore, in the coming years, the number of people turning to cryptocurrencies as platform-specific transaction tokens is bound to increase, which further solidifies the SimpleToken use case.
Cryptocurrency or not, at the end of the day, this is a business that needs seasoned professionals to keep it going. This is perhaps SimpleToken’s greatest USP. This is not their first rodeo. And with the benefit of experiences from big successes and failures, the team behind SimpleToken is worth betting on.
Check out SimpleToken.
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