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– TIMESTAMPS –
2:20 What is Monolith?
5:41 The Tech
7:50 Monolith Ecosystem
13:00 TKN Tokenomics
18:23 Final Thoughts
⛓️ 🔗 Useful Links 🔗 ⛓️
► Monolith Site: https://monolith.xyz
► Contract Wallet: https://medium.com/monolith/the-usability-of-security-the-choice-of-a-contract-wallet-1e32f92ea9a1
► Fiat Deposits: https://medium.com/monolith/closing-the-loop-on-defi-with-monolith-c4954339cda1
► TKN Community Chest: https://medium.com/monolith/tkn-101-the-community-token-8ba00a13fbc7
► TKN Smart Contract: https://etherscan.io/address/asset-contract.tokencard.eth
► Tokecard Whitepaper: https://cryptorating.eu/whitepapers/TokenCard/tokencard_whitepaper.pdf
► Number of TKN Holders: https://etherscan.io/token/tokenholderchart/0x65b9d9b96bcce0b89d807413e4703d2c7451593a
► Number of Monolith Wallets: https://explore.duneanalytics.com/public/dashboards/UaFym3IA7e1qZivL9TNqodqzUbf0tPrdOyXdbBRx
► Monolith Value Topped Up: https://explore.duneanalytics.com/public/dashboards/arKduewDBRwGRV69IeMEVnJq8Q82MZ4QYtohgkUC
❓ What Is Monolith❓
In a nutshell, Monolith aims to be a type of decentralized banking replacement platform built on Ethereum. The ecosystem is made up of a non-custodial mobile app which allows you to store, send, swap and buy crypto, all whilst allowing you to spend your crypto through linking it to a Monolith crypto card.
Watch my vid to find out about the advantages of being non-custodial over centralized solutions.
If you want to live that decentralized lifestyle and say no to that rubbish traditional financial syste,m then Monolith could be what you need.
⚙️ The Tech ⚙️
Essentially, when you download the Monolith app and create a wallet, you are creating a smart contract wallet. That basically means your private key is used to control that smart contract. Your ETH and ERC-20 tokens are stored within the smart contract.
These types of wallets allow you to set up and program additional security features with just a few taps of your phone. For example, you might set a daily withdrawal limit or whitelist specific wallet addresses you can withdraw too.
In case you are wondering why Monolith is built using Ethereum, well they need smart contracts to make these contract wallets work. As Ethereum is the biggest smart contract platform, the guys at Monolith chose this option over other alternatives.
📱 The Ecosystem 📱
There are two main components of the ecosystem:
► Monolith App – this is where you get that decentralized contract wallet. Here, you can do all those regular crypto wallet things like store, send and receive ETH and ERC-20 tokens. Another neat feature is that the app has a DEX aggregator allowing to swap tokens within the app. Finally, you can buy DAI with any Visa card using Monolith’s fiat on-ramp.
► Monolith Card: This crypto card is available in 31 countries and you can get your hands on it completely free. Watch my video to get more details about fees.
💰 TKN Tokenomics 💰
In short, the TKN token gives you the opportunity to share in the future success of Monolith. Monolith card users pay a 1% top up fee to top up their cards. This fee goes to the TKN community chest. This smart contract holds those fees and TKN holders have a pro rata claim on assets within it.
The redemption process is called cash and burn. Token holders can only claim their share of the community chest once and if you choose to do that, your tokens will be burnt.
That means the TKN token is literally backed by a basket of ETH and ERC-20 tokens.
However, I have found a number of things that suggest that TKN is highly overvalued right now. Watch my analysis to find out why!
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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