Creating a Best-in-Class Platform, Token Sale and Simple Token Ecosystem
Simple Token founder and CEO Jason Goldberg explains that from the beginning of the Simple Token project the goal was to be an example of a professional, responsible, "best in class" platform and token sale. To that end, he notes the following points:
- We partnered with King Wood & Mallesons & Perkins Coie on legal and regulatory matters and sought out legal opinions in numerous jurisdictions.
- We are taking great efforts to ensure that ST is a utility token, with definable utility and use of ST prior to token sale and distribution.
- We partnered with a "Big 4" firm on tax, governance, reporting, and transparency.
- We established a Board of Directors for the OpenST Foundation with 5 directors including 3 non-executive directors.
- We publish all of our work on our website, including our entire pitch deck, our technical white-paper, and a series of side papers that go deep into very specific ST topics.
- We have published our token sale smart contracts on GitHub, and we are in the process of publishing our project code on GitHub within next 24 hours.
- We are highly responsive in our Telegram channel, making sure that every potential buyer-customer of Simple Token gets their question answered promptly and substantively.
- We've secured meaningful advisory board relationships that add value to the project, as described in detail below.
Sale Details – Finalized Token Sale Price at $0.0833 per token, $20M hard cap
Simple Token ("ST") is being designed as a utility token. Purchasers need to acquire ST in order to access protocols that will enable them to create their own branded tokens powered by ST. As such, the pricing of ST, as with any utility, is a very important topic.
The upcoming first Simple Token sale event on November 14, 2017 (commonly known as an "ICO") is required for two reasons:
- Because the OpenST Protocol requires staking ST to create Branded Tokens ("BT"), we need to first create ST and have some value placed on it by purchasers of ST.
- So that we can create an endowment for the community ecosystem. 27.2% of the ST token supply is intended to be reserved for what we call the Network Accelerator Program. This will be used by the OpenST Foundation Limited ("OpenST") to seed projects, developers, and teams that are building interesting use cases based on ST. In this manner we can become a seed program/accelerator for a new generation of apps launching branded token economies.
CEO Goldberg commented: "In keeping with our "best in class" ethos, today the company announced an important revision to the token economics for our first token sale." Simple Token is taking this decision for two reasons:
- We want to show responsibility and accountability towards the community and ecosystem we are developing and only take as much funding as we require for the next phases of the project;
- We believe this decision prices ST correctly and fairly for our customers at the launch of the OpenST protocol.
- We have set the initial price for Simple Token at $0.0833 per token (vs. the previously marketed $0.1667) and we have lowered the hard cap to $20M vs. the previous $40M.
- 30% of the 800,000,000 token supply will be sold for $20M.
- This is more than enough revenue for us to accomplish our near to medium term plans.
- Our early backers, who have already purchased several million dollars worth of Simple Tokens in pre-sales, are supportive of this move.
Building a World-Class Team of Advisors
Also today, Simple Token also announced many of the members of its extended Advisory Board. Simple Token CEO Jason Goldberg commented: "We have carefully selected advisors who are helping us bridge the gap between the crypto world and mainstream businesses and startups. All of our advisors are playing an active role and working closely with our teams to refine our technology, token economics, and market development efforts. We will also be announcing additional technical advisors in the comings days."
Simple Token Advisors announced today include:
- Trent McConaghy. Trent likes to build things that matter for humanity in the long term. He's working on democratizing data. This is via Ocean decentralized data exchange protocol & network, BigchainDB & IPDB blockchain database protocol & network, COALA IP protocol, and advising the Estonian E-residency program. His long-term goal is to help ensure that humanity has a role in an increasingly autonomous world.
- Brian Lio. Brian is the founder and CEO of Smith + Crown. He is the Chief Research Adviser to the Digital Chamber of Commerce's Token Alliance and a Fellow at the Singapore University of Social Sciences. Previously, he founded the Bright Iron Group, a design, strategy and user experience consultancy based in NYC and has held positions at Microsoft and DDB.
