1/ Exactly. I never understood why companies cannot build so-called "tokenized services" directly on top of established tokens such as BTC (yes, BTC was the original token). The whole category of "utility tokens" just doesn't make any sense.https://twitter.com/MaxFangX/status/976031730460012545 …
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But that is the point.. if a business that has tokens made with OST fails, the tokens can always be swapped for OST (with use of the OST Wallet, no hassle with exchanges for consumers) to get their value back. This can then be spent at any OST based economy elsehwere.
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What? this doesn't make any sense. So OST the platform functions like a bank that guarantees the value behind the tokens? Are all BT-to-OST exchange rates fixed? (BT = 'branded token' using your terminology)
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I fully recommend reading this:https://medium.com/@glen_hendriks/ost-explained-684938740e98 …
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So when users have BTs, they are guaranteed a fixed BT-to-OST conversion rate. Apologies for not reading your article before making above statement. BTs are hard-pegged to OST, got it.
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But with all due respect, I still don’t see the point. Nothing changes here. All you’re doing is allowing companies to outsource the risks normally associated with utility tokens (if the companies were to launch their own) to somebody else - the OST token.
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The same risks still apply. Higher liquidity & volatility risks compared to using an established “money” token like BTC directly. More importantly, the risk of OST going under, which would instantly makes all OST & BT tokens worthless.
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Not to mention the *added* risk of having to trust the OST platform & wallet for always honoring the fixed BT-to-OST conversion rates.
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All this complexity for the sake of putting an extra layer of friction (multiple representations of essentially the same thing) in front of the user. Sorry but I don’t see the point.
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Actually i do agree with most of what you say Hugo, prob 95% of coins/tokens if not more could and should just use an already stablished one but there are some other coins/tokens out there that actually bring value to users and will help blockchain go mainstream.
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Not if this token is part of a token ecosystem. Think colored btc, if grey btc fails for some reason you can always change yours to pink btc
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I think, if that's the case, then you may be getting idealism mixed up with what actually makes sense for business and customers. There obviously is room for both in this space with all due respect
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And, surely there is room for a diversity of blockchain based solutions and crypto assets in this space. Or must we all stick to BTC blockchain because it was first?
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The branded tokens themselves do not get traded on exchanges. Their USD value is derived from the OST that is staked to mint these branded tokens. May I suggest you read this: https://medium.com/@glen_hendriks/ost-explained-684938740e98 … That will probably drive home the concept behind it.
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the moment they fail, their price on the market would immediately drop to zero.