• 注意：
  本ページに掲載しているホワイトペーパーは、スマホ／モバイルでの読解の補助を目的に、原文を成形しストックしたものです。 原文はこちらをご覧ください。 https://tokencard.io/tokencard_whitepaper.pdf

1.TokenCard Executive Summary

1-1.The Debit Card

TokenCard is a debit card usable at payment terminals around the world, including ATMs. TokenCard  customers back/fund their own card with allowances from ERC20 compatible contract wallets. At  launch, TokenCard will allow users to fund their card with ETH, TKN and up to five of the following  tokens that will be elected for inclusion by the community: REP, MKR, DGD, ICN, MLN, GNT, 1ST  and SNGLS.

1-2.The TKN Token

TokenCard is creating the TKN tokens for a limited time. A fixed number will be created during the  presale, and no more will be created thereafter. The TKN Token provides a TKN holder with the  right to use the TokenCard for transaction using TKN without having to pay additional licensing  fees (transaction fees charged by third party card issuers and payment system providers remain  applicable). Payments made with TokenCard using tokens other than TKN is, however- in addition to  the transaction fee charged by the card issuing partner – subject to the payment of a license fee as  remuneration for the use of the software protocol developed as part of the TokenCard project. The  TKN Asset Contract, accrues this 1% licensing fee on debit card transactions using tokens other than  TKN. TKN holders can burn their TKN in return for a pro-rata share of accumulated licensing fees  through a unique mechanism licensed from New Alchemy called “Cash and Burn”. Fees from card  swipes will be assessed in the token being used to fund the swipe. These fees will be sent directly to  the TKN Asset Contract. Over time, this contract will - in a fully automated way and without any  management required- accrue tokens in proportion to the tokens used by TokenCard customers around  the world. For a full description of the TKN token, see section 7.

1-3.Cash and Burn

At any time, a holder of TKN can “Cash and Burn” the TKN. Thereby, a holder of TKN burns and in  return receives a pro-rata share of licensing fees held by the TKN Asset Contract. The holder will  irrevocably destroy the TKN, and in exchange, the TKN Asset Contract will transfer the respective  tokens to the holder.

1-4.TKN Creation Event

TokenCard aims to create $4.5mm of TKN for sale in exchange for ETH and other tokens from our  initial token partners. We believe so strongly in the future of the token economy that not only are we  the first company to offer to create our tokens in exchange for other tokens, we will give contributions  in certain tokens a discount.

For full details on the TKN Creation Event, see section 9.2. In brief, the tokens will be sold at a  discount to early buyers at a rate sliding from 150 TKN : 1 ETH down to 100 TKN: 1 ETH at the

$4.5mm mark. If the cap is reached, we will continue to sell and create TKN for 24 hours – this will  protect 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.

1-5.Use of Funds

The proceeds from the funds will finance development, partnership programs, float (both fiat and  token), 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 marketing  and customer acquisition. This creates a value multiplier for the project: as we have more money we  will 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 the  card. Entering the Chinese market from the outside can be difficult and expensive; the more successful  our TKN creation event, the more quickly we will be able to capture this market.

1-6. Prudence: Reserve Tokens

We 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 this  presale.

These TKN will not be issued or sold during the initial pre-sale and are locked in a smart contract. If  at some point it seems advisable for the TokenCard project to sell more tokens, some or all of these  may be offered in an auction format or some other format 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 Cash  and 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 if  needed. In any event, TokenCard will engage directly with TKN holders to seek guidance and market  reaction before any of the Reserve tokens are offered.

1-7.The Future

We have big plans. Our mobile app will allow customers a number of features that they cannot easily  access 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, far  more intuitive, with far less friction.

2.Motivation

7 years after the creation of Bitcoin, one of the greatest experiments to date, we have witnessed the  emergence of a new industry. Ethereum has added a Turing-complete layer into the mix, and broadened  the horizon of what is possible by an order of magnitude. This in turn has facilitated the creation of a  new synergistic ecosystem, one that promises to overturn the status-quo.

