First, we are thrilled to announce that TokenCard is rebranding to Monolith. This rebrand represents the next evolution of the company, one which doesn’t just include a new name but also comes with many exciting new features and additions. Secondly, it’s crystal clear that we’ve been talking about the “Summer of Monolith” for a while; now it’s time for the fireworks—to learn more.
According to the cryptoninjas, Monolith Studio has officially announced its token launch for TokenCard—the first debit card powered by smart contracts. On that note, TokenCard brings the Visa Payment Networks to Ethereum, so those token holders will soon be able to use Ether and other ERC20 Tokens to purchase items anywhere that accepts the Visa Debit Card payment system.
Monolith is a decentralized banking alternative powered by Ethereum technology. While, at the same time, making decentralized financial services secure and easy to use, becoming one of the first practical, authentic use cases on the Ethereum blockchain. Of course, in today’s digital age, Cryptocurrency has revolutionized how we perceive and interact with money, unlike fiat currency.
With the rise of DpoS Blockchain and related technology, individuals worldwide can securely store and transact with digital assets. However, despite the increasing popularity of Cryptocurrencies, there is still a significant gap in seamlessly integrating them into our daily lives. This is where TokenCard comes in, offering a groundbreaking solution for users to spend their Cryptos anywhere.
TokenCard Is Enabling The Ethereum Proliferation Into The Mass Market
To enumerate, TokenCard presents an innovative platform that seeks to connect the various forms of Cryptocurrencies and traditional finance. Its primary objective is to offer individuals a straightforward and robust solution for utilizing their digital assets to make everyday purchases. With TokenCard, Cryptocurrency users can now experience the advantages of both worlds.
At the same time, it combines the security and transparency of blockchain technology with the convenience of a traditional debit card. To verify users have ownership of a wallet that was used to contribute to the TokenCard crowdsale in 2017, users are asked to send a specific amount of ETH (less than $0.02) to one of TokenCard’s addresses. And then, a user confirmation is made.
Once confirmed that the send-from wallet address matches the participant’s crowdsale address, TokenCard will send a link to download the TokenCard app from TestFlight. All ETH sent will be refunded in full. ICO and new bitcoin exchange regulations have been commented on during the past months by individual members of the South Korean regulator for the investment industry.
Following this, the Financial Services Commission (FSC) declared that all forms of Initial Coin Offerings (ICOs) would be prohibited. The joint task force was held between the FSC, the Korea National Statistical Office, and Korea National Police Agency (KPA). They will effectively implement and uphold new laws in the domestic digital financial assets and Bitcoin trading marketplaces.
TokenCard Is Bridging The Gap Between Cryptos And Traditional Finance
TokenCard was the first token-to-card vendor to take the plunge and offer the convenience those who hold tokens are looking for. With TokenCard, users can load Cryptocurrency onto a card and use it like any other credit or debit card. Despite being the first token-to-card vendor, TokenCard somehow got overlooked, so not everyone searching for this type of service knows it exists.
Usually, it leverages the power of smart contracts on the Ethereum blockchain to enable users to store their crypto assets securely. By linking their digital wallet to the TokenCard platform, users can seamlessly convert their Cryptocurrencies into traditional fiat currencies in real-time. The transaction is executed seamlessly when you purchase using your TokenCard debit card.
In that case, the seamless transaction is made possible using your chosen Cryptocurrency—but the merchant receives the payment in their preferred fiat currency. For your information, the ever-emerging Bitcoin technology era—an online marketplace for trading digital assets—can also be used with TokenCard for enhanced trading opportunities. Perse, without spending more.
Furthermore, TokenCard incorporates robust security measures to protect user funds. This includes implementing multi-signature technology and cold storage solutions and safeguarding digital assets from potential threats and unauthorized access. By prioritizing security, it strives to instill confidence in users and foster the widespread adoption of Cryptos in daily financial activities.
