In the burgeoning new world of cryptocurrency, genuine and exciting projects often get funded quickly in their ICOs. That’s precisely what happened to TokenCard, a new mobile app designed for worldwide use amongst shoppers who use cryptocurrency to pay for items.
But what exactly entails this token that ushers in a token-powered economy?
When an ICO for TokenCard raised a whopping $16.7m in “mere minutes” and a further $13 million in about 30 minutes later, nobody needed a further introduction to how great it could become. According to its website, TokenCard is projected to create a Smart Contracts-powered debit card. As at now, the whole project is edging closer to completion with the Token app, a mobile application dedicated to managing cryptocurrencies, soon to be available for download.
What Is TokenCard?
TokenCard, a project created by Monolith Ventures which is seeking to make VISA payments possible at the Ethereum network, is just a deposit-less crypto-based, token debit card. It’s a token that’s asset-backed with crypto-assets secured at a TKN Asset Contract and symbolize different ERC-20 tokens accumulated over time. In a nutshell, therefore, TokenCard is a platform with three elements, namely:
- A Token Contract Wallet.
- A TokenCard.
- A Token App.
TokenCard is powered by TKN, an underlying token with pro-rata claims on a pool of ETH and ERC-20 tokens. Fundamentally, your contract wallet is linked to the network to enable online payments, Point-of-Sale transactions as well as ATM withdrawals, using your token balance. The wallet secures the user’s asset balance and allows spending, while the app, Token App, is there to neatly and conveniently allow easy use of your tokens.
TokenCard Decentralized Financial Payment System App
Apart from offering a clean, intuitive user experience, the app is there to help view and manage assets in a single page, send and receive your crypto-assets, and convert the assets to fiat. It also allows you to monitor expenses, access and invest in ICOs and receive proceeds from the same instantly to your wallet. But perhaps the other awesome thing about the app is its In-App chat whereby you speak directly to the team.
According to a Press Release from the project founder, Peter Vessenes, TokenCard is there to give each ERC-20 token value and let users spend all supported tokens whenever they need to. They will swipe their cards at all VISA merchants all over the world.
The focal point of the whole project is TokenCard’s allowance to the creation of smart contracts that eventually grants consumers more control of their deposited assets. The ability to pay using a card supported by the special mobile app means life becomes a lot easier for shoppers who use cryptocurrencies to purchase items.
Also, TokenCard will mean all cryptocurrency payments won’t be made online, but also at physical stores. Better yet, users will not meet any transactional costs when using the card at the PoS.
About The Team Behind TokenCard
To ensure that all the promises made by Token App are fulfilled is a team of 10 comprising founders, engineers, directors, and developers. To ensure the final product perfectly lives to its expectations, TokenCard has two groups – based in London and Seattle. When all’s said and done, it’s interesting to see how this project will go!