What Is TetzelCoin?
TetzelCoin now launched its new ERC20 token SIN to tokenize forgiveness using its Blockchain-based confessional. The SIN token sale will operate until midnight Pacific Time on January 1st, 2018.
85% of the profits from the SIN token sale are immediately donated to medical debt forgiveness during New York-based nonprofit RIP Medical Debt.
“In the pseudonymous universe of the Blockchain it's hard to reach out to somebody we have hurt and apologize. How do we say we are sorry and be forgiven? There is currently no way,” founder Will Doenlen said. “Publicly confessing and performing a good deed for example donating to medical debt relief makes the idea of forgiveness a little more tangible.”
You can read more in the TetzelCoin white paper.
How does Tetzel Coin Work?
Users declare a sin to the Ethereum Blockchain and pay what they think their sin is worth in ether. In return they receive SIN tokens, marking them as forgiven. All of the confessions and how much they're worth are further publicly visible on the TetzelCoin website.
It is uncertain what it means to possess SIN and send it to someone else. Does that mean you reduce your forgiveness? Or does it mean you've finally cleansed yourself of your sin? Users will need to tackle these questions by themselves.
TetzelCoin allows us to correct our past wrongs by doing what's right. The first step to using TetzelCoin is to publicly confess a sin — i.e., a harmful thing we have done or said — and to pay an amount in proportion to the gravity of the sin. The confession and payment are done through a distinctive Ethereum smart contract made to pardon people of their sins. The wise contract will enroll your confession on the general public and permanent record of the Ethereum blockchain.
How are the funds distributed?
85 percent of the proceeds from the confession are utilized to forgive medical debt.
TetzelCoin is basically about bias. Once you've confessed and paid a suitable amount to your sin, then you will receive SIN tokens showing you've been forgiven.
85% of the proceeds from TetzelCoin is going to be contributed to RIP Medical Safety, a New York-based nonprofit that forgives medical debt in America. An especially pernicious kind of debt, medical debt is issued if a patient is unable to cover their treatment. Medical debt can be purchased for pennies on the dollar, permitting your forgiveness to magnify tens of times over and assist forgive others of their debts.
What is the SIN Token Sale?
Confession and the SIN token sale will begin on October 31st in 12PM PST (that the 500th Anniversary of Reformation Day) and will end January 1st, 2018, 12 AM PST.
The market sale is uncapped. Tokens will be issued at a rate of 500 SIN per ETH and will be available immediately upon confession. SIN tokens are ERC20-compatible.
85 percent of the proceeds from the token sale will be contributed directly to RIP Medical Debt. The remaining 15% of Ether will go to the team as reimbursement and to pay costs.
At the conclusion of the sale, staff members will have the choice to collectively purchase up to 15% of the entire supply of SIN tokens at a discount.