[ANN][ICO] TEIOS - The Mill of Blood - page 4.

The Mill of Blood

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This project expands Antonio Vega Macotela’s long-term research into exhaustion as an operation of scarcity and wealth, as well as it sets out an inquiry into the way value is produced within the complex set of interdependent relations that make up our global economy.

The existence of “mills of blood” can be traced back to IV A .c in Grece This kind of machine was an apparatus used in places where neither wind nor water were available as means of production, and only labor could be used as source of energy. There were three of these kind of mills in Latin America, all three were used to make silver coins during the Spanish colony. There was one in Mexico, one in Peru and one in Bolivia. The MoB presented at dOCUMENTA 14 in Kassel is a reproduction of the Bolivian MoB.

During the 100 days that dOCUMENTA 14 will run in Kassel the MoB will produce as many teios as the audience manages, out of a limited of 30,000 planchets. Each of this teios will in turn mine a crypto-teio. At the closing of dOCUMENTA 14 the production of these coins will stop and there will be no possibility to produce more teios, nor crypto-teios. The MoB will be destroyed. All of the teios produced will be collected, certified and deposited in a safe.

ICO Distribution

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During the 100 days that dOCUMENTA 14 will run in Kassel the MoB will produce as many teios as the audience manages, out of a limited of 30,000 planchets.
30,000 more teos will be created by mining in order to maintain the Teios network.

Visitors to Documenta art exhibition or this website will be able to buy the tokens generated each week.

The number of existing tokens will be distributed in proportion to the invested value in BTC each week from July 1st, 2017.

The mill will be the only miner of the network until the end of the ICO and it will be destroyed at the end of the art exhibition as well as the mold used for the physical coins.

The reward for block resolution will always be 1 coin and there will be a 2 minutes space between blocks starting at the end of the ICO.30,000 more teos will be created by mining in order to maintain the Teios network.

The price of each coin will be determined by the number of coins generated each week (max 300 days), proportionally according to the amount invested.

During the Documenta 14 Art Exhibition, the “Mill of blood” will be generating metallic coins that will end up in an armored box placed in the underground of the mill. This box will be kept at Deutsche Bank at the end of the ICO and the physical coins will be used to support the value of the cryptocurrency that is generated each time a visitor spins around the mill making a coin fall into the box.