What is a smart contract?

A smart contract is an immutable piece of code that lives on the Ethereum blockchain. It has its own address (like regular users do) but its interactivity is limited to the set of functions which are included in the code. This creates a foundation of trust upon which people can transact and collaborate in new and more efficient ways.

HOW ARE WE ERC721 & ERC20 TOKENS

On the Ethereum network there are two major types of tokens: ERC20 tokens (which are fungible, often used like money) and ERC721 tokens (which are non-fungible, and are often used as collectibles). HOW ARE WE uses both of these tokens — one single ERC721 token represents the singular immutable unique art work, and 100,000 ERC20 tokens, called HOW tokens, represent ownership of the artwork. The HOW tokens are shared amongst all of the creators of the work: artists, administrators, blockchain developers, designers, and legal counsel.

how THE shares work: proportionate automatic distributions

The smart contract dictates a trustless, transparent dispersal of ownership shares. When any donations, royalties, or other payments for the work come in, the smart contract accepts the proceeds and distributes them to the token holders based on the proportion of the tokens they own. This means that these tokens can be freely transacted with, and makes the payouts trustless and fairly executed by the administrators of the project. HOW ARE WE combines a legacy legal contract drafted by the curators with an IP lawyer, and a smart contract written by blockchain developers to create a new system of governance over a collectively shared artwork.

LAUNCHED ON ETHEREUM

Visit the HOW ARE WE UNIQUE EDITION token on Etherscan.

You can support this project by donating directly to the smart contract using the address and QR code below.

Smart contract address: 0x8d8029ccfe7027f81C6B698605B3eA3fc01bB743

You can also contribute to the project in other ways HERE.