TokenCard (TKN)白皮书.pdf

TokenCard/Token Plat Whitepaper v1.0.5David Hoggard, Mel Gelderman and Peter VessenesApril 4, 2017Copyright 2017, Monolith Studio. Contact melmonolith.ventures 1Contents1 TokenCard cutive Summary 41.1 The Debit Card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.2 The TKN Token . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.3 Cash and Burn . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.4 TKN Creation Event . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.5 Use of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.6 Prudence Reserve Tokens . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.7 The Future . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 Motivation 53 User Scenarios 63.1 Remittance to Mom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63.2 E-sports gamer and trader . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63.3 Indonesian worker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73.4 San Francisco Transplant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 Token Plat Detailed Overview 74.1 Smart Contract Wallet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74.2 Token App . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84.2.1 Spending Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84.2.2 Spending limits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84.2.3 Security functionality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84.2.4 Card loading functionality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84.2.5 Other Items on The Roadmap . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.2.6 Charts and Dashboards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.2.7 Top tier UI/UX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.3 Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.4 Credit Card/Debit Card Purchase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104.5 Agent Network Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 TokenCard at a glance 105.1 Control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105.2 Community . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105.3 General Public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105.4 Synergy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105.5 Standard Wallet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115.6 Gateway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115.7 Token Agnostic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115.8 Innovative spending options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 Market 116.1 Ethereum Community . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116.2 Plat Specific Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126.3 Ditching Banks Altogether . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126.4 Chinese Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126.5 Marketing/Product Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126.5.1 Ethereum / Token Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126.5.2 Broader Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 TKN In Depth 132CONTENTS CONTENTS7.1 DGX Purchase Example . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137.2 Cash and Burn . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147.2.1 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147.3 Cash and Burn Example 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147.4 Cash and Burn Example 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157.5 Economic Consequences of The TKN Model . . . . . . . . . . . . . . . . . . . . . . . . 157.6 TKN Fee Reduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157.6.1 Portfolio Spending Example . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158 Technology Roadmap 158.1 Contract Wallet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168.2 Contract Wallet Access . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168.3 Allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168.4 Additional Security Features . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168.5 Card Spending Modes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178.6 Multi-User management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178.7 Token App iOS/Android . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188.8 Set-up Wizard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188.9 Wireframes, Usability Studies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188.10 TokenCard Transaction Walkthrough . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238.11 Server Specifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248.11.1 Scale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248.11.2 Perance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248.11.3 Backups and Failover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248.12 Release schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248.12.1 Minimum Viable Product – 120 days . . . . . . . . . . . . . . . . . . . . . . . . 248.12.2 v1 Release - 240 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259 Finances 259.1 Rough TKN Projections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259.1.1 Good . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259.1.2 Better . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269.1.3 Great . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269.2 Token Creation Details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269.2.1 TKN Creation Ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269.2.2 Token Bonus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279.3 Additional TKN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279.3.1 Monolith Studio, and Advisors . . . . . . . . . . . . . . . . . . . . . . . . . . . 279.3.2 Capital Reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279.3.3 Example . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279.4 Funding Breakdown . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289.5 Core Development – 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289.6 Operational – 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289.7 Marketing – 40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289.7.1 Partnerships and Ecosystem Integration – 15 . . . . . . . . . . . . . . . . . . 289.8 Direct Sales and Marketing – 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289.9 Legal and Compliance – 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2910 Contact 2910.1 TokenCard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2910.2 New Alchemy – Token Ecosystem Services . . . . . . . . . . . . . . . . . . . . . . . . . 