SIMP Token

Simp is a token that claims to be the first currency created by the entertainment industry for the entertainment industry. The token’s whitepaper describes that the currency offers a stable platform and the experience for creators and fans to share the content they’re passionate about. There is the freedom to express and entertain within a social setting without intervention from outside institutions.

The token seeks to resolve the challenges faced by creators currently such as traditional financial institutions pose a threat to creators and their incomes by indulging in discriminatory practices such as adding morality clauses in their terms of service and fines for ill-defined reputational damage. This way, the financial institutions have built a barrier between creators and their customers. Further, the issue is deeper as these institutions do not deny service outright but prey upon content providers with extortionate fee structures. Alternatively, other third-party hosting sites charge higher commission rates. Therefore, the token provides the following solutions to extortionate fees:

Moreover, the token operates on the Binance Smart Chain. The chain uses a proof-of-staked authority mechanism, a modified version of the proof-of-stake mechanism, and seeks to leverage the high transaction capabilities. The token will thus seek to enable creators to accept crypto as payment for their premium content and monthly or annual subscription charges.

The token’s whitepaper was released in December 2021. Ben Sansom is the platform’s cofounder. He started when he was 15 years old and went on to work with some of the biggest names in sports, corporate, and entertainment. Sansom has a marketing career of eight years. Similarly, James Hague (chief operating officer), an accountant by professional background, has worked across various industries from commodities to gaming. Others on the team include Thomas Sileghem and Poppy Evans.