Getting To Know How The TokenCard Works In Powering Up Digital Assets
Generally speaking, with TokenCard, the possibilities are endless. Imagine being able to pay for your morning coffee with Bitcoin, buy groceries with Ethereum, or book a vacation using your favorite altcoin. TokenCard empowers individuals to use their digital assets like they would traditional money, opening up opportunities for Cryptocurrency enthusiasts and businesses.
In most cases, TokenCard empowers users with a dedicated debit card linked directly to their cryptocurrency holdings. This card can be used at any point-of-sale terminal accepting significant payment networks. Thereby, it helps to ensure broad acceptance and usability. Chiefly, digital asset users can effortlessly convert their preferred Cryptocurrencies into traditional currencies.
Such as the US dollar or euro, load their TokenCard debit card with the desired amount. Its user-friendly mobile application complements its debit card offering, providing individuals with a comprehensive platform for managing their digital assets. The app allows users to monitor their Crypto balances, view transaction history, and convert Cryptos between traditional currencies.
The Basic Debit Card Features That Online Digital Asset Users Should Know
As mentioned, the premise behind TokenCard is straightforward yet highly convenient. Using smart contracts, digital asset users deposit as much of their Cryptocurrencies as they want into the token, TKN; from there, they get a fiat allowance. One of the most significant benefits of TokenCard is that users control their funds entirely. There is no centralized channel to go through.
Instead, as the user, you interact directly with the blockchain via the smart contract. Remember that TokenCard is a debit card you can use anywhere in the world where debit and credit cards are accepted, including ATMs. As mentioned, you fund your card with an allowance from your ERC-20-compatible contract wallet. So, what are the basics of the Debit Card for users?
At its launch, there are already multiple funding options for your card. Every user can opt to fund their TokenCard with ETH and TKN. The Token Contract Wallet can include daily fiat limits, token limits, percentage limits, and time-based limits. You can freeze your card instantly if you lose it or it gets stolen. Similarly, you can select as many as five Cryptocurrencies in your wallet.
The community will choose which specific tokens should be included in the functionality of TokenCard. TokenCard is accepted at millions of ATMs, as well as merchants around the world. It settles on assets instantly, utilizing competitive pricing. If you wish, you can set limits for your spending so you are always in control. These limits are done via the Token Contract Wallet.
The key to TokenCard’s functionality is the Token Contract Wallet. This Ethereum smart contract wallet is where you store your tokens. When you swipe your TokenCard, funds are removed from this wallet. Because of the wallet, there is no need to deposit money with TokenCard. Instead, you keep all your funds in a smart contract wallet solely controlled by you.
What Should You Know About The TKN Token
As mentioned, TKN is the token behind TokenCard. TKN acts as a proxy asset representing the value of your digital asset tokens held within your TokenCard. Every time you use your TokenCard, there is a swiping fee, a 1 percent license fee that acts as remuneration for using the software protocol from the TokenCard project. TokenCard will only create TKN tokens for a limited time.
Especially with just a fixed number generated during the presale. Following this, no more TKNs will be created. Those with TKNs can use their TokenCard for transactions without paying extra licensing fees. Of course, any transaction fees from the payment system provider or third-party card issuers will remain in play. What if you use it to make a payment and do not use TKN?
You must pay that license fee and third-party fees from the issuing partner. These fees are automatically sent to the TKN Asset Contract, which is entirely automated. Still, if TKN holders wish, they can burn their TKN in exchange for the accumulated pro-rata shares of the licensing fees. This is possible via New Alchemy’s “Cash and Burn” mechanism, which TokenCard is licensing.
In a nutshell, TokenCard improves every token, letting users spend supported tokens with a swipe at VISA merchants worldwide. It has unique benefits for the remittance market. The TKN token being issued is designed to give all TKN holders broad marketplace exposure to the token economy. This is a great offering, and we’re excited to be part of it given other benefits like;
1. Quality Digital Funds Management
Users choose a Contract Wallet rather than having to deposit funds outside of their control. TokenCard VISA debit cards draw funds from this contract wallet that supports Ether and almost any ERC20 token. Users can use the Token App to operate their Contract Wallet and manage their TokenCard. This gives them a top-tier mobile banking experience that adds unique features, like multi-asset spending. For example, users can pay for their afternoon lunch with Ethereum tokens and can even split the bill between, for example, 30% DGX, 20% REP, and 50% ETH—all while remaining in complete control of their assets.
