Create Token > Plan and Design > Start Integration > Launch to End-users!
|2. Plan and Design||Non-technical||~1 week|
Step 2 can be conducted in parallal with Step 3. Step 2 and Step 3 must be finalised before moving to Production and launching to end-users (Step 4).
a. Buy, earn, spend, redeem actions
The primary drivers in an ecosystem are buy, earn, spend, and redeem. These must be balanced in order to have a well functioning and sustainable ecosystem.
|Buy||Tokens purchased with fiat|
|Earn||Compensation in return for micro-contributions, services or tasks performed|
|Spend||Payment for merch, other assets, services or tasks|
|Redeem (cash-out)||Tokens are redeemed for gift cards, other crypto, or fiat|
b. What to stake?
With OST Platform you can stake either USDC (a stablecoin) or OST tokens.
Why Stake a Stablecoin?
By default, Tokens are backed by staking OST tokens on Ethereum mainnet. Their value is backed by OST tokens at a fixed conversion rate set by you when you first create your BT. As a result, the value of your BT rises and falls with the market-determined price of OST tokens.
If you would like your BTs to have a stable value, you can back them by staking stablecoins instead of OST tokens. Stablecoins are cryptocurrencies designed to minimise the effects of market-driven price volatility by being backed by a fiat currency, such as US Dollars. By staking stablecoins, you minimize fluctuations in the value of your BT.
USDC is a type of stablecoin where each USDC issued and in circulation is backed by $1 USD held in a bank account audited monthly. This backing means that 1 USDC can always be redeemed for US$1.00. This effectively gives USDC a stable price.
c. Conversion Rate
The Conversion Rate is the value of a Token relative to the underlying stake, the value token. OST Platform sets a default conversation rate of 1BT = 1OST. If you like, you can set an alternative conversion rate by selecting Edit under Advanced Options.
We recommend using the default conversion rate in Sandbox i.e. 1 BT = 1 OST. You can then make a more informed decision when setting-up your Token in Production. If you need help setting the conversion rate, you can reach out to us at firstname.lastname@example.org.
Things to consider when setting the conversion rate:
- Fiat value of each token (this will be subject to change if you stake a non-stablecoin)
- Fiat value of each action
- Typical token denomination: 10s, 100s, 1000s?
- Once you mint your token, the conversion rate is fixed and cannot be changed.
- Conversion rates do not transfer from Sandbox to Production and must be set again during the token setup in the Production environment.
d. Mobile and web UX and design
We have provided Wallet UX Guidelines with screens and flows and helpful suggestions to get you started! We are also working on making available UI screens through our Wallet SDKs. These will be available in Aug / Sep 2019.