What is Monolith (TKN)

Monolith and $TKN: A Comprehensive Overview

Introduction

In the ever-evolving landscape of decentralized finance (DeFi), Monolith stands out as a significant player. Formerly known as TokenCard, Monolith has made strides in bridging the gap between traditional financial systems and the burgeoning digital economy. With a focus on empowering users through innovative solutions, it offers a non-custodial wallet paired with a Visa debit card designed for cryptocurrencies. This comprehensive article delves into the various facets of Monolith and its native token, $TKN, illustrating its objectives, innovative mechanisms, and historical timeline.

What is Monolith and $TKN?

Monolith is a decentralized financial platform built on the Ethereum blockchain. Its primary goal is to create a banking alternative for individuals and businesses, allowing them to manage their cryptocurrencies seamlessly. At the heart of this initiative is the non-custodial wallet, which ensures that users maintain full control over their digital assets.

Accompanying this wallet is the Monolith Visa debit card, a unique tool that permits users to spend Ethereum (ETH) and ERC-20 tokens in real-world situations. This practical application of digital currencies has initiated impressive strides towards mainstream adoption.

The native token, $TKN, serves as a utility within the Monolith ecosystem. Designed to incentivize users, its applications range from rewarding users for utilizing the Monolith card to engaging them in the platform's community initiatives. By integrating $TKN into the daily financial activities of its users, Monolith emphasizes the importance of community effort in enhancing its platform while fostering loyalty among its user base.

Who is the Creator of Monolith and $TKN?

Monolith was co-founded by Mel Gelderman and David Hoggard in 2017. Mel Gelderman has a track record as an entrepreneur, drawing from his experiences in various sectors, including cryptocurrency and biofuels. His diverse background has afforded him a visionary perspective on the evolving digital economy. David Hoggard, on the other hand, brings an analytical approach to the project, having studied mathematics at Newcastle University in the UK. Together, their complementary skill sets have enabled Monolith to flourish as an innovative platform.

Who are the Investors of Monolith and $TKN?

Monolith's initial development was underscored by a successful Initial Coin Offering (ICO) that took place in May 2017, where the project raised a substantial $16.9 million from retail investors. This backing has equipped Monolith with the necessary resources to develop its platform and expand its services, further solidifying its presence in the cryptocurrency space. The ICO was pivotal in establishing an initial community of supporters who share an interest in decentralized finance and innovative financial solutions.

How Does Monolith and $TKN Work?

Monolith’s operations are premised on several innovative factors that enhance its user experience.

Non-Custodial Wallet

The Monolith platform’s cornerstone is its non-custodial wallet, which provides users with a secure method to store ETH and ERC-20 tokens. Unlike traditional wallets, where users entrust the service provider with their private keys, Monolith’s approach empowers users to maintain complete control over their assets. This fundamental aspect aligns with the DeFi ethos of decentralization, privacy, and security.

Monolith Visa Debit Card

A defining feature of the Monolith platform is its Visa debit card, which allows users to spend their cryptocurrencies online and in-store worldwide. Integrated with traditional payment systems, this card not only makes it easier to transition from digital to fiat currency but also supports leading payment technologies, including Apple Pay and Google Pay. Users can exchange $TKN for fiat currency and load it onto their debit card, simplifying transactions in a digitized economy.

Community Chest

The Community Chest is another distinguishing feature of Monolith. This smart contract requires users to contribute a small percentage of their top-ups to community initiatives. Specifically, a 1% contribution is taken when a user loads their Monolith card with tokens other than $TKN. This initiative fosters community engagement and participation while allowing $TKN holders to burn their tokens to receive a pro-rated share from the Community Chest. Such mechanisms are invaluable in building a vibrant and engaged ecosystem.

Decentralized Finance (DeFi)

Monolith aligns itself with the broader DeFi movement, leveraging Ethereum's blockchain technology to transcend conventional financial paradigms. By eliminating intermediaries and facilitating peer-to-peer transactions, Monolith positions itself as a pioneering player fostering the growth of decentralized finance.

Timeline of Monolith and $TKN

To fully appreciate the journey of Monolith and $TKN, it’s essential to understand the significant milestones that have shaped its path:

• 2017: Monolith was co-founded by Mel Gelderman and David Hoggard, setting the foundation for a decentralized financial future.
• May 2017: The project raised $16.9 million from retail investors through an Initial Coin Offering (ICO), enabling it to commence the development of its platform.
• 2019: Monolith rebranded from TokenCard to Monolith, aligning its identity more closely with its vision of becoming a leading DeFi platform.
• August 2019: In a move to enhance its ecosystem, Monolith formed partnerships with prominent projects, including MakerDAO and Digix, broadening its service offerings.
• 2022: Monolith continued to innovate and expand its services, consistently refining its platform to address the needs of its users.
• Recent Update: In an unexpected turn, Monolith announced its closure after successfully serving approximately 35,000 European customers and facilitating over $113 million in real-world transactions, marking a significant milestone despite its cessation.

Key Features of Monolith and $TKN

Monolith incorporates features that not only simplify the user experience but also foster community involvement:

• Non-Custodial Wallet: By providing a secure environment for ETH and ERC-20 tokens, the wallet underscores Monolith’s commitment to decentralization and user sovereignty.
• Monolith Visa Debit Card: Its global acceptance and compatibility with innovative payment systems make it easier for users to navigate between cryptocurrencies and traditional currencies.
• Community Chest: This mechanism promotes user engagement and rewards community efforts while reinforcing the values that underpin decentralized finance.
• Decentralized Finance (DeFi): Monolith’s efforts contribute to broader DeFi initiatives by removing barriers to financial accessibility and promoting digital asset utilization.

Conclusion

The trajectory of Monolith and its native token $TKN over the years demonstrates a significant commitment to revolutionizing the traditional financial framework. Through pioneering projects that emphasize user control, real-world applications, and community engagement, Monolith has championed a future where digital currencies are seamlessly integrated into everyday transactions. While the recent announcement of the project’s closure may mark the end of an era for the platform, the contributions Monolith has made to the adoption of cryptocurrencies in real-world contexts remain invaluable. The journey of Monolith exemplifies the potential for innovation within the DeFi sector, and it is poised to inspire future projects as the digital economy continues to evolve.