Hi, I write in this area, so am interested in theory.
However, as others have asked, the coming token sale is in ETH and not SMT. The link between the two is not clear and the whitepaper talks exclusively about SMT and Steem. A clarification would be useful, and even an updated whitepaper.
Also, the whitepaper seems to copy wholesale the steem setup, with two parallel currencies and a supposed "dollar peg" for the OBD. Someone who has experience of Steem would surely rethink the whole pegging issue and even the idea of two tradeable currencies.
Prior to platform launch, the ONST token will be an ERC20 standard token based on Ethereum blockchain powered by smart contract technology.
Upon launch of the platform, the ERC20 token will be exchanged for ONST tokens.
The reason we are using ETH is that we don't have a token yet. Until we launch we are using ERC20 standard token with smart contract tech, so that when we launch they are exchanged for our ONST Token. We actually launch our ICO PreSale on March 29th. We will be developing the platform and launching in late Q3/early Q4. We are a work in progress, but we are dedicated to providing the best experience on our platform. I hope I've answered your question. If I have not, I'll see if I can get someone more able to elaborate =]