What is TokenCard (TKN)?
Future of TKN Cryptocurrency and know how to buy TKN

#1 - What is TKN?

Cryptos are increasingly emerging as a form of convenient money. While cards have facilitated our transactions, cryptocurrencies are the latest means of payment. With the rapid growth of this new form of money, TokenCard has come up with a convenient way to use it.

TokenCard – The Basics

TokenCard is a token-to-card platform that allows the use of your cryptocurrency tokens for transactions through a card. This card contains your crypto balance and works like a regular debit or credit card. Certain marketing failures have resulted in an underwhelming performance for TokenCard so far, despite being the first of its kind. But it is back on track with increased awareness among the masses.

TKN Development

  1. The invention of Bitcoin was the start of a huge industry. Ethereum contributed to its development into an even greater field.
  2. Mel Gelderman and David Hoggard then created Monolith Card, the organisation behind TokenCard, to provide the public with a more convenient and faster way of dealing with cryptocurrencies. Cryptocurrencies have long suffered from adoption issues due to their steep learning curve, which is what Gelderman and Hoggard intend to fix with TokenCard.
  3. Launched in 2016, it was designed as a solution to the issues like security and volatility that hindered digital currency’s large-scale adoption. It was developed as a catalyst for broadening Ethereum’s banking system and to increase the use of cryptocurrency.

  4. The TokenCard ICO was held in May 2018, during which it raised almost $13 million in about 30 minutes, for a sale of about 4.5 million TKN tokens.

 

#2 - What are the advantages of TKN?

TKN Technology

  1. TokenCard works with a Smart Contract Wallet. This wallet works the same way as a bank account with secured funds. It is, however, only regulated by the user according to their own set preferences. They can set the limits for daily transactions. They can also set any currency, ETH, for example, as the base currency.
  1. Another important part of the TokenCard technology is the Token App. It is the main platform for maintaining both the Token Contract Wallet as well as the TokenCard. The app contains many features including:
    - Spending options,
    - Spending limits,
    - Security functionality,
    - Card loading functionality, and more.

  2. Users can transact using their TokenCard and pay either in TKN tokens, or five other cryptocurrencies from a list that includes: REP, MKR, DGD, ICN, MLN, GNT, 1ST and SNGLS. If transactions are made in a crypto other than TKN, a 1% licensing fee will be charged on the transaction, that will get deposit into a TKN Asset Contract.

  3. Users can choose to, as the TokenCard teams call it, ‘Cash and Burn’ their TKN tokens. On doing this, they will lose a specified amount of their TKN balance, which will be destroyed. In return, they will receive a pro-rata share of the licensing fees from the TKN Asset Contract.

Transactional Processes

TokenCard’s transactional process is the same as that of a bank account, only with more control to the user. The Token Smart Contract Wallet comes with a feature to whitelist multiple user addresses. The wallet will then send the money to these addresses every time the user withdraws more than the daily limit. The user has the option to set a daily limit for their wallet in terms of fiat denominations. It is useful for restricting the amount of daily transactions.

TokenCard’s aim is to provide a suitable substitute for the public banking facility and platform-specific markets. Users with Ethereum deposits will be able to use TKN through the TokenCard network for major transactions across various platforms. In the corporate sector, their target is to replace the role of banks and offer a low-cost network substitute.

Features

  1. Single Asset Spending: A fairly obvious feature, the TokenCard network will allow users to transact using any single cryptocurrency linked with their TokenCard wallet.
  2. Multi Asset Spending: Of course, as a user you can also configure your TokenCard wallet to withdraw funds in a specified ratio. For example, 80% ETH and 20% TKN.
  3. Dynamic Portfolio Spending: Spending can be configured to be based on the fiat value of assets. Users could provide a target portfolio weighting, with withdrawals being configured to maintain these waiting depending on the market value of their assets. This can ensure minimum costs.
  4. Multi User Management: A user’s TokenCard could also be configured to spend across multiple linked accounts
  5. Limits & Emergency Accounts: Users could also specifiy spending limits, or emergency accounts to which funds can be withdrawn under preconfigured circumstances.

