TokenCard is a no-deposit debit card and platform based on the Ethereum network. The TokenCard platform consists of a card, an app, a smart contract and a wallet.
The TokenCard ICO sold out in less than a day, raising $12 000 000.
TokenCard’s debit card is available for use at any payment terminal around the world, including ATMs. The card allows for complete control of your funds. Unlike its competitors, it’s the only card that does not require any deposit whatsoever. TokenCard’s users fund their cards through ERC20 compatible contract wallets. Combining the card with an app, it allows users to freely choose how they want each purchase to be split between their coins.
Tokens are stored in the in an Ethereum smart contract wallet. When the TokenCard is swiped, funds are deducted from the wallet. Settlement on payments is instant and users can set limits for spending.
TKN makes it possible for TokenCard users that hold the token to use the card without having to pay for any additional licensing fees, though they will still have to pay transaction fees charged by third party payment providers where those are applicable. TokenCard takes a different approach to remuneration from its competitors. Instead of receiving a share of the fees collected by the network on a daily basis, fees collected on the TokenCard will be stored in an asset contract and TKN holders will be able to collect their share of fees whenever they want.
TokenCard’s biggest issue is that it has no publicly-available product whatsoever, even a year after the ICO. Many of TokenCard’s competitors already have their cards out and they’ve already established user bases. Development has been slow and there even was a bug during the ICO which caused them to freeze all transactions. The team then continued with downplaying what happened and didn’t seem to care much. Also, many members of the community are complaining about lack of communication, which only recently has been addressed.
TokenCard is a turtle of a project. Many of its competitors are way ahead in terms of development and adaptation. The project’s only redeeming feature is the fact that their card requires no deposits, and while that might be enough for it to take a decent size of the market share of the other cards, the team hasn’t bothered or rushed to come out with a working product.