- Allen Morgan. Allen has been deeply-involved with technology startups for more than 35 years. He is an early-stage investor and startup advisor. He also serves as Managing Director, New Ventures Group, at Idealab, where he is on the Board of Directors. Previously, he was Managing Director at Mayfield Fund. Prior he was a partner at Latham & Watkins and Wilson Sonsini Goodrich & Rosati.
- Jehan Chu. Jehan is co-founder and Managing Partner of Kenetic Capital (formerly Jen Advisors), one of the first Blockchain Venture Capital and Cryptocurrency Funds as well as Token Sale Consulting in Asia. An early investor in crypto-currencies, Jehan Chu founded Ethereum Meetup Hong Kong and grew it from 5 persons to over 1,100 and hosted >60 Blockchain events including Ethereum Founder Vitalik Buterin 7 times.
- David Bohnett. David is a philanthropist, technology entrepreneur, and the founder of early stage private equity firm, Baroda Ventures. David began investing in digital currencies and crypto companies in 2014. An internet pioneer, in 1994, David founded GeoCities.com, once ranked one of the four most trafficked websites in the world. GeoCities became publicly traded on NASDAQ and was acquired by Yahoo!
- Sebastian Quinn-Watson. Sebastian is a partner at Blockchain Global leading the Blockchain marketing and advisory business. He has advised on a number of successful and market leading projects such as Viberate (sold out in 45 seconds), Bankera (largest presale in history), Powerledger, Etherparty, Playkey.io, Airswap and others.
- Gary Nuttall. Gary is well recognised in the Blockchain / Distributed Ledger Technology arena, with particular expertise in the commercial insurance and legal sectors. He is a founding partner of Team Blockchain, a global virtual consultancy practice and sits on the TechUK DLT Working Group. He writes articles for magazines and thought leadership blogs with a particular emphasis on blockchain.
- Chris Dark. Chris is President International at C2FO. Based in the C2FO Hong Kong office, Chris is responsible for C2FO business in EMEA, Asia-Pacific and LATAM. Prior to C2FO, Chris held key leadership positions at Atomico, AOL (advertising.com) and Bain & Co. Chris is a former entrepreneur and the Founder of GameReplays.org, an early eSports community founded in 2002.
- Daniel Weinberg. Daniel has over 20 years' experience in financial trading & technology. He was a Senior Partner of Optiver APAC and founding member of the Optiver Global Foundation board. He is also a member of the Derivatives advisory committee for the Hong Kong, Singapore and Korean Exchanges and an adviser to a number of businesses spanning multiple industries and jurisdictions.
- Thomas Power. Thomas is a cutting edge Board Member to numerous companies involved with Bitcoin, Ethereum, and Ripple, deeply connected in Silicon Valley, NYC, London, Australia, New Zealand with over 200,000 Twitter followers since March 2007. Raised and sold over £1bn since 1980. Focused on AI Big Data Bitcoin Blockchain Crypto Ethereum FinTech ICO SaaS Social Media Tokenomics ...very Geeky, Social and Likeable.
- Adam Jackson. Adam is a technology entrepreneur and investor obsessed with creating beautiful and intuitive software. Currently an active investor & advisor to early blockchain projects. Prior he was CEO and co-founder of Doctor On Demand. Previously founded DriverSide and MarketSquare. Angel investments include: Bolt, Placer, Aktana, Rapportive, MyTime, Automatic, Womply, Superhuman and Zenefits.
- Matt Chwierut. Matt Chwierut is the Research Director at Smith + Crown. He guides a research team in evaluating new cryptocurrency protocols, authoring briefing memos on key emerging topics, and reviewing countless white papers and is a Fellow at the Singapore Institute of Management. He holds degrees from University of California Berkeley and Stanford University.
- Tony Evans. Tony is a specialist in fiat and crypto currency based in Tokyo, Japan, with over 12 years experience in Asia. Tony has over 14 years' experience in Europe and Asia in the finance industry from client facing, portfolio management, to managing teams.
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Simple Token founder and CEO Jason Goldberg explains that from the beginning of the Simple Token project the goal […]