Over the years numerous attempts have been made to bring cryptocurrency to the masses yet adoption  is still slow and cumbersome. These companies and projects have failed to identify and address the  main issues present in making mass adoption of digital assets possible. The core issues remain:

• 1. Security, storing assets is cumbersome and inevitably people choose to store their assets  under a third party’s control, like an exchange. This defeats one of the greatest properties of  cryptocurrency, and exposes them to risks that have consistently proven to be catastrophic. A system is needed that can securely store assets without compromise on usability.
• 2. Usability, numerous steps are often involved in seeing real use of one’s digital assets. A user  needs wallets, exchanges and accounts on various services. They are required to withdraw,  deposit, do KYC and even become amateur traders. A system is needed that eliminates  these steps, and offers a seamless plug-and-play experience for the uninitiated that  can be integrated across platforms.
• 3. Volatility, forcing people to use a volatile asset like Bitcoin is a no-go. The people have spoken,  and it deters more than it attracts leaving only a risk-taking fringe. A stable, more diverse  asset class is needed.

Through the game-changing power of Ethereum we now have the tools at hand to create a distributed  banking replacement for the post-bank era that promises to solve these problems and in the process  outperform traditional banking counterparts in flexibility, efficiency and transparency.

The Token and TokenCard platform proposed in this document strategically targets and solves these  issues and will position itself at the heart of the effort to facilitate the mainstream adoption of the  compelling Ethereum Ecosystem and dominate this next phase in financial history.

3.User Scenarios

3-1.Remittance to Mom

Mac lives in Florida, and his mother lives in the Philippines. Every month, Mac sends home money  for her. He used to use Western Union (expensive), tried Paypal (froze funds for no reason) and then  wired directly from his bank (slow and expensive).

Mac doesn’t have any interest in speculation, but he does want to be able to help his mom out and  make sure she stays safe and doesn’t have trouble because she has too much cash at one time. He also  wants to be able to get her money instantly when she needs it.

Every month he purchases enough money in a few different stable tokens, including DollarCoins and  Dai - kept in his own token Wallet. He went ahead and signed his mom up for a TokenCard. She uses  it at ATMs and merchants across the Philippines. If she’s running low, Mac transfers her more funds.

Because the transfers happen directly on the Ethereum Blockchain, he can get his mom money in less  than 15 seconds. And Mac feels happy because the fees are extraordinarily reasonable.

This problem goes away completely, and Mac doesn’t worry about his mom anymore.

3-2.E-sports gamer and trader

Sonja is a European E-sports Gamer and market prediction savant. She earns her entire living beating  plebes at Counterstrike using FirstBlood’s e-sports betting network, and beating plebes pretending to  be experts on the Augur and Gnosis prediction markets.

Sonja is tired of moving money around between REP, 1ST and her bank account. Her bankers are  confused by where she gets her money. She decides to close her bank account altogether and get a  TokenCard.

She is starting to learn more about the decentralized economy and is glad she has a TokenCard; any  earnings are directly available to be used in the real world. No action required. She recently uploaded  a popular video to SingularDTV and can see her SNGLS balance grow steadily in the Token App. She  won’t look back.

3-3.Indonesian worker

Amir lives in Indonesia. He works hard and saves money for his family. In the past his savings have  lost a lot of their value as a concequence of national currency fluctuations. This doesn’t sit right with  him, so he has been looking for solutions. Disapointingly local banks only support Indonesian Rupiah  and other services are hard to apply for.

Amir was able to apply and do KYC directly from within the Token App in minutes. Astounded by  the possibilities, Amir has now decided to hold his savings in a comfortable mix of Gold, Dollar and  Euro tokens.

He has never heard about blockchain, bitcoin or ethereum. But the Token app gives him a curated  and comfortable enviroment for him to use this technology in. Amir is convinced he has made the  right choice.

3-4.San Francisco Transplant

James is a 23 year old Englishman living in San Francisco, and he has no bank account. He doesn’t  trust banks. Instead he uses TokenCard for most purchases. Every time he wants to buy something,  he pulls out his TokenCard, swipes his card, and the merchant is paid.

James is also really worried about the US currency and its ability to hold value, so he doesn’t like to  have dollars in his investment portfolio. Instead he has a combination of digital currencies – ETH and  DAI, and also precious metals like Digix Gold stored in his own contract wallet.

When James swipes his TokenCard, the TokenCard System sells a little bit of each of his Tokens,  keeping James’ asset allocation at his desired rates, and uses the proceeds to fund his purchase.

