Monolith is the decentralised alternative to banking based on Ethereum.
Thanks to Monolith it is possible to connect a wallet to decentralised applications (dApps) without compromising token ownership.
It is a 100% open-source, non-custodial, decentralised contract wallet that allows users to have complete control over their funds. Storing tokens in a smart contract, which can be controlled and configured, can offer greater security since it is like distributing funds on the Ethereum network.
It also allows setting daily sending limits or whitelisting addresses to which tokens can be sent, as well as allowing the use of the device’s biometrics to sign transactions securely.
The main feature of Monolith, however, is the VISA debit card, which allows Ethereum-based tokens to be exchanged for fiat currency and spent worldwide wherever VISA payments are accepted.
Payment fees have been kept to a minimum, and there are no installation, activation, or point of sale fees. The only commission that exists is on the charge, which ranges from 1% to 2% depending on the token used.
The wallet supports all ERC20 tokens fully compliant with the standard, and it is possible to top up the card with ETH, USDC, DAI, TKN, MKR, GUSD, DGX, KNC, RLC, and DGD.
Monolith cards are combined with the non-custodial contract wallet for the highest possible security. In fact, in this way, it is the users themselves who control the funds stored in the contract wallet linked to the debit cards.
Eidoo on Monolith
In addition, other wallets are being integrated. In a recent Twitter survey, 58% expressed their preference for Eidoo, as the next wallet to be integrated, against 23% of Status, 14% of Gnosis Safe and 5% of BRD.
Monolith believes that the “transcendental power of Ethereum” and its growing economy can be used to challenge the current status, in particular by allowing the development of a new society through decentralisation.