Part of the appeal of crypto is that it can enable people to take control of their finances without depending on a central organization like a bank. The entertainment industry has been particularly curtailed by financial service providers. This is where SIMP Token comes in.
Rather than depending on banks and credit card providers, it will provide a payment method where consumers pay content creators directly. Not only will this encourage original content production, but will also ensure anonymity.
The promises of SIMP token are very appealing, explaining the recent spike in interest across the crypto-sphere. It has already been integrated into PocketStars and RocketStars as the primary form of payment. Meanwhile, $SIMP price has nearly doubled since its launch to the time of publication. So, we looked into the platform in detail to help you decide if it can be the right investment for you.
Functions of the SIMP network
The entertainment industry has often faced challenges from banks and card processors. As an example, PocketStars grew to have over 15,000 creators and 250,000 active subscribers in a year. Nevertheless, the platform was facing challenges regarding payments and was even forced to shut down.
SIMP wants to provide a payment network where fans and creators are free to interact and transact. Being based on blockchain, anonymity is guaranteed and transactions are secure. Transaction fees are lower, speeds are faster and chargebacks are not possible since all transactions are final.
How it works
The $SIMP token will be the native currency for the SIMP network. A BEP-20 token, it is built on the Binance Smart Chain (BSC) where decentralized apps can be built. This is similar to the Ethereum network, except that BSC is faster and more robust hence ensuring that transaction speeds will be nearly instantaneous.
Since being launched in October 2021, the SIMP token has continued to gain interest. You can see this by visiting a website such as BscScan where BEP-20 tokens are listed. There, you will also see an increasing number of transactions as well as the SIMP token contract address. This is extremely important since transactions are not reversible.
Besides being used for processing payments, the SIMP token will also be used to reward holders. For every transaction, an 8.5% tax will be charged and then allocated to holders (4.5%), marketing (3%) and liquidity pool (1%). Holders will be rewarded in both BNB and $SIMP just for holding the SIMP Token in their wallets.
Unlike other crypto projects that prefer to remain anonymous, the SIMP team is open about their identities. It includes individuals with expertise in marketing, software development and some from the entertainment industry. In fact, the SIMP project already has support from some of the industry’s leading figures.
Should you invest in $SIMP
SIMP Token is barely 2 months old and yet it’s already recorded over 21k transactions. This is an incredible feat showing that there is a lot of interest in the token even though it’s not yet live. Its price has already shot up by nearly 100% despite dropping nearly 60% since its all-time high price on Poocoin.
It is now trending along a support level so it’s unlikely to go lower. Once the token is integrated officially on entertainment platforms and starts being used as payment, we expect the price to jump by almost 100%. The project does not have a roadmap, so it’s difficult to say when that will happen, but it’s likely to happen sometime before the end of 2021.