We hit a few bumps in the road, but we're back on track. It's time to discuss where we're at...
As discussed in the site launch v-blog, what will make an ARTFUEL (symbol 'ART') transaction unique is that it can be flagged as an 'ARTSPEND'. The flag will not change anything about the basic movement of ART value from one address to another. However, it'll set a few things in motion:
First, ARTFUEL project keyholders (‘Arbiters’) will be notified that an ARTSPEND requires validation.
When validation is complete, the equivalent of 4% of the value of the transaction is distributed in the form of newly minted ART, according to this scheme:
- 1% to the Patron (an incentive keeps the spender engaged)
- 1% to the Artist (incentive to complete the validation process)
- 1% to the ARTFUEL Non-profit
- 1% to the participating ARTSPEND Arbiter
Let's look at an example:
- A holder of ART would like to pay an Artist 1 ART to create an digital abstract portrait of Satoshi Nakamoto.
- The Patron sends 1 ART to the Artist, flagging the transaction as an ARTSPEND in their wallet.
- The Artist creates the work and follows a validation procedure. (This procedure may include signing the transaction, notifying an Arbiter that the work is complete, sharing/publishing an image of the work and/or other details, and/or other steps.)
- An Arbiter validates the ARTSPEND and the Artwork is officially included in the ARTFUEL media project. A public post outlining details and links related to the transaction and the Artwork is created and published by the validating Arbiter. The post is shared with the ARTFUEL network.
- 0.04 new ART is minted by the ARTFUEL Ethereum contract and divided equally among the parties listed above.
- The artist in possession of ART now has a choice. They may redeem their ART for ETH via the use of an ARTFUEL ATM service maintained by the ARTFUEL Non-profit (at a reasonable fixed rate of perhaps $100 worth of ETH, or possibly a fixed amount of a future stablecoin), spend their ART normally, or pay-it-forward to another artist in a new ARTSPEND.
If an ART holder can gain the ability to have original works art created and chronicled in the ARTFUEL media project, then ART has value. Rewards for ARTFUEL Arbiters and the Non-profit in the form of newly minted ART are the incentive to keep the project alive and moving forward.
Our mission is to create of a new ecosystem which encourages increases in human artistic output while providing maximal financial benefit to Artists. We're aiming to create a virtuous cycle where as the value of being part of the ARTFUEL ecosystem increases, so does the value of ART, and vice versa.
The network will launch via a single Genesis ARTSPEND of 1 ART and so there is no need for a token sale.