Apart from the value proposition offered by the Simple Token project ahead of its token sale, the startup is embarking on an unconventional style of incentivizing investors and early adopters. The system is fashioned towards an immediate gratification process that offers the freedom of being compensated in any altcoin of choice. This is navigated through a novel process called “altdrop”.
Besides the original values offered by blockchain products during token sales, it is normal to receive other motivational incentives. Prominent among the systems of immediate compensation as carried out by most organizations during token sales is the offering of some extra percentage of the particular token on sale depending on how early and individual participates.
This more general pattern, despite representing immediate compensation on the periphery, in the actual sense remains an incentive for the future and restricts adopters and investors to depend on the eventual performance of the token in question. Hence, in the actual sense, these systems do not represent immediate gratification.
Actual immediate gratification
The innovation by Simple Token, beyond every doubt offers immediate compensation in already established ERC20 tokens. Even more attractive is the fact that individuals are given the liberty to choose which particular altcoin that they want to be compensating in.
The Simple Token Project is a project of OpenST Ltd and The Simple Token Company Limited. OpenST Ltd and The Simple Token Company Limited are independent separate organizations with their own independent missions and governance.
According to Simple Token, the OpenST protocol enables companies to stake Simple Tokens against their own branded tokens, minted on open scaleable side Blockchains in a cryptographically auditable manner.
Therefore, for startups, developers or individuals who seek to purchase Simple Token(ST), it is actually an opportunity to ‘acquire two for the price of one’. Users can beef up their existing stock of a particular altcoin, gain ownership of a given crypto asset that has eluded them, probably in an ICO that was missed, or diversify their asset holding at no extra cost.
How to qualify for Altdrop
To qualify for the altdrop bonus, users are required to:
- Complete the registration form for the altdrop no later than 11 November at 12:59:59 UTC. You will be required to submit only 2 pieces of data: (i) Your email address, (ii) the name of the Token XYZ that you want to get bonused.
- Register for the ST Early Access sale at https://sale.simpletoken.org no later than 13 November at 12:59:59 UTC. You must register using the same email address that you use for the #altdrop form.
- Purchase a minimum of 1 ETH of ST during the Early Access sale.
Blockchain technology is about decentralization and opening up of opportunities that offers more control to its users. Reserving the liberty of deciding in what denomination to receive payment, breaking the barriers of stereotype and restriction is a development that is definitely bound to encourage an extended adoption of cryptocurrencies and blockchain in general.