So this ones sounds crazy in the beginning, but it might not be.
(I think this is a feeling I have most days in this world).
This is the new project from Jason Goldberg, who you might remember for one of the most spectacular startup failures of recent memory: Fab.com
Jason has since been extremely open about his failure
, which has been awesome to see.
What's not so awesome is to see him jump ship again from his yet-new company Pepo, to now go ask $40M from the public for a crypto project.
Anyways, let's get to it:
Simple Token is a sort of base token + framework for custom ERC20 tokens.
Apps can stake Simple Tokens to create their own branded tokens to use in their own ecosystem.
Simple Token will both be the token / infra, as well as a service/software company to provide services to users of the infrastructure.
Now, let's say we think this is interesting and has a chance, and could be a good way for companies to create their own tokens.
Who would ever want to do so on a platform where the token issuers have pre-mined the shit out of the token?
These guys want to sell 30% of the tokens for $40M. They want to keep 10% personally and are doing all the usual dance of pre-sales and stuff like that.
I'll write a deeper column with my thoughts on this, but my thinking is evolving towards a conviction that doing an ICO (with today's prevailing structure) could be the dumbest possible thing for a project that wants its token actually used - and thus a shot at building something of value.