With TokenCard and the Ethereum Blockchain, James stays in control of his investments at all times –  the funds only leave his wallet when he swipes, and then only if the transaction meets pre-specified  requirements.

4. Token Platform Detailed Overview

4-1. Smart Contract Wallet

Upon a user joining the platform they launch their own Token Contract Wallet, or grant allowances to  their existing wallets.

This Contract Wallet acts as the equivalent of a bank account that holds funds and enforces security  parameters, but, crucially, it is controlled only by the user. Users run through a setup wizard and are  prompted to customize settings to fit their preference, including:

• Setting daily limits to safeguard assets
• Setting up a base currency for example ETH (any fiat deposited into this will automatically  convert upon load).

Typically digital currency security is a tradeoff between usability and functionality. Users must trade  security of their funds for convenience when they decide whether to hold tokens themselves or leave  them at an exchange. We think we can do better.

By shifting control of user assets back into their own hands and giving them easy to manage fine-grained  control of their digital assets safeguarded by the security of smart contracts, users can have better  security and substantially improved usability.

4-2. Token App

The Token App is the main way a user interacts with his Token Contract Wallet and TokenCard. The  Token app operates the Token Contract Wallet and gives customers a simple way to access their token  portfolio and manage their debit card and security profiles.

Our roadmap for the App includes the following (MVP/Alpha features in bold)

• 1.Spending Options
  Single (Single Asset spend) / Multi Asset (Splits Transaction between multiple assets) / Portfolio Spending (Maintains a desired portfolio allocation)
• 2.Spending limits
  Token denominated / Fiat denominated (calculated using an oracle) / Percentage based / Time based (Approve Transactions for a specified period of time)
• 3.Security functionality
  Ability to temporarily freeze TokenCard / Limit Token Contract Wallet withdrawals / “Stop-the-world” drain to a secure address
• 4.Card loading functionality
  Credit/Debit Card fiat to token exchange
• 4.Card loading functionality
  Credit/Debit Card fiat to token exchange
• 5.Other Items on The Roadmap
  Simple integrated token-to-token asset exchange functionality / Automated token portfolio rebalancing
• 6.Charts and Dashboards
  Loading – history of how much, source / Spending – how much (fiat & token) and where (Starbucks) – map (API) integration  possible / Blockchain transaction info (who to & how much) / Platform earnings / Asset income (Dividends accumulated from tokens) / Estimated cost basis for acquired tokens
• 7.Top tier UI/UX
  CAccessible for non-Ethereum users (simple & intuitive) / In-app KYC
  Financial Management tools / Basic Graphs and Charts / Budgeting tools / Payment categorization / Push notifications whenever a transaction is made

4-3.Fees

As we will be working with a payments network Partner, we also are subject to their fee schedule. Fees  are set by the partner and are revenue-shared with TokenCard. This is expected to be the main source  of operating revenue for the company. A full fee schedule is available in the end user agreement on  delivery of the card.

We also charge a 1% licensing fee that accrues to TKN holders. This fee is billed in the underlying  token being sold and is smart contract enforced, 100% of these fees will be sent to the TKN Asset  Contract. TKN holders have the possibility to burn TKN and in return collect a pro-rata share of the  TKN Asset Contract, i.e. to ‘cash and burn’ rather than merely hold TKN.

TKN tokens themselves are not subject to the licensing fee. TKN is described in greater detail in the  ‘TKN’ section - 7.

4-4.Credit Card/Debit Card Purchase

Sending tokens directly to the Token Contract Wallet works for people who are already familiar with  Ethereum. However, as our objective is to allow non-Ethereum users to access the platform, we need  other solutions. The first is a simple debit card or credit card purchase of tokens through our app. For  certain assets with enough liquidity, we can provide a simple fiat to crypto exchange service. This is a  relatively simple financial service to offer, however it may require regulatory approval and adequate  fraud mitigation, and as such will be a feature not available in the MVP release, but most likely in a  later release instead.

4-5.Agent Network Deposits

The vision for Token is to enable users to cancel their bank account, and to provide a solution to  users without one. Loading your Token wallet using a credit/debit card is only sufficient for those who  already are served by some level of banking.