2. Seamless Digital Assets User Access
Integrating Cryptocurrencies into the traditional financial system, TokenCard enables users to effortlessly access and spend their digital assets at various merchants worldwide. This groundbreaking platform serves as a bridge, eliminating the barriers that previously hindered the practical use of Cryptocurrencies in day-to-day transactions. Additionally, TokenCard gives users complete control over their funds, allowing them to monitor and manage their Crypto assets through an intuitive and user-friendly interface.
3. Unrivaled Convenience And Security
One of the critical advantages of TokenCard is its commitment to safety. By leveraging the inherent security features of blockchain technology, TokenCard offers users a secure and transparent environment for managing their digital assets. Every transaction made with the TokenCard debit card is recorded on the Blockchain, ensuring complete transparency and traceability. TokenCard is not just about convenience; it also prioritizes the security of its users’ funds. Every transaction made with TokenCard is protected by state-of-the-art security measures, ensuring that your digital assets remain safe.
4. Global Acceptance And Accessibility
One of the critical advantages of TokenCard is its global acceptance. Unlike other crypto payment solutions with limited availability, TokenCard can be used anywhere traditional debit cards are accepted. Whether traveling abroad or shopping online, you can seamlessly use TokenCard to transact with your digital assets. Aside from providing a solution for the underlying Ethereum community, TokenCard is equipped to improve upon the entire spectrum of regular debit card and banking services. Markets like international remittances and asset management are ripe for innovation using Ethereum technology. Thus, TokenCard is aiming to be well-positioned to provide new financial solutions.
5. Powering Up Futuristic Fintech Market
We are witnessing the birth of the biggest shake-up in financial history with the introduction of the Ethereum economy. On that note, TokenCard is a platform that brings this new kind of economy to the general public through a clever trifecta of technology. Notwithstanding, it’s more than just a payment solution; it represents a paradigm shift in how we perceive and utilize money. Conversely, TokenCard lets individuals spend their Crypto anywhere with a debit card. Essentially, it is pushing the boundaries of traditional finance and embracing the future of digital assets. With TokenCard, the widespread Crypto adoption era is here.
It’s worth mentioning that we are partnering with MakerDAO and Digix to bring Decentralized Finance (DeFi) to the world. You can now top-up your Monolith cards with MKR, DGX, and DGD, along with our original suite of tokens: DAI, ETH, and TKN. While initially providing current token holders with payment utility, the core vision of TokenCard is to build a great product.
In particular, a digital asset management system that anyone can use. With the accompanying Token application alongside the debit card, regular users will have a familiar platform to access and engage in the Ethereum ecosystem. They want to make decentralized financial services secure and easy to use, becoming one of the first practical, authentic use cases on the Ethereum blockchain.
Finally, the primary currency supported on the TokenCard platform is Ethereum and ERC-20 tokens. In addition, Monolith also supports USDT, MKR, DGX, DGD, DAI, and TKN, their native wallet token. On an Android device, one can mine Bitcoin and other Cryptocurrencies. On the other hand, mobile Crypto mining functions differently from traditional financial mining techniques.
Other More Related Resource References:
- Token Creation Protocol Bancor Partners With TokenCard
- Signup Opens Up For Alpha TokenCard Through Visa Debit Card
- WaveCrest Has Been Announced As The Licensed TokenCard Issuer
- Tether And Ethfinex Partners To Enable Tokenized USD On Ethereum
- TokenCard Partners With Contis To Issue Visa Debit Cards To Crypto Users
TokenCard is a game-changer in the world of Cryptocurrencies. Offering a secure and convenient way to spend digital assets with a debit card, TokenCard is revolutionizing how we transact. With its global acceptance, unrivaled convenience, and commitment to security, it empowers individuals to embrace the future of finance and take full advantage of the potential of digital assets.