Current Agent/Administrator (CAA): @OmegaGeometry (https://twitter.com/OmegaGeometry)
Asset Definition:
Genesis: The Evolution of Value is an artpiece created as a social, artistic, and technological thought experiment, paying homage to some of the visionaries who have impacted the evolution of digital assets the most.
The asset is a "Virginia, Richmond, $5 1862 Obsolete Bank Note", with vinyl work added to the reverse of the note, displaying Bitcoin pioneer Hal Finney's tweet from 11/01/2009, saying simply, "Running bitcoin".
Accompanying this imagery, to the right side of the reverse is a QR code which links to the tweet published on 21/01/2023 by Bitcoin Ordinals creator, Casey Rodarmor, stating "Inscriptions are finally ready for Bitcoin mainnet. Inscriptions are like NFTs, but are true digital artifacts: decentralized, immutable, always on-chain, and native to Bitcoin."
The asset remains within the original protective case from PMG which was resealed following the the additive work on the reverse to ensure protection of the work. No claims are made that this protective case is untampered with since original application, and no longer confers the same implications as to appraisal as a result. For obvious reasons, the value of the asset no longer solely depends on this.
(Optional) Asset Evaluation and Appraisal (AEA): Grading provided by PMG on underlying banknote (https://www.pmgnotes.com/certlookup/1763009-064/20/). Modification of banknote as artpiece subsequently via additional works added in combination.
Initial Asset Location (IAL): Sharps Pixley, 54 ST JAMES'S STREET, LONDON SW1A 1JT, UNITED KINGDOM
Current Asset Location (CAL): Sharps Pixley, 54 ST JAMES'S STREET, LONDON SW1A 1JT, UNITED KINGDOM
Provenance Record (PR):
Date: 26/07/2023; CAA: @OmegaGeometry (https://twitter.com/OmegaGeometry); CAL: Sharps Pixley, 54 ST JAMES'S STREET, LONDON SW1A 1JT, UNITED KINGDOM; Details: Vaulted by the CAA on 26/07/2023.
Tokenized Representation (TR): To be determined
(Optional) Fractionalized Representation (FR): To be determined
Ownership Claim Validity (OCV): The work was envisioned and designed by Vesper (@RealWorldVesper) and administered by Omega (@OmegaGeometry). Statements for both releases of ownership to the Tokenized Representation holders can be found here and here respectively. There are no other potential claimants on the ownership of the underlying asset. Precedent in UK law for electronic communications to be considered legally binding are Nicholas Prestige Homes v Neal [2010] EWCA Civ 1552 and Golden Ocean Group Ltd v Salgaocar Mining Industries [2012] EWCA Civ 265, and there are no adversarial parties contesting the release of ownership rights in the case of TUAX1::00000000.
Holder Utility Benefits (HUB):
Claim over ownership rights of the underlying asset at a proportion of 1/256
Voting rights over the underlying asset at a proportion of 1/256
Ruleset:
# The initial GVDR ruleset is added here from below #
A ruleset for the protocol for the sale of the item has not been predetermined and will be voted on by FR holders
Voting, Governance, and Dispute Resolution (GVDR):
Voting shall be available to all holders of the FRs
Voting shall be conducted by majority wins in all cases
A time limit of no more than 7 days for votes will be allowed
The set time per vote is decided and voiced at the time of announcing the vote
Votes will be announced by the CAA via their Twitter account, as well as in the MYSTCL discord (https://discord.gg/mystcl)
The first vote which to be held will be to decide on a passover process for the underlying asset from the CAA to the next Agent/Administrator, if any.
All rules stated here can be altered by majority voting of FR holders
Any changes to these initial parameters will be listed in the "Ruleset" section as edits, along with the date of change
Owner Engagement Understanding: by purchasing, selling, owning, or controlling TUAs, you acknowledge that in no way should these digital assets carry with them the expectation of revenue, profit, or income, created in part or whole by a 3rd party on your behalf, or in any other way.
Tokenized Utility Assets strictly provide utility benefits ONLY to holders, such as access to certain services, access to the underlying asset itself, usage rights, and ownership of tokenized underlying assets. Neither is there an explicit nor implicit provision within this asset class for things like the generation of rental income as a result of the tokenized ownership of a rental property, for example.
If you have these expectations, you should not engage in owning TUAs, and instead seek out securitized and regulated tokenized assets instead that do allow for these mechanisms.
By purchasing or engaging with TUAs, you agree not to attempt to create these kinds of relationships.
