TokenCard FAQ

Monolith
Monolith
Apr 27, 2017 · 5 min read

We’ve been bombarded with great questions in our booming slack channel.

Reading this FAQ is in no way a substitute for reading our WHITEPAPER.
This FAQ will be periodically updated.

What is TokenCard?

TokenCard is a debit card that allows users to spend ETH and other ERC20 tokens from a contract wallet.

Does TokenCard have access to my private key?

No, you remain in full control of your private key. Instead you publish your own smart contract wallet and give your TokenCard an ‘allowance’ that is defined in the contract’s code. For example an allowance could be 5 ETH per day.

When will I be able to get a TokenCard?

The top 500 contributors in the TKN crowdsale will be able to claim their MVP TokenCard in September. 5 Tokens, voted on by you, will be supported at that time. If a presumable ‘stablecoin’ is released by that time we will include that in the MVP support too.
Our public beta rollout is scheduled for November.

What are TokenCard’s fees?

Around 1.5% for regular tokens like ETH and REP. However, if you spend using TKN it’s just 0.5%.

Are there fees for sending funds to your wallet?

No, it’s your own contract wallet.

How do transactions on your platform work?

Here’s a simplified walkthrough:

1. User swipes his card at a merchant.

2. Merchant sends transaction info from the payment network.

3. Payment network queries us on the transaction.

4. The query contains information that allows us to identify the user’s contract wallet.

5. We evaluate an order book on exchange for the transaction amount and attempt (allowance permitting) a withdrawal from the users contract wallet and place a market order.

6. At the same time, we load the users debit card with exactly the required amount and OK the transaction on the payment network.

7. Transaction goes through.

How does TokenCard work with tax?

We can account for your cost basis at the time your tokens enter the Contract Wallet using an oracle. If you incur any capital gains we can relay this back to you and keep track of it for you.

We are also working to support a ‘tax efficient’ spending mode which pairs off gains against losses to make your spending as tax efficient as possible.

Will there be verification of my identity for using the debit card?

Yes, TokenCard operates within standard KYC and AML guidelines.

In which countries can I use TokenCard?

You can use your card at debit card terminals globally. However US and Indian residents cannot be issued a TokenCard just yet. Issuing in the US and India is part of our road map, but just can’t be supported initially.

What exchange rate is used, and are there transaction limits for specific tokens?

We use an orderbook to calculate your price. We won’t be charging a fee on top of what the exchange charges.

Will you have to pay for a card or will it be distributed for free?

The top 500 contributors receive a complimentary MVP TokenCard. We will be issuing TokenCards for a little over cost.

Are there any alternatives to the Token Contract Wallet?

TokenCard works with any ERC20 Contract Wallet including contract wallets from Consensys, the Ethereum Foundation and Parity.

TKN and TKN Creation Event

What is TKN?

Fees from TokenCard swipes accrue to an Asset Contract. TKN holders can receive their pro-rata share of this growing pile of diverse asset by burning their TKN.

When is the TKN Creation Event

May 2nd 2017, 16:00 GMT

How do we participate in the Creation Event?

The event will happen on TokenCard.io and will be a smart contract that issues TKN to you. The site will update to include a checklist before displaying the contract address.

When will TKN become transferable?

TKN becomes transferable immediately after the conclusion of the crowdsale ends.

Is there anything special about your crowdsale?

Our project is called TokenCard, and we are here to stimulate the Ethereum Token Economy. Naturally we will be accepting other project tokens for our TKN Creation Event.

In order to calculate the number of TKN a contributor receives you will need a pricing source? Which one?

We will be taking the price for the most liquid exchange the respective token is traded on.

What does it mean when you say TKN will equate to a diversified portfolio of the most popular tokens on the Ethereum network?

Each time users swipe their TokenCard 1% of whatever they spent (DGX,ETH,REP etc.) is sent to the TKN Asset Contract. Naturally, assets that are very popular and used by a lot of people will accrue into the TKN Asset Contract more than others.

If I spend my TKN with my debit card, does that burn the TKN?

TKN do not get burned if you spend them, these are two entirely separate things. You call a function on your TKN for them to be ‘burned’ in exchange for your share of the TKN Asset Contract.

What happens to functional tokens like REP that are held inside the TKN Asset Contract?

Some tokens like REP may require actions from time to time; they’ll require a special wrapper contract that limits some functionality (transfers) but permits others (voting).

Could you advise how the value of TKN can go up?

The value of TKN is tied to the value of the underlying assets and future accruement of value the fact it doesn’t incur a licensing fee when used. As more assets back TKN, then TKN’s value should rise. TKN’s value will also rise as the underlying assets themselves increase in value.

If I spend TKN, where would it go?

If you spend TKN or any other token, you are essentially placing a market order on an exchange. The TKN will go to whoever is the counterparty to that trade.

Other

Is there a lock up period or similar for the founder’s tokens?

Yes, the lockup period is 18 months.

Which token project partners are there?

Some tokens contributed during the contribution period will get a bonus in TKN. We will be announcing them in the coming days 1-by-1.

Catching up on TokenCard? Read this.

MonolithStudio

Creators of the TokenCard platform.

Monolith

Written by

Monolith

Start living your life on #Ethereum. 🌌 Download Monolith, deploy your contract wallet and order your card today! 💳 https://monolith.app.link/XKVngh4RaZ

MonolithStudio

Creators of the TokenCard platform.

Monolith

Written by

Monolith

Start living your life on #Ethereum. 🌌 Download Monolith, deploy your contract wallet and order your card today! 💳 https://monolith.app.link/XKVngh4RaZ

MonolithStudio

Creators of the TokenCard platform.

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