Jonas Lund Token (JLT)

Jonas Lund Token (JLT) Terms of Ownership

  1. Jonas Lund Token (JLT) is a 2018 work of art by Jonas Lund, hereinafter referred to as Artist.
  2. JLT is a crypto currency based on the Ethereum ERC20 token standard, with a fixed amount of 100,000 (One Hundred Thousand) tokens.
  3. The JLT Ethereum smart contract address is: 0x6E146C41547826a939794d64d53dB22A99423d8c
  4. 10,000 (Ten Thousand) JLT’s are distributed by Artist to form the initial board of trustees.
  5. 10,000 (Ten Thousand) JLT’s are distributed by Artist to Artist.
  6. 80,000 (Eighty Thousand) JLT’s are distributed in three separate phases.
  7. During the first phase of the JLT distribution, 25,000 (Twenty Five Thousand) JLT’s are available via purchase of a JLT wall based art work.
  8. In phase one, the value of 1 JLT is directly linked to the value of 1/100th of an Ethereum. At the current timestamp 06/17/2019 07:33:42 the value of 1/100th (0.01) of one Ethereum is: $2.69,-. -
  9. During the second phase of the JLT distribution, 50,000 (Fifty Thousand) JLT’s will be available for purchase via initial localized in person sales. Once 50% of the 50,000 (Fifty Thousand) JLT’s have been sold, the remainder will be offered for sale online on the JLT website. During this phase the JLTs are priced at 10 EUR.
  10. Once phase 2 has started, the JLT wall based works will be offered at a discounted token price.
  11. During the third phase of the JLT distribution, JLT’s will be available on an open crypto currency market, at this point, the value of one JLT will be determined by its market value.
  12. In the third phase, Owners may sell their tokens for the current market price.
  13. 5,000 (Five Thousand) JLT’s are reserved for the JLT bounty program
  14. Artist agrees to inform JLT Owners 2 weeks ahead of time for the beginning of distribution phase two and three.
  15. Each JLT grants Owner the right to vote on all proposals concerning the Artist’s artistic practice as available on the JLT website, as submitted by Artist or a JLT holder with more than 1000 (One Thousand) JLTs.
  16. Owner do not spend their JLT’s on the votes, but retains all tokens.
  17. Owner may submit proposals to the JLT holders and board of trustees if Owner holds at least 1000 (One Thousand) JLTs.
  18. Each JLT wall based art work has a number engraved on its front or an amount of individual JLT token pieces. This number or amount of individual token pieces determine how many JLT’s are attached to each art work and the price of the work.
  19. Buyer shall receive the amount of JLT’s engraved on its front, or the amount equivialent of the amount of individual tokens pieces on the piece, upon a successfully completed purchasing transaction.
  20. Artist will communicate to Buyer the private key that unlocks the wallet that holds the JLT’s attached to each work. To receive the private key Buyer must prove his/her ownership by sending a timestamped selfie of the work.
  21. All information pertinent to the development of the JLT currency, the voting infrastructure and JLT documentation is available on the dedicated JLT website: https://jlt.ltd.
  22. By purchasing a JLT work, Buyer explicitly agrees to all of the terms of ownership herein described.
  23. Buyer agrees to inform a subsequent Buyer that the Jonas Lund Tokens are an integral part of this work.
  24. Should Buyer resell the work, he/she is obliged to transfer the JLT tokens attached to the work to the successive Owner.
  25. These terms apply to each successive Owner of this work.