Monolith - a modern Ethereum-based platform. It allows you to spend ETH and ERC-20 in real life the way you are used to. In other words, you can pay with cryptocurrency through a debit card. This feature is available in the UK, France and most other EU countries.
Contents:
Monolith principles
Monolith - a decentralized banking alternative that runs on Ethereum. The resource provides a contract wallet for the secure storage of ETH-based tokens. With this, users can exchange them for fiat funds and load them onto their Monolith Visa debit card. The platform is currently running on iOS. The contract wallet is open source and 100% decentralized. The resource debit card is accepted worldwide. Currently, its use is available for EU residents (there are 31 countries in Europe). There is no WhitePaper on the platform, but you can get more detailed information about the platform on the official website. However, it will be difficult for users to track the process of resource development itself, since RoadMap is not freely available. If you want to receive up-to-date news about the work of the resource, subscribe to the platform's social networks. The most developed is Twitter, which has more than 19 thousand followers.
TKN token and fees
The fees for using the Monolith platform are kept to a minimum and there are no setup fees. Also, the service does not charge a fee for activating and selling currency. The user only pays for replenishment of the account 1-2%, depending on the used token. This is the only commission. Platform cards, paired with a contract wallet, ensure the security of crypto assets, in accordance with current technical capabilities. Also, users can use the following platform functions:
- firstly, set up a whitelist;
- secondly, set up daily spending limits to protect your assets;
- thirdly, use the device's biometric data to sign transactions securely.
The platform has its own TKN token. It is the most cost effective way to fund your card.
There is no referral or bonus program on the platform. However, in the event that the user supplements the card with any token other than TKN, he pays a commission. This is a 1% license fee. It is charged and sent to the asset contract. The TKN token is composed of various ERC-20s that are used in the service. Given their use, it will eventually become a kind of index, supported by the most popular ERC-20 tokens. TKN holders can redeem their share in the asset under the contract through the Cash & Burn function.
Competition among other blockchain wallets
Over time, Monolith is gaining more and more popularity. A recent user survey is proof of this. The first in demand was the Monolith wallet. Further, the competitors scored the following percentage of votes:
| Eidoo | 58% |
| Status | 23% |
| Gnosis Safe | 14% |
| BRD | 5% |
The resource team believes that the growing economy can help to challenge the current status. In particular, this will allow the development of a new society through decentralization.