To reach a larger audience, we may integrate with agent networks such as Western Union and PayPoint,  which allow for cash or check deposits with their agents. These agent deposits would remit to  TokenCard, which would convert to tokens and allows us to credit the user’s Token Wallet, without  the need for a credit/debit card.

5.TokenCard at a glance

5-1.Control

TokenCard users are able to store and transfer tokenized assets securely, without introducing a third  party. By retaining control, users never subject themselves to centralized risks, whilst benefiting from  the efficiency and cost reduction that comes with eliminating a third party.

5-2.Community

The project will focus on initially providing a solution for the Ethereum community, with a smart  contract powered debit card that can spend Ether and other ERC20 compliant tokens and allows for  various spending modes that support the lifestyles of those who wish to transact primarily in tokens.

5-3.General Public

Moving forward, the project will shift focus to the general public. By using our debit card as an  introduction to this transformative technology, we aim to provide a familiar user interface (a plastic  card and app) where users retain all the benefits of Ethereum without having to master them.

5-4.Synergy

TokenCard directly benefits from the powerful products currently being developed on Ethereum like  asset-backed tokens, stable coins and other tokenized assets and strongly supplements their value  proposition. By providing a way for these projects to become useful to people outside of the community  through TokenCard, they can expand their market dramatically.

6. Market

Our current roadmap focuses on several distinct markets and user-bases where TokenCard is best  positioned to excel. In general, we have the underlying Ethereum community, platform specific markets  and general public banking replacement.

6.1 Ethereum Community

Providing a payment solution for the underlying Ethereum community is the most basic use-case for  this market. However, it should not be underestimated. With a rapidly growing market cap among  Ether and ERC20 tokens, there is an accompanying need for payment utility of assets on the network.

The Market Cap for Ether alone currently sits close to $3,000,000,0001 dollars. We expect to spearhead  and capture the bulk of the payments market on Ethereum as TokenCard offers solutions to systematic  problems in the space and is native to Ethereum. We expect substantial transactional volume with  TokenCard and this will scale with the Ethereum/Token economy.

6-2.Platform Specific Markets

The most exciting use-cases for TokenCard are within the many different markets that are being tapped  into by other projects in the space. We are actively integrating TokenCard with these native Ethereum  platforms, giving TKN holders direct access to diversified markets while providing connections to a  major payment rail for the platform’s underlying user-base.

We believe that this is where TokenCard’s true role in the ecosystem lies, with integration benefitting:  TokenCard, the integrated platform, and most importantly, the end users themselves. This also suggests  strong growth prospects for TKN; the success of integrated platforms translates directly across to  TKN holders.

TokenCard makes every partnered project with a token far, far better. We believe there will be rapid  uptake by token holders worldwide.

6-3. Ditching Banks Altogether

Sentiment and expectation towards what ‘banking’ is and what it should be, is rapidly changing. 94%  of consumers under 35 years old are active users of online banking, and another 27% would consider a  branchless digital bank. 33% of millennials believe they won’t need a bank in five years, and 33% are  also open to switching banks in the next 90 days. A final 71% would rather go to the dentist than  listen to what banks say.2 With a growing distrust and detachment between banks and consumers, it  is fair to say that there is a tech savvy market open to innovation.

TokenCard more than qualifies as a candidate for regular users looking to get rid of their bank  altogether, offering not only a top-tier UI/UX experience, but also providing genuine innovation  through Ethereum.

Low-cost immediate network transfer of assets, access to the token economy, complete control of ones  assets and exposure to an ecosystem of innovators will more than appeal to current and forthcoming  generations.

6-4.Chinese Market

We will be able to issue TokenCards into the Chinese market at launch. We believe this is a massive  opportunity. Tokens are popular in China already, and experience shows there will be rapid innovation  in the Chinese market – some will filter to the West quickly, and some may not. Either way, TKN  holders will get access to this innovation at the same time Chinese customers get the benefits of the  card.

6-5.Marketing/Product Strategy

6.5.1 Ethereum / Token Market

Our initial target market will be token holders of other projects and the Ethereum community in  general. This is not a numerically large group, but it is extraordinarily wealthy, and strongly demands  this product.

