Review on OST by David Olayide
OST : A Review
OST or in full, Simple Token is a blockchain service platform that aims to bring the innovative blockchain technology and its benefits to the masses. To do this, the project has its branded token creation that allows businesses to create their own token, without having to worry about the technology behind the token or the legal requirements such as Know Your Customer. You can say, that OST cuts out the stress quite efficiently.
Additionally, OST plans to reduce the congestion that we have these days, on the Ethereum blockchain. It does this through the use of a special technology, the OpenST Mosaic. What this does is to enable the internet standard speed on the Ethereum. This will ensure that transactions run at very fast speeds on auxiliary blockchains. This will improve the transactional throughput for the Ethereum blockchain and of course this can only improve and benefit the entire Ethereum ecosystem.
The use of branded tokens too, is not a bad thing at all ,as companies or businesses can use the token for their loyalty programs. There are already a handful of companies partnered with OST and exploring the release of their own blockchain based loyalty programs. Using the tokens might even be a more attractive option to using fiat.
OpenST protocol is a technology that makes it possible for any company to launch their own token and create a token economy that is highly scalable and safe for its users at the same time. There’s provision for a suite of tools that as well make it easy for developers to interact with all of the features offered by the blockchain. ODT is looking up as a project and I am pretty interested to see how well the project will achieve it’s purpose.
Pros
- OST provides the tools needed by developers to build and develop branded tokens
- Businesses can now have their own branded token and operate a highly scalable ecosystem
- The process has been made relatively easy with the tools provided by OST
- Theres no congestion on the Eth network due to the use of the OpenST Mosaic technology
- Fast transaction speeds
Cons
- None that plagues the project so far
