TokenCard (TKN)

TokenCard Token Profile (PDF)

TokenCard is tokenized debit card system that attempts to enable holders of its native token to spend ERC20 tokens at debit card terminals around the world. It has four core elements: (1) the wallet, which secures users’ assets and enforces user-set spending and security parameters; (2) the TokenCard, which connects the wallet to the network; (3) the TokenCard App, which provides the frontend of the platform; and (4) the native TKN token, which has a pro-rata claim to a diversified pool of assets collected from fees on the TokenCard network. TKN’s underlying value is derived from an accumulation of other ERC20 tokens. The underlying tokens are secured inside a TKN Asset Contract from which TKN holders can redeem their pro-rata share. During the token sale, a bug was found that allowed some ICO participants to allegedly gain up to 1,100% in extra tokens. In May 2017, TokenCard said that it was “constructing a solution,” but as of 2018 it is still not clear if or how this was resolved.