Simple Wrapper Inc. introduces the Satoshi (SATO) token, a wrapped version of Bitcoin's smallest unit – satoshi, enhancing Bitcoin's accessibility for everyday use by allowing transactions in whole-number amounts and reducing transaction costs.
TORONTO, ON, July 12, 2024 /PRNewswire-PRWeb/ -- Simple Wrapper Inc., a Toronto-based cryptocurrency startup, today announced the launch of the Satoshi (SATO) token, a tokenized wrapped version of Bitcoin's smallest unit. This development marks a significant step forward in making Bitcoin more accessible and user-friendly for everyday transactions and investments, realizing Satoshi Nakamoto's vision from 2010, who suggested that the division of Bitcoin into fractional units may be required as it gains adoption.
Key Highlights:
- SATO tokens represent 1/100,000,000 of a Bitcoin, following Nakamoto's suggestion for Bitcoin fractionalization
- Improves Bitcoin accessibility by offering whole-number ownership and human-readable amounts
- Enhances user experience by eliminating the need to deal with multiple decimal places
- Reduces psychological barriers for new users entering the cryptocurrency space
"SATO addresses a critical usability challenge in Bitcoin adoption," said Andrew Zapo, Co-founder of Simple Wrapper Inc. "By allowing users to transact in whole numbers rather than tiny fractions, we're making Bitcoin more intuitive and less intimidating for the average person. Imagine buying a coffee for 10,000 SATO instead of 0.0001 BTC – it's a game-changer for everyday use."
The Satoshi (SATO) token operates on major networks including Ethereum, Optimism, Arbitrum One, and Polygon, broadening its accessibility across various blockchain ecosystems.
"We've tried to make it as simple as possible to minimize the security risks," explained Andrii Zamovsky, Co-founder of Simple Wrapper Inc. "Each SATO is backed by 1/100,000,000 of a Bitcoin. The wrapping and unwrapping process is facilitated by a simple smart contract, and anyone can audit the reserves onchain. This transparency and simplicity are crucial for maintaining trust in the ecosystem."
The founders anticipate that SATO will particularly benefit:
- New crypto users who prefer dealing with whole numbers
- Retail applications where small, precise amounts are necessary
- Micro-investment platforms looking to offer fractional Bitcoin ownership
- Educational initiatives aiming to teach Bitcoin basics without the complexity of multiple decimal places
The launch of SATO also opens up new possibilities for Bitcoin in DeFi applications, potentially increasing its utility in various financial products and services.
For more information about Satoshi (SATO) and how to acquire tokens, please visit getsatoshi.org.
About Simple Wrapper Inc.
Simple Wrapper Inc. is a Canadian-based startup co-founded by Andrew Zapo and Andrii Zamovsky. Andrew Zapo brings a wealth of experience from his previous role as CEO of BlockGeeks, an educational platform on blockchain technology founded in 2016. Andrii Zamovsky has been a prominent figure in the blockchain industry since 2010, having founded multiple successful companies including Ambisafe, Orderbook, and Tabla.
Media Contact:
Website: getsatoshi.org
Email: [email protected]
Twitter: @sato_token
Telegram: @satotoken
Media Contact
Andrew Zapo, Simple Wrapper Inc., 1 4168219655, [email protected], https://getsatoshi.org
SOURCE Simple Wrapper Inc.
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