What is TokenCard?
TokenCard is a blockchain project that was designed with a vision of establishing a token economy and making it a part and parcel of normal daily activities.
To do this, TokenCard started by introduction as an alternative to hard cash.
Decentralization on the blockchain platform is, for many people, more theoretical than practical.
This comes from the fact that most of the projects that are existing at the moment are too technical for the average user, and this makes it difficult for the projects to penetrate into the normal markets, and get accepted. Even giants like Bitcoin are struggling with this.
In this regard, however, TokenCard has managed to devolve decentralization down to the average user. They are making this one of the easiest products to use, and integrate into the normal economy by creating user scenarios that most people can associate with as they go about their daily lives.
This is also one of the reasons why TokenCard has hit the ground running as a success. It is not just an authentic project, it is, more importantly, a practical project.
What is the problem that TokenCard Solves?
Bitcoin is by far one of the most successful and greatest experiments ever performed.
Since its inception, however, there have been a lot of projects that have come up, following the success of Bitcoin. Ethereum, for example, managed to widen their horizon of what people would expect of a blockchain platform.
As time goes by, a lot of individuals and companies have made attempts to introduce blockchain technology and cryptocurrency to the masses, though adoption is yet to take shape in the desired speed.
One of the challenges that cryptocurrencies face is that most of them are still cumbersome, and it is virtually impossible to integrate them in the normal life for a lot of people.
This concern poses a lot of challenges that the project owners have struggled to address. This is also one of the reasons why the mass adoption of digital assets has been a nightmare. The following are some of the concerns that are evident in the cryptographic space:
Security
Most people find it cumbersome and difficult to store digital assets. This is one of the reasons why they prefer either to stay away from cryptocurrency altogether or use a third party like an exchange to store their assets. While this works, for the most part, it goes against the very concept of cryptocurrency.
Cryptocurrency is supposed to do away with the need for third parties like exchanges. Therefore, the presence of exchanges simply introduces the prospect of catastrophe. What is needed is a system that cannot just store its own assets, but do so without compromising on the usability.
Volatility
Another challenge that exists in the world of cryptocurrency is forcing people to use volatile assets, for example, Bitcoin.
This is one currency that has been the subject of discussions all over, in the process attracting speculation and conspiracies. Instead of offering a solution, Bitcoin effectively creates concern among users, as they are never sure of what will happen.
What is needed, therefore, is an asset class that is not just diverse, but efficient.
Usability
There are so many steps that have been taken to make sure that digital assets can be put to use. In order to use your digital assets, you must have an account on a given service, need a wallet and an exchange platform. You will need these if you are to withdraw currency, deposit them or share them with anyone.
You must also undergo a rigorous KYC process, whether you are only planning to become an amateur trader. Instead of going through all these challenges, it is important to have a system that will not just do away with these challenges, but provide a plug and play alternative that is not just seamless but gives the users an experience that they can integrate into different platforms that they use.
The Ethereum platform has been home to so many projects that attempt to solve some of these, among many other problems. This is where TokenCard comes in.
Through Ethereum backing, TokenCard has the tools needed to create a distributed banking system. This is useful in that it attempts to fix the problems that are experienced in the normal banking environment, and with some of the blockchain projects that have been introduced to address the same.
In so doing, TokenCard has been able to outperform the banking alternatives in terms of transparency, efficiency, and flexibility.
The TokenCard platform, therefore, identifies and offers solutions to these concerns, while at the same time positioning itself at the center of the process, pushing for mainstream adoption of the Ethereum blockchain and relevant projects, and to book a prime position in the next phase of the history of financial services.
How does TokenCard Solve the problem?
The idea behind TokenCard is to make sure that consumers have a very good banking experience especially when it comes to cryptography and the integrity behind decentralization on the blockchain.
Even with all the technical details of the project, simplicity is one of the key tenets of the TokenCard project. Users should be able to go about their transactions with TokenCard in the same way that they normally carry out their business with their debit or credit cards.
This makes the difference not just in a transactional situation, but also when comparing TokenCard and other currencies that are currently available in the same industry.
Through the blockchain, it is possible to create valuable services which are not just accessible globally, but also able to offer the holders an unrivaled user experience.
Unlike any other project that has been designed before, TokenCard gives the users an assurance of transparency in the regulation of the actions that keep the project alive and active.
The following are the most important elements of the TokenCard project that have since helped to turn it into the success story that it is currently:
- Token App – This is an app which offers an intuitive, unique and clean process, and allows users to gain access to different segments of the project.
- TKN – These are the tokens that are used in the TokenCard project.
