TetzelCoin today launched its new ERC20 token SIN to tokenize forgiveness with its Blockchain-based confessional. The SIN token sale will run from noon Pacific Time today until midnight Pacific Time on January 1st, 2018.
85% of the proceeds from the SIN token sale are immediately donated to medical debt forgiveness through New York-based nonprofit RIP Medical Debt. Started by two former debt collectors, RIP Medical Debt seeks out, buys and cancels medical debt, no strings attached.
“In the pseudonymous world of the Blockchain it’s hard to reach out to someone we’ve hurt and apologize. How can we say we’re sorry and be forgiven? There’s currently no way,” creator Will Doenlen said. “Publicly confessing and doing a good deed like donating to medical debt relief makes the idea of forgiveness a little more tangible.” You can read more in the TetzelCoin white paper.
San Francisco-based TetzelCoin provides forgiveness on the Blockchain. Users confess a sin to the Ethereum Blockchain and pay what they believe 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’s unclear what it means to own SIN and send it to someone else. Does that mean you lose your forgiveness? Or does it mean you’ve finally cleansed yourself of your sin? Users will have to tackle these questions on their own.