MonolithStudio
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MonolithStudio

Making ETH and ERC20 tokens spendable with the Token and TokenCard Platform

Over the years, many have attempted to bring cryptocurrency to the masses, yet adoption is still slow. It is clear that projects have failed to identify and address the main issues present in making mass adoption of digital assets possible, and so the core issues remain:

  1. Security, storing assets is cumbersome and inevitably people choose to hold their assets with a third party, such as an exchange. This defeats one of the greatest properties of cryptocurrency, control of one’s assets, and exposes people to risks that have historically proven to be catastrophic.

The Token platform plans to solve these issues and position itself at the heart of the effort to facilitate mainstream adoption of assets and platforms within the compelling Ethereum Ecosystem.

How do we solve these issues?

Well, there are three components to our project. The Contract Wallet, TokenCard and Token App. The Contract Wallet is a smart contract wallet that is directly controlled by you, there is no depositing of funds into a fractional reserve — it’s your money and you control it. The TokenCard is a debit card that can be given customizable access, set by you, to withdraw funds and make payments with. Payments are made in ERC20 tokens which means you could spend ETH, REP, DAI or the gold backed DGX on your morning coffee. With the Token App, we are unifying the former two and providing a seamless next-gen banking experience on Ethereum.

How would this all work in reality? Let’s go through two simple step-by-step processes that go over spending and security.

Spending

  1. A TokenCard user wants to buy a $3 dollar beer.

Security

  1. One of our users is worried about hackers, he has experienced significant losses in the past because of poor security.

Ecosystem Integration

Aside from providing a payment solution for the underlying community, the most exciting prospects for Token are within the many different markets that are being tapped into by other projects in the space. Integrating with these native Ethereum platforms will give Token direct access to diversified markets, in exchange for providing a payment channel for the platform’s user-base. We believe that this is where Token’s true role in the ecosystem lies.

For people interested in how Monolith is creating a banking replacement for the general public powered by Ethereum please visit our website and subscribe to our newsletter.
http://monolith.ventures/

Our recent partnership announcement with Digix to bring gold back as a global means of transaction can be found here: IBTimes

An interview with the Token project leader Mel Gelderman can be found here.

Stay tuned for when we formally announce the Token platform. However you can read all about the TokenCard here.

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Monolith

Monolith is the world’s first DeFi wallet and accompanying Visa debit card made for spending crypto assets anywhere.