### What is Monolith?

Monolith was a decentralised banking alternative powered by the Ethereum blockchain. It offered a non-custodial contract wallet to securely store Ethereum-based tokens and also provided a Visa debit card for fiat transactions. This allowed users to seamlessly interact with payment terminals worldwide, using their crypto assets for regular fiat-based transactions.

### How does Monolith work?

Monolith operated using a non-custodial contract wallet, leveraging Ethereum's blockchain and consensus mechanisms, such as Proof of Stake (PoS) after its transition from Proof of Work (PoW). Its technology centred around smart contracts to manage token transactions and secure the wallet. Users could load their crypto assets into the wallet and convert them to fiat using a Visa debit card for spending. Monolith also featured a Community Chest, where token holders could burn tokens for a proportionate number of TKN tokens from the chest.

### What are the potential use cases for Monolith?

Monolith served multiple use cases centered around its Visa debit card and non-custodial wallet:

1. **Decentralised Finance (DeFi)**: Enabled users to spend Ethereum and ERC-20 tokens in everyday transactions.
2. **Crypto-Fiat Gateway**: Facilitated seamless conversion and spending of cryptocurrencies as fiat currency through its debit card.
3. **Financial Inclusion**: Provided users with European IBAN codes, integrating both crypto and fiat capabilities.
4. **Token Exchange**: Included a decentralised exchange aggregator for efficient token swaps.
5. **Partnerships**: Collaborated with Visa for global card acceptance and Contis Financial Services Ltd for card issuance.

### What is the history of Monolith?

Monolith, originally known as TokenCard, was founded in 2017 by Mel Gelderman and David Hoggard. It started with a successful Initial Coin Offering (ICO) that raised $16.9 million. In 2019, the project rebranded to Monolith and launched services with a non-custodial wallet and Visa debit card. Over its operational period, Monolith served 35,000 customers across Europe, enabling over $113 million in transactions. Partnerships included Visa and Contis, and collaborations with MakerDAO and Digix expanded token options. The service ceased operations on October 8, 2024, due to regulatory challenges, paving the way for its successor, Token.com.

Monolith

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