Because TokenCard makes every other token project better, it will grow rapidly whenever any one of  the other token projects sees growth. We forecast massive growth in the token ecosystem over the next  two years, and will be there to provide real value to each token issuer.

We will be granting the top 500 pre-purchasers of TKN with a complementary special  edition TokenCard and access to the Beta/MVP.

6.5.2 Broader Market

Our strategy to capture the general public will start with social media, and likely extend to partnerships  and traditional media. We’ll be working closely with a dedicated marketing team to construct campaigns  and strategies to attract a broader user to the platform.

Strategies that tap into network effects, for example, by recommending friends and family to the  platform in exchange for a free card, will be key to growing the platform. TokenCard’s role within the  Ethereum ecosystem offers sufficient innovation to capture interest from larger media outlets, which  will complement our marketing effort.

We believe we will be able to capture significant ROI on Customer Lifetime Value vs. Acquisition cost  in many markets, and plan to spend a significant portion of the token sale proceeds on growing this  customer base, while remaining judicious and careful.

7 TKN In Depth

TKN is a special kind of Ethereum token. It is the base currency of the TokenCard and provides  advantageous usage rights and benefits to its holder with regard the TokenCard : Whereas transactions  in other tokens using the debit card pay a 1% smart contract enforced licensing fee, such licensing fee  does not apply to transactions in TKN. TKN holders can in addition burn their TKN an in return  collect a pro-rata share of licensing fees accumulated in the TKN Asset Contract through a unique  mechanism called “Cash and Burn”.

7-1. DGX Purchase Example

A TokenCard customer holds DGX (A gold-backed token) and prefers to conduct her affairs in gold.

She has dinner at her local bistro, and the cost totals $50. This $50 equates to roughly 1.2 DGX. She  swipes her TokenCard.

TokenCard’s servers immediately withdraw 1.2DGX plus the Licensing fee from her Token Contract  Wallet. The Licensing fee is 1%, so she pays in total 1.212DGX. 1.2DGX is exchanged by TokenCard  for USD. These USD will be swept into TokenCard’s debit card account as float for the next card  swipe.

The remaining 0.012DGX is sent directly to the TKN Asset Contract.

Since fees are paid in the token transacted in, the most popular tokens used for transacting will  accumulate respective licensing fees to the TKN Asset Contract.

7-2. Cash and Burn

A TKN holder can burn his TKN and in return collect a current pro-rata share of licensing fees  accumulated in the TKN Asset Contract by calling TKN’s burn function. Doing so will permanently  destroy the TKN.

7-2-1. Definitions

There are TKNT TKN issued.

There are TKNh units of TKN held by a certain holder of TKN.  There are m distinct tokens held in the TKN Asset Contract.

The TKN Asset Contract holds Tm tokens for the mth token contract.

Then the holder of TKN, if he decides to trigger the “Cash and Burn” function and thereby relinquish  its TKN, will receive the following pro-rata share of licensing fees accumulated in the TKN Asset  Contract:

Received:

7-3. Cash and Burn Example 1

A TKN holder has 500TKN, the current TKN supply is 10000TKN.  The TKN Asset Contract holds 10DAI, 100ETH, 500DGX and 250REP.

His pro-rata share of licensing fees accumulated in the TKN Asset Contract equals:

If he burns his TKN, he will receive

of the held tokens, giving him:

After ‘burning’ his TKN, the remaining supply of TKN will now equal:

This means that remaining TKN holders, if they decide to trigger the ‘Cash and Burn’ function, will  recieve a higher pro-rata share of the licensing fees per TKN than before the burn. A separate TKN  holder who also held 500 TKN would now have a pro-rata share equal to:

7-4. Cash and Burn Example 2

If the TKN supply is 1,000,000 and a certain user has 100 TKN, and the Asset Contract holds DGX,  DGD, REP and SNGLS in the following ratios, then the User’s pro-rata share of the licensing fees  would be as follows:

The user with 100 TKN wants to burn is TKN and collect his pro-rata share of the licensing fees  accumulated in the TKN Asset Contract. He burns the 100 TKN, and receives 1 DGX and 2 DGD, 5.5 REP and 100.0 SNGLS. All the other TKN are still backed by 0.01 DGX, 0.02 DGD and etc. per TKN.

