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 …
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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To add: OST is essentially competing with BTC to be the backing asset here. But unlike BTC, which is decentralized & has something real behind it (the PoW chain), OST is centralized & is not backed by anything.
End of conversation
New conversation -
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OST the platform offers a simple solution to get a part of any business on the blockchain hassle free throuhg use of OST KIT (a SaaS). You can have your own branded token set up in mere minutes. That is what the platform does. As for the OST Token..
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Have you even read how the platform works? The company uses fiat to buy OST. With those OST they can brand their own tokens, hassle free @ a fixed conv rate (f.e. 1 HugoToken = 0.1 OST). If anything happens, 10 HugoTokens will still be worth 1OST.
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That is needed to mint these branded tokens. It backs the USD value of the branded tokens. It does not dictate the USD price. The OST to BT ratio is however locked in a smart contract after minting. That is to ensure that a company con not go and 'change the rules' on customers.
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the moment they fail, their price on the market would immediately drop to zero.