29Copyright 2017, Monolith Studio. Contact melmonolith.ventures 31 TOKENCARD CUTIVE SUMMARY1 TokenCard cutive Summary1.1 The Debit CardTokenCard is a debit card usable at payment terminals around the world, including ATMs. TokenCardcustomers back/fund their own card with allowances from ERC20 compatible contract wallets. Atlaunch, TokenCard will allow users to fund their card with ETH, TKN and up to five of the followingtokens that will be elected for inclusion by the community REP, MKR, DGD, ICN, MLN, GNT, 1STand SNGLS.1.2 The TKN TokenTokenCard is creating the TKN tokens for a limited time. A fixed number will be created during thepresale, and no more will be created thereafter. The TKN Token provides a TKN holder with theright to use the TokenCard for transaction using TKN without having to pay additional licensingfees transaction fees charged by third party card issuers and payment system providers remainapplicable. Payments made with TokenCard using tokens other than TKN is, however- in addition tothe transaction fee charged by the card issuing partner – subject to the payment of a license fee asremuneration for the use of the software protocol developed as part of the TokenCard project. TheTKN Asset Contract, accrues this 1 licensing fee on debit card transactions using tokens other thanTKN. TKN holders can burn their TKN in return for a pro-rata share of accumulated licensing feesthrough a unique mechanism licensed from New Alchemy called “Cash and Burn”. Fees from cardswipes will be assessed in the token being used to fund the swipe. These fees will be sent directly tothe TKN Asset Contract. Over time, this contract will - in a fully automated way and without anymanagement required- accrue tokens in proportion to the tokens used by TokenCard customers aroundthe world. For a full description of the TKN token, see section 7.1.3 Cash and BurnAt any time, a holder of TKN can “Cash and Burn” the TKN. Thereby, a holder of TKN burns and inreturn receives a pro-rata share of licensing fees held by the TKN Asset Contract. The holder willirrevocably destroy the TKN, and in exchange, the TKN Asset Contract will transfer the respectivetokens to the holder.1.4 TKN Creation EventTokenCard aims to create 4.5mm of TKN for sale in exchange for ETH and other tokens from ourinitial token partners. We believe so strongly in the future of the token economy that not only are wethe first company to offer to create our tokens in exchange for other tokens, we will give contributionsin certain tokens a discount.For full details on the TKN Creation Event, see section 9.2. In brief, the tokens will be sold at adiscount to early buyers at a rate sliding from 150 TKN 1 ETH down to 100 TKN 1 ETH at the4.5mm mark. If the cap is reached, we will continue to sell and create TKN for 24 hours – this willprotect those who wish to participate in the event if all tokens sell out quickly.Those who purchase with other tokens from our approved list will receive a 2.5 - 5 TKN bonus,depending on the token.If funds are raised to the cap and ETH is priced at 50, about 21 million tokens will be created.Copyright 2017, Monolith Studio. Contact melmonolith.ventures 41.5 Use of Funds 2 MOTIVATION1.5 Use of FundsThe proceeds from the funds will finance development, partnership programs, float both fiat andtoken, operations, regulatory and most importantly, marketing and customer acquisition.Most of these costs are somewhat fixed. For more details read our Use of Funds section 9.7.Because of this, any money we receive from pre-sales over our minimum will largely go to marketingand customer acquisition. This creates a value multiplier for the project as we have more money wewill be able to spend a higher percentage on customer acquisition and boost spending commensurately.We believe issuing TokenCard in China will be critical to building the transactional volume for thecard. Entering the Chinese market from the outside can be difficult and expensive; the more successfulour TKN creation event, the more quickly we will be able to capture this market.1.6 Prudence Reserve TokensWe have some concerns about other project’s capitalization in these early days of the token economy.In particular, most projects dilute out their token holdings by 80; this dilution isn’t equity dilution,but worse – often giving away 80 of gross revenues. This may be imprudent.Lessons from modern markets show that both debt and equity are useful tools for raising capital.Therefore we are minting an amomunt of 15 of all TKN but not offering them for sale during thispresale.These TKN will not be issued or sold during the initial pre-sale and are locked in a smart contract. Ifat some point it seems advisable for the TokenCard project to sell more tokens, some or all of thesemay be offered in an auction at or some other at that suits the capital needs of the project.In the interim, these TKN will not be used in any way. They will not be considered as issued for Cashand Burn calculations. They will not grant anyone other usage benefits in the TokenCard system.It is possible these TKN will never be issued, however, we feel it is prudent to have some backup ifneeded. In any event, TokenCard will engage directly with TKN holders to seek guidance and marketreaction before any of the Reserve tokens are offered.1.7 The FutureWe have big plans. Our mobile app will allow customers a number of features that they cannot easilyaccess with other digital currency and token wallet apps. Read more in Section 4.1.We aim over time to bring about a world which makes access to tokens far easier than it is today, farmore intuitive, with far less friction.2 Motivation7 years after the creation of Bitcoin, one of the greatest experiments to date, we have witnessed theemergence of a new industry. Ethereum has added a Turing-complete layer into the mix, and broadenedthe horizon of what is possible by an order of magnitude. This in turn has facilitated the creation of anew synergistic ecosystem, one that promises to overturn the status-quo.Copyright 2017, Monolith Studio. Contact melmonolith.ventures 53 USER SCENARIOSOver the years numerous attempts have been made to bring cryptocurrency to the masses yet adoptionis still slow and cumbersome. These companies and projects have failed to identify and address themain issues present in making mass adoption of digital assets possible. The core issues remain1. Security, storing assets is