5-5. Economic Consequences of The TKN Model

The TokenCard platform will over time grow to support tokens from most, if not all projects. This is  likely to grow to a staggering number of unique tokens. If a specific token becomes valuable or popular  its proportional use with TokenCard will go up and as such will accrue to the Asset Contract.

Burning reduces the total pool of TKN in circulation and proporionally increases the stake of future  licensing fees to remaining TKN holders. We expect TKN burning to be rare, but to the extent it  occurs, TKN holders who do nothing will gain a proportional increase in the share of future fees.

5-6. TKN Fee Reduction

As the base currency of TokenCard, transactions using TKN pay no licensing fee for the TKN amount  of the fee. If a user transacts purely in TKN, he pays no licensing fee. If a transaction involves multiple  currencies the fee for the portion paid in TKN is voided.

5-7. Portfolio Spending Example

Let’s go back to our first example where a user is paying for a $50 meal at a restaurant. Let’s say now  she decides to pay for the meal half in DGX and the other half in TKN. Essentially this would be two  transactions: $25 each in DGX and TKN.

The licensing fee paid will only be on the $25 DGX transaction, and would equate to half of the  original fee of 0.012 DGX, in total 0.006DGX for the same transaction.

5-8. Technology Roadmap

We have spent the bulk of our time on product planning. There is too much to encapsulate in this  whitepaper, but we encourage interested participants to engage with us over email mel@monolith.  ventures) or our slack channel

8. Technology Roadmap

We have spent the bulk of our time on product planning. There is too much to encapsulate in this  whitepaper, but we encourage interested participants to engage with us over email mel@monolith.  ventures) or our slack channel

8-1.Contract Wallet

The Token Contract Wallet is a smart contract that governs a user’s tokens and secures them within  its code. The Token Contract Wallet’s main function is to host to the users digital assets in a secure  manner and allows for various functionality integrated directly into the system. It serves as the  foundation for the rest of the platform’s features.

Users will not need a contract wallet to try out the system, instead they can grant an allowance.  However, the Token Contract Wallet will allow fine-grained security features, and we anticipate users  will either migrate to the wallet, or “wrap” their preferred wallet with the Token Contract Wallet in  general.

Contract Wallet

The Token Contract Wallet is a smart contract that governs a user’s tokens and secures them within  its code. The Token Contract Wallet’s main function is to host to the users digital assets in a secure  manner and allows for various functionality integrated directly into the system. It serves as the  foundation for the rest of the platform’s features.

Users will not need a contract wallet to try out the system, instead they can grant an allowance.  However, the Token Contract Wallet will allow fine-grained security features, and we anticipate users  will either migrate to the wallet, or “wrap” their preferred wallet with the Token Contract Wallet in  general.

8-2. Contract Wallet Access

Access to the systems can be achieved by:

• 1.The Token App – Provides a refined and user friendly experience with a setup wizard, and  simple ability to integrate with user’s existing Token wallet.
• 2.Blockchain Browser – Third party Ethereum browser tools like Mist, Parity and MetaMask  can give access to TokenCard systems. TokenCard smart contracts will be created with Web3  support in mind, and Web3 support will be considered for all frontend TokenCard applications.

8-3. Allowance

TokenCard has access to withdraw funds from the user’s Token Contract Wallet and is constrained  by these user set options. We plan an array of awesome features over time, and will start with basic  security features in the MVP.

Options are not mutually exclusive; more than one could be active at any time.

• Daily Fiat Limits - Uses an oracle to calculate fiat amount and sets a cap based on that. Will  initially use a TokenCard-maintained oracle until reliable third party options become available in  the community. Example: $1000 equivalent in tokens can be spent per day.
• Daily Token Limits - A fixed number of tokens per day are allowed to be withdrawn. Example: 20 ETH per day.
• Percentage Limits - A fixed percentage of Tokens per given time period allowed to be with-  drawn. Example: 2% of each spendable tokens per day are allowed to be withdrawn.
• Time based Limits - Opening up withdrawals for a specified amount of time. Example: 1h long allow up to large $10k spends – this would be triggered by a button in the app marked  something like “GO BIG”.

8-4. Additional Security Features

There are a number of security scenarios we are workshopping now. Some will likely be supported in  the final app.