- TokenCard – This is the card that links the user’s contract wallet and the network. As a result, it is through this card that users can access ATM withdrawals and PoS transactions within the wallet.
- Token Contract Wallet – The wallet is where all the user’s digital assets are stored.
What makes TokenCard better than the competitors?
One of the biggest challenges that most of the cryptocurrency projects currently face is the fact that they are unable to gain significant traction for direct entry into specific markets. This has proven to be a major barrier to entry and expansion, which further translates to a low level of adoption. However, with TokenCard things are different.
TokenCard is focused on specific markets where there is a high likelihood of success. Generally, the first go-to option is the Ethereum community, general public banking, and markets that are specific to unique platforms.
Ethereum Community
Being the provider of payment solutions for the Ethereum community is one of the best advantages that TokenCard has over the competition.
There is a rapidly growing market cap for ERC20 tokens and Ether. With this in mind, it is important to have a payment utility that caters to all the assets available on the Ethereum network, and TokenCard is built to handle this.
Platform Specific Markets
There are unique markets that are currently coming up, specific to the projects that they are built to handle.
From the word go, TokenCard is integrated into such projects, offering a solution for a diversified marketplace, and at the same time offering a connection for a payment rail that is ideal for the users in that specific project.
Going after the Banks
TokenCard is one of the projects that are boldly going after the traditional banking systems.
There are so many projects that are designed with this promise, but most of them eventually just coexist with the banks, having realized that it is virtually impossible for them to gain the kind of traction that the banks have.
In the case of TokenCard, this is a project that is specifically geared towards ushering in a new dawn in as far as banking is concerned. A good population of the young generation prefers online banking and branchless digital banks. It is also expected that in a few years, most millennials will not see the need of having a bank.
Considering that most people are dissatisfied with their current banking predicament, TokenCard has a good opportunity to leverage its products and services, and usher in the millennial population into a new world of banking and financial services.
The Chinese Market
The fact that TokenCard has been cleared to launch and issue tokens in the Chinese market speaks volumes about the promise for the future and the agenda behind the project.
As it is, tokens are already popular in China, and the entry of such a gigantic player in the market would help spur growth, innovation and drive awareness.
After gaining traction in the Chinese market, it is very easy for projects to venture out further, seeking out markets in the West.
How can TokenCard be categorized?
TokenCard is a payment project that can be used in any payment terminal all over the world. With this card, users can operate in the same way they use their debit or credit cards.
What’s TokenCard’s vision on Security?
One of the security features in TokenCard is the ability to freeze a card on impulse, and setting a limit on spending capabilities.
Apart from that, the mobile platform is built to be highly secure. Any asset that is held in the smart contract wallet is very safe.
Examples of TokenCard use cases/applications
TokenCard offers several benefits that put it ahead of the pack. There are several reasons why TokenCard stands out, and these are some of the ways in which it can be used:
Remittances
TokenCard offers a better alternative to people who want to send money to their loved ones. Western Union is very expensive, PayPal is affordable, but they tend to freeze funds in the user accounts for no apparent reason.
The other alternative would be to send money directly through a bank account, but this is riddled with unnecessary middlemen, making it expensive and too slow.
Through TokenCard, users can send money and the recipient will get it instantly. One of the perks of using TokenCard is that you can purchase money in different tokens that are stable, keep them in your wallet and through TokenCard, send it. All the transfers are done directly on the Ethereum blockchain, so the recipient can get it in under 15 seconds.
E-sports
Anyone who is keen on e-sports gaming or trading will find TokenCard being a very useful project. One of the reasons why TokenCard is a better alternative is that it takes away the need to constantly move money between bank accounts and trading accounts.
Any earnings that you make online are automatically added to the TokenCard account, and you can use them in the real world. You do not need to take any other action.
Currency fluctuations
One of the biggest challenges that people have with money, especially when you are earning in a different currency from your preferred currency is the risk of currency fluctuations.
Most people lose money as the national currency rates change against the currency in which they hold their savings.
Instead of struggling through this, you can simply make an application, complete the KYC process, and in a few minutes, you should be able to hold your currency in any of the tokens that you desire. Even for someone who has never heard of the blockchain, Ethereum or Bitcoin, you can still benefit from this.
The Debit Card
TokenCard has a debit card that can be used for making payments in any terminal anywhere in the world. You can also use it at an ATM. To fund your account, you can use any of the acceptable ERC20 compatible wallets. Over time, more tokens are added to the list of acceptable tokens, depending on their stability and value.
Resources
https://coincheckup.com/coins/TokenCard
https://medium.com/monolithstudio/tokencard-faq-c13d8157544f https://tokencard.io/tokencard_whitepaper.pdf