Monolith is a blockchain software development company that is working on a “decentralized banking alternative” that is powered by Ethereum. Originally called TokenSoft, the platform rebranded itself into Monolith in Q3 2019.
The company’s product has a strong focus on security and non-custodial solutions. The platform allows users to create their own contract wallet, which is fully decentralized, open-source and non-custodial, and possesses features such as a daily spend limit.
The platform’s original name still exists in the form of its Tokencard, a Visa debit card that can be used to exchange ERC-20 assets for fiat and spend it any location in the world that accepts Visa. The native token, TKN, takes a cut off of every card load and is backed by such assets as ETH, stablecoin DAI and gold-based DGX.
The team has deployed several notable technical features on the platform to boost adoption, security and liquidity. Biometric authentication can be used to log in and sign transactions and the signup process can be completed in minutes.
Several processes have been put in place to ensure community interaction and growth. For example, every top-up made on a Monolith card sees 1% go to the community chest, which ensures a constant flow of licensing fees into it. The “Cash and Burn” function can then be used to redeem TKN tokens for a pro-rata share of the community chest.
2019 has seen the team partner with Digix and a launch of the TokenCard on the iOS app store. While there is no roadmap available, the team has hinted at development efforts in various blog posts and announcements. Two upcoming features worth noting, which are expected to arrive soon, are decentralized trading via a DEX and Ethereum Name Services (ENSs).