• 1. User set limits A user could set daily contract withdrawal limits on their own side to prevent  losses in the event a third party gains access to their private key and password. Alternatively  the user could limit the specific addresses the contract could withdraw to.
• 2.Emergency Contract Migration A user could preemptively allow TokenCard to send all  tokens to a pre-specified ‘safe’ destination in case of emergency. Could be called by either party  in case of an ongoing attack.
• 3.Temporary Card freeze – Pauses card use in the case of misplacement. Can be re-enabled at  any time.

8-5. Card Spending Modes

With TokenCard we are able to pioneer a number of flexible and unique ways to manage spending.  The main spending modes planned are:

• Single asset spending - A single asset is selected to be made available to be spent with  TokenCard. Other assets can be added to the queue to give an order of priority.
• Multi asset spending – A user can pay with multiple assets at a time. He can select up to  5 different assets, giving each a percentage and distributing the payment between them. This  allows unprecedented control of personal portfolio allocation. 
• Dynamic portfolio spending - Spending is based on fiat weighting of assets. Users give target  portfolio weightings and withdrawals are optimized to maintain the user given weightings. 
• Other spending modes – tax efficient, illiquid proxy asset and other spending modes are being  explored to aid users in specific scenarios.

8-6. Multi-User management

Wallet holders may attach specific allowances or other rules to multiple cards. These could have  many features: from family budget management to expense account reimbursement rules. Watch-only  accounts may be set up to monitor expenses.

8-7.Token App (iOS/Android)

The Token App (Android & iOS) is the primary interface customers will use to interact with the  platform. The Token App is designed to give best-in-class functionality with a top-tier UI design.

8-8.Set-up Wizard

Upon first launch the users run through a setup wizard and are prompted to customize settings to fit  their preference. The process includes the following steps:

• 1.A user downloads the app
• 2.User can create new contract/key or import key.
• 3.Puts in password and is prompted to make a backup of key.
• 4.Contract launches/loads (TokenCard pays for gas)
• 5.Choose express or advanced setup wizard.
• 6.User chooses his base currency from a ranked/curated list
• 7.Likely a list of ‘stable’ currencies and other assets, like DGX or DAI.
• The base token is what the Token Contract Wallet is loaded with if fiat is sent to fund the  wallet.

8-9. Wireframes, Usability Studies

We have over 80 page states and hundreds of transitions diagrammed and designed. These are a sample  of our current thinking, and not final.

8-10.TokenCard Transaction Walkthrough

With TokenCard, balances are stored in the user’s contract wallet, therefore we implement a unique  model where cards are effectively “empty” up until the moment they are used, known as a 0-balance  method.

The process goes as follows:

• 1.A user attempts a transaction.
• 2.A spend request API call from payments network comes in. Lists type, amount, CardID etc.
• 3.Database lookup on CardID to see what Token Contract Wallet address is associated with it.
• 4.Load Ethereum state and read Token Contract Wallet for settings: available balance, spending  modes, allowance etc.
• 5.Generate transaction specific payment profile. (100$: 80%ETH 20%DGX)
• 6.Evaluate an order book and calculate amount(s) to be used.
• 7.Perform sell
• 8.Initiate withdrawal from Token Contract Wallet
• 9.API call to load specific card with amount needed.
• 10.Confirm tx request.
• 11.User completes transaction and receives live push notification.

8-11.Server Specifications

Scale

The TokenCard system will support at launch 1,000 transactions per minute with maximum lag of 1  second at load, and “Four Nines” reliability worldwide.

Performance

The backend servers for TokenCard will be able to:

• Accept a request from the debit network
• Access a smart contract’s functions on the Ethereum Blockchain
• Post a transaction on the Ethereum Blockchain
• Respond to the debit network

All of these must be accomplished within 300ms in order to get a sub-one-second full latency from card  swipe to approval. As Ethereum scales, this will become easier to do without risk. In the beginning,  TokenCard will take some risk from double spending as it functions at the necessary speeds.

Backups and Failover

• The TokenCard systems will be architected to achieve “four 9s” reliability: 4 minutes per month  or less of downtime.
• Backups: TokenCard systems will be able to relaunch from a backup in under 1 minute.
• Failover: The TokenCard systems will be able to failover successfully between regional datacenters.

