The work Make Notes Great Again! seeks to reconsider the value of the currency by finding new endorsements for the money that is no longer in use. The banknotes used in this work are real notes but are no longer in circulation, and the printed content on the notes are the only private key of a certain cryptocurrency wallet.
Historically, there are a lot of objects that played the role of currency, in ancient times, people used shells and metals as mediums of exchange. As the demand for liquidity increases, banknotes appeared and have been in use ever since. What is different from the past is that we now have information technology, and the equivalents change as well, from physical to virtual. From paper notes to silicon chips, these materials were endowed with value and given credit. The game requires an arbitration, that is, a centralized organization that guarantees the value of the currency. Now the game has a new way to play – decentralized cryptocurrency.
Unlike most of the currencies, decentralized cryptocurrency does not have an institution to issue them, that is to say, the value of this currency does not come from the guarantee of an authority like most of the currencies we are using. Correspondingly, its value will not disappear because of the disappearance of authority credit, as in the monetary crisis currently happening in Venezuela and Somaliland. The cryptocurrency uses a set of reliable algorithms to run on the Internet, it is a decentralized system, without any individual or organization that can control it. The seeming unreliability of government credit and the seeming reliability of digital money are like two sides of a piece of paper, then I decided to juxtapose the two sides on the same surface, not only giving the cryptocurrency an entity, but also giving the paper money a value.
On this stage, the mission of this work is to explain to the audience how current technology can make decentralized currency systems work, and to arouse thinking about money itself or value itself. Whether we should believe that centralized institutions, or whether we can trust the decentralized cryptocurrency. Next stage is to build a transaction network on Ethereum using ERC721 algorithm – which allows every token has its own specific attribute, details of every notes were recorded on an Ethereum ERC721 smart contract, existing with the blockchain network. As the endorsement of these unused banknotes, the proceeds of vending machines will also be used for the operation of the network to further realize the transaction of other artworks, eventually evolved into a blockchain artwork trading platform.

You may also like

Back to Top