The OST platform aims to simplify creation and management of utility tokens. It does so by creating a blockchain platform that allows businesses to create their own token ecosystem with the goal to help them benefit from releasing their own asset-backed tokens. The platform takes care of all the regulatory, legal and technological barriers to insure a seamless experience for its clients.
The OST ICO, based out of Hong Kong, sold nearly $22 000 000 worth of tokens in their ICO.
How OST works
OST aims to provide an easy-to-use interface in order to help businesses create their own branded tokens. The Simple Token, OST’s native token, gives users the opportunity to reserve their own branded token name, however names that are subject to copyright laws are restricted. Businesses can use their tokens in order to monetize services, contributions and content, develop loyalty programs transparently on the blockchain and many more.
Protocol
OST utilizes their own OpenST Protocol, which works on the principle of staking value for utility. It establishes a bridge between two blockchains with different purposes, a value blockchain and a utility blockchain. The value blockchain holds the cryptographically secured assets while the utility blockchain has the utility tokens for the respective assets. The utility chain supports both lower transaction fees and times, which means the OpenST protocol is fitted to perform quick micro-transactions using utility tokens.
Token
The platform’s elaborate APIs allow businesses to integrate their utility tokens within their respective ecosystems and consumer applications. It aims to bridge a good end-user experience with real cryptographic value stored on the value chain and to ensure that no trust needs to be placed on the utility chains, as all value can be recovered on the Ethereum main net and at the same time provide a proper transactional infrastructure and user privacy.
Conclusion
Aside from a misleading claim at a partnership with Tencent (Which was mostly a rumor started by some members of the community who wanted to pump the price) there are no major problems with the OST platform or team at first glance. The company has a ton of real partnerships and pretty much everything about it checks out
OST is overall a very solid project. They offer an interesting approach at the service they provide and they already have working solutions. They also have quite a lot reputable companies backing them, including the giant Tencent as an early investor. The platform already has a client base and everything seems to be in order.
