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Once costs are covered, 85% of the proceeds from the project will go towards medical debt forgiveness. Specifically, we will be donating to RIP Medical Debt, a New York-based nonprofit that seeks out, buys and forgives medical debt in the United States.
TetzelCoin is a conceptual art project designed to explore several questions. Given the blockchain's immutable and near-limitless memory, what does it mean to forgive someone when we can't ever forget what they did? How do we value our guilt? What does it mean for us to translate our sins into SIN tokens, and what is their true "value"? Can technology act as a spiritual intermediary? You can read more in the white paper.
TetzelCoin is named after medieval-era Dominican friar Johann Tetzel. Johann Tetzel famously peddled indulgences to raise money for the Catholic Church in the early 1500s. Johann Tetzel's sale of indulgences left a deep impression on Martin Luther and contributed to the start of the Protestant Reformation. The beginning of the token sale, October 31st, 2017, marks the 500th anniversary of Reformation Day.
Confession / SIN Token Sale Key Info:
- Name: SIN
- Ticker: SIN
- Start Date: October 31st, 12 PM PST
- End Date: January 1st, 12 AM PST
- Cap: Uncapped
- Price: 1 ETH : 500 SIN
- Use of funds: 85% of ether goes to RIP Medical Debt; remaining 15% goes to the team
- SIN token distribution: 85% token holders; 15% team. At the conclusion of the sale, the token supply will be increased by 15% and the additional 15% will go to the team.
- SIN is an ERC20 token
- Link to white paper
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