 

#3 - How to buy and store TKN?

TKN Storage

  1. Token uses its own app for storage and purchase of TKN. Users can download the Token App from its official website for computer usage.
  1. Furthermore, TokenCard works on ERC20 coins. One of the most suitable options for storing TKN coins, therefore, is the myEtherWallet. You have to first visit the website and create an account, if you don't already have one. Download the keystore file and back it up at a safe location. You will then receive a private key to your wallet. Get a printout of this key for safety purposes.
  1. Another good means of storage is hardware wallets. It also eliminates the fear of online hacking and security loopholes. Ledger and Trezor are some convenient options to store TKN coins. Both are available at Amazon.

How to buy TKN?

TKN is available for purchase and sale on major crypto exchanges such as Bancor Network, HitBTC, IDEX, Liqui, and Livecoin. In order to purchase TKN, you will need a wallet with cryptocurrency balance in it.

  1. While cryptocurrency exchanges provide you a platform to buy or sell the TKN cryptocurrency, CoinSwitch comes in to help you make the right decision by providing the prices for TKN on multiple crypto exchanges. The largest cryptocurrency conversion platform, it supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token and compare the prices at exchanges. This way you can choose the best deal for you!
  1. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your TKN cryptocurrency. Instead, all transactions happen to and from your own personal private wallets

TokenCard works through its Token Contract Wallet. It stores the tokens bought in exchange for cryptocurrency and functions as a bank account for them. You can safely deposit all your tokens in the tokencard wallet and use your card for purchases and payments. Furthermore, it is accepted at a number of stores and ATMs worldwide. You can also conveniently keep a track of all your transactions through the Token App.

 

#4 - What is the future of TKN?

Also Read: Complete Analysis of TokenCard | Live TokenCard (TKN) Price Charts And Predictions

  1. Token suffered from a major loss after Bittrex announced its decision to delist TKN back in December 2017. The team, however, made a steady recovery with new partnerships.
  1. Token has a technology roadmap prepared for the future. They plan to provide access to their Contract Wallet facility through a blockchain browser along with the Token App. They are also set to add more security features such as emergency contract migration and temporary card freeze. They are looking to broaden the modes of usage for the card to make it more user-friendly.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

1 July 2018

1.00

1.00

0.983563

0.991516

106,812

24,283,200

1 June 2018

1.33

1.47

1.33

1.46

192,599

32,423,200

1 May 2018

2.36

2.55

2.23

2.48

428,357

56,530,900


#5 - How is TKN different from other cryptocurrencies?

The cryptocurrency market has been mainly surrounded by volatility and lack of security. With the launch of TokenCard, the transactions using cryptos was made much easier and convenient for the users. Monaco and TenX are some of the close competitors of TokenCard. But the latter was launched first and has a lot to offer to stand out from the two.

  1. Its Cash and Burn policy sends a percent of the purchases to a pot. The user can claim this amount and then the token ends.
  2. With its Smart Contract Wallet and mobile and desktop app aimed at increasing user control, Token is leading the race among the crypto payment platforms.

 

#6 - Should you invest in TKN?

  1. There are certain doubts regarding TKN due to its marketing failure in the past. With other payment options offering the same features, Token’s value has come into question. But investment in Token can be a good move.
  2. With the team making multiple advancements in its technology, more users are adding to its base. The market cap for the platform, as of July 2018, is at $29 million.
  3. From its ICO held in May 2018, the TokenCard team intends to allocate funds in the following ratio:
    - Core Development – 30%
    - Operational – 25%
    - Marketing – 40%
    - Legal and Compliance – 5%
  4. With more money directed towards marketing than core development, some investors may be wary. The ICO itself, while hugely successful, ran into controversy when it was discovered that certain users were given TKN token at a cheaper rate than others.
  5. The founder - Mel Gelderman does not seem to have any educational background on his social media pages, and also a role as a ‘blockchain specialist’ as an known company. Potential red flags? Maybe.
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