8-12. Release schedule:

We expect TokenCard will take years to mature into our full vision. To get there, the team has  committed to a 120-day major release cadence.

Our first release will be an MVP in limited release.

8.12.1 Minimum Viable Product – 120 days

This MVP is aimed at users with some basic technical knowledge of Ethereum and gives access to the  core features: Token Contract Wallet, PoS/ATM payments debit card and payment support for tokens  like ETH, DGX, REP, 1ST, SNGLS and MKR. This phase will consist of a limited 500 card run and  will give priority access to early contributors.

We will release the MVP product and cards at a launch party exclusive to purchasers of TKN in the  Token Creation Event.

8.12.2 v1 Release - 240 days

The 1.0 release of the TokenCard platform consists of delivering the technology detailed in this  document – primarily the Token App, instant in-app token exchange, advanced security options and  the initial asset management suite.

9 Finances

As we plan out the TokenCard future, we have put some time into projecting out business and TKN  values. These projections are necessarily flawed – we don’t know what will happen. Despite the highly  speculative nature of these projections, we are offering them to help those participating in the Token  Creation Event to understand different levers and possible outcomes for the project.

Since January 2017, Ethereum and the Token market have grown at a value-weighted average of about  300,000% annually (or 6.7x per three months). We do not believe this growth rate will continue over  the next two years. We have therefore taken a range of growth from 20% to 100% per six month period  as our range for projections.

9.1 Rough TKN Projections

Below are some rough projections of TKN performance under different conditions semi-annually over  four periods. We have made several assumptions described below and hypothetical context for the  scenarios is given.

We expect a good start to user growth with our platform, and expect to capture a substantial portion  of the Ethereum community and see success from launching in China. We also expect to see several  successful Ethereum platforms and tokens drive users to TokenCard.

We have based our average user spend on debit card reports that give an average spend of $9,291 per  year in the U.S.3 In general, there will be average higher user spend in earlier periods as adoption will  primarily consist of the underlying Ethereum community who hold substantial wealth. Average user  transaction spend declines as we expand to other markets.

Licensing fees are calculated simply as 1% of transaction volume and we have also taken into account  growth in users transacting in TKN.

9.1.1 Good

In a good scenario, we see quick adoption from the Ethereum community and expansion to other  markets happens successfully. We enter the Chinese market 12 months after launch, and some Ethereum  platforms and tokens see success outside of the community.

9.1.2 Better

In a better scenario, we have very good initial uptake from the underlying Ethereum community. We  expand to China successfully before the end of the first year with the help of marketing and customer  acquisition campaigns. We see success as a remittance solution, and certain Ethereum platforms and  tokens begin to see adoption by the general public, which also boosts our user-base.

9.1.3 Great

In the “great” scenario, marketing and customer acquisition strategies see very strong uptake initially.  We are able to expand to China quickly and secure several synergetic partnerships that help reach  other markets. Integration with successful innovative Ethereum platforms and tokens help expand  our user base even further. Customers spend less TKN because value is rising so quickly. Customer  acquisition strategies remain successful and adoption is fast.

9-2.Token Creation Details

Token creation will  commence May 2nd  2017.

• Ether, Fiat and Tokens can be contributed and turned into TKN
• The creation will be capped upon receipt of $4.5mm.
• The Token Creation period will last seven days.
• If the cap is reached before the end of seven days, additional contributions will be accepted for  24 hours in case users missed a very short window for TKN creation.
• No more TKN will be created after this period.

9.2.1TKN Creation Ratios

Early contributers will create more TKN than later ones, per ETH.

9.2.2. Token Bonus

Contributors can contribute in certain tokens instead of ETH. Instructions and supported tokens will  appear on our website before the TKN Token Creation.

Tokens will have a per-token cap based on the trading volumes and value of the token.

Tokens that are partnered with TokenCard will receive a 2.5%-5% bonus in TKN; all details will appear  on our site before the Token Creation.

終わりに

• 注意：
  本ページに掲載しているホワイトペーパーは、スマホ／モバイルでの読解の補助を目的に、原文を成形しストックしたものです。 原文はこちらをご覧ください。 https://tokencard.io/tokencard_whitepaper.pdf