Token: TKN (09/09/2017)
Total 16 / 25
0 Market Information: 5/5
- MarketCap 1D: $37M
- MarketCap Last 30 D: $22M — $78M
- Exchanges listed: Bittrex, Liqui, HitBTC, EtherDelta
- Tradable Share of Token: 23M / 39M = 58%
1 Competition: 0/1
- TenX ($297M): Beta already released and distributed to 1500 customers
- Monaco ($95M): Basically a copy of TokenCard
- Revolut ($400M): No cryptocurrency but is serving the same purpose as they recently added BTC, ETH & LTC to the portfolio of currencies supported by their card that supports exchanges of different fiat currencies at the best exchange rate
2 Technology: 3.5/5
Tl;Dr:
Pros:
- Whitepaper is really detailed and gives a thorough overview of the project
- CryptoCurrencies never leave your wallet before you transact
- Cash&Burn operations guarantee appreciation of the token over time
Cons:
- Development is not made in house
- Mass adoption requires to let people buy Cryptos from the TKN App which has a lot of legal constraint
TokenCard consists of a card, an app, a smart contract and a wallet (simliar to Mist, Parity etc…). Essentially, once you user sign the smart contract through the app, the smart contract gets a direct access to the wallet with the limitations set by the user (no more than x$/day, uses only ETH etc…), therefore your cryptos never leave your wallet before you spend them. This is different than Monaco & TenX which ask you to put your ETH, BTC etc… on deposit in their contract.
When processing a transaction from your wallet to any fiat currency, the smart contract adds a 1% fee on top of whatever the PoS provider is already charging.
The TKN token itself is not of much use but gives two advantages to the owner:
- No fee transaction when you’re paying with your TKN
- Right to withdraw a share of the fees collected via Cash & Burn
In order to facilitate mass consumption, the final user will be able to buy Cryptocurrencies directly through the app with its fiat currency credit/debit card. TokenCard would effectively become an exchange but there are a lot of Legal Constraint here.
3 Existing Partnerships: 3/5
A few tokens have expressed their interest in being available on the TokenCard platform:
- SingularDTV
- FirstBlood
- Gnosis
- Iconomi
Card Provider is WaveCrest — using mainly Mastercard. Partnership has been validated by WaveCrest.
4 Team: 1.5/4
On the paper, their team covers all the aspect required to launch a good company however none of these guys seem to be a high-level respected person in the Crypto-community. Moreover, most of them aren’t actually employed by TokenCard and are acting as consultants. This was at ICO time, their current team cannot be found.
Mel Gelberman — Project Leader
No presence in the crypto-industry world.
David Hoggard — Partnership & Finance
No presence in the crypto-industry world.
Peter Vessenes — Technology
Old timer of the Crypto-World. He founded the Bitcoin Foundation in 2012 and the first Bitcoin VC (CoinLab). However, he is very controversial and is accused of having stolen 5M to MtGox depositors through CoinLab and is now head of New Alchemy — a consulting company to help new blockchain project.
Andreas Glarner — Legal Expert
No presence in the crypto-industry world.
JC Figueroa — Director of Operations
No presence in the crypto-industry world.
Paige Freeman — Sales & Marketing
Working for New Alchemy, she accompanied the launching of the project but is not working for TokenCard anymore.
Abib Bocresion — Business & Finance
External consultant from JP Morgan.
Dennis Peterson — Senior Solidity Engineer
No presence in the crypto-industry world. Very little activity on GitHub.
5 Community, Communication & Agenda: 3/5
a) Community
TKN holders are hardcore fans but they are not that many.
- Discord: 100 people (most active)
- Telegram: 328 people
- Twitter: 6000 followers
b) Communication
Not really good at communicating and not emphasizing a lot on Marketing which may become an issue if they want to deploy a B2C product.
c) Agenda
- 10/02: Beta release with 1000 cards for early backers which will bring them at the same stage as TenX and Monaco. POSTPONED
- 12/31: Release of the MVP
6 Verdict
Same as Visa, Mastercard and AmEX, I believe there is enough space for several card providers in the cryptocurrency world. TokenCard is the oldest project in that area and they were the first one to run their ICO. Their team seems to be focusing more on the tech than on the marketing part but the tech is really different than TenX and Monaco. Additionally the low market cap is promising for a mid-term move that can be reconsidered after they release their Beta.
=> Positive: HODL
APPENDIX:
Cash & Burn Protocol:
Cash & Burn remuneration approach is different from TenX & Monaco as token holders will not receive a share of the fees collected by the network on a daily basis. Fees collected on TokenCard will be stored in the Token Asset Contract and your TKN give you the right to collect your share of these fees whenever you want. The longer your hold your TKN, the more fees will be in the contract, the more will have burnt their Token and the higher your share will be.
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