Meet TokenCard™: A depositless Ethereum token-based debit card & platform with 3 simple elements
TokenCard™ introduces an underlying ERC20 token, TKN, holding a pro-rata claim on the TKN Asset Contract. This Asset Contract accrues a 1% licensing fee (enforced by smart contracts) on all TokenCard transactions. At any time, TKN holders can redeem their share of the underlying assets by ‘cashing and burning’ their TKN.
Learn more about TokenCard™ by reading our White Paper and get TKN by joining our Token Launch Event.
Enhancing Every Token — TokenCard™ allows you to spend ERC20 tokens at VISA®terminals around the world. This is revolutionary: you can buy groceries in DGX, ETH, DAI or any supported tokens. You can even spend multiple tokens in a single transaction, and autonomously maintain a desired portfolio allocation within your Contract Wallet while you do it.
Always in Control — You never have to deposit with us, ever. Your tokens are secured inside a contract wallet you control. Allowances to enable TokenCard payments are set by you and can be modified or even revoked at any time by you.
No Compromises — Traditionally, users are forced to make sacrifices in functionality to gain security, or security for functionality. With TokenCard™ there is no trade-off. You retain the security and control of a contract wallet while gaining the utility of a global payments network.
Expanding the Ecosystem — The most exciting use-cases for TokenCard™ are within the markets being explored by other projects in the space. Actively integrating with these platforms gives TKN holders direct access to diversified markets while providing connections to a major payment rail.
The mobile Token App™ eliminates any need for a traditional bank account. You can manage your tokens, review spending activity, and make & request payments all through the App.
Wallet Access — With the Token App™ you can safely and easily interact with their Contract Wallet. Create innovative spending options based on different parameters and curate your security profile to fit your lifestyle.
On the Fly Information — Whenever a user swipes his card, a transaction entry will simultaneously appear in his Token App™ displaying business name, establishment type, amount spent (local fiat amount and token), and transaction location using Google Map’s API.
User Friendly — Designed as an intuitive experience with top tier UI/UX, the Token App™is a product that anyone at any level can quickly use without having to master the underlying technology.
Token-to-Token — Users can re-balance their token portfolio anytime with the in-app token-to-token exchange. No need to withdraw and deposit funds into a centralized exchange! Simply exchange tokens within the Contract Wallet with a click.
Fiat-to-Token — With sufficient liquidity parameters, we’ll also provide an in-app fiat-to-token exchange option. This feature allows users new to the token economy with an accessible on-ramp to not only our platform, but to the Ethereum token economy at large.
TKN is a special kind of Ethereum token. It is an asset backed token where the underlying assets represent an accumulation of different ERC20 tokens over time. The underlying assets are secured inside the TKN Asset Contract from which TKN holders can redeem their pro-rata share from.
Whenever the TokenCard is swiped, the transaction incurs a 1% licensing fee which accrues to the TKN Asset Contract. The licensing fee is denominated in the token used, however, TKN backed swipes don’t incur a licensing fee.
Since the TKN Asset Contract accrues licensing fees in the token transacted in, it will eventually equate to a diversified portfolio of the most popular tokens on the Ethereum network. TKN holders effectively have a passive stake in the growing economy of tokens.
TKN holders can invoke a mechanism known as ‘Cash and Burn’. Invoking ‘Cash and Burn’ redeems your pro-rata share of tokens within the TKN Asset Contract, however, this also irrevocably destroys the TKN.
As holders burn TKN to receive their share of the underlying, they forgo any claim on future accrued licensing fees. This means remaining TKN holders will now having a larger proportional claim on the TKN Asset Contract.
We will launch an MVP for the 500 top TKN buyers by September 15, 2017. Smart Contracts are in process now, and the team is ready to get going immediately on the App and the server-side integrations.
The TKN creation period commences on 2nd May 2017. The TokenCard project is capping contributions at 4,500,000 USD. We will accept ETH, fiat and other ERC20 tokens to build the platform as described in the whitepaper.
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