Tsuka, a cryptocurrency, is being created to support art and culture. This initiative is spearheaded by Alex Hern, co-founder of the Guardian’s technology desk. Tsuka aims to be more than just a digital currency; it aspires to be a cultural movement, an art project, and a social experiment.
The name ‘Tsuka’ is derived from the Japanese word for currency, ‘tsūka’. It will use blockchain technology, the same technology that underpins Bitcoin and Ethereum. However, unlike these cryptocurrencies, Tsuka will be carbon-neutral. It will offset its energy usage by investing in renewable energy projects.
Tsuka will be managed by a non-profit foundation, with Hern serving as the initial “benevolent dictator”. The foundation will oversee the distribution of Tsuka, ensuring it supports artists and cultural institutions. One of the key ways it plans to do this is by providing ‘grants’ of Tsuka to artists and cultural institutions, which they can then sell for traditional currency.
Tsuka will also have a social aspect, with users able to ‘tip’ artists directly using the cryptocurrency. This will allow artists to benefit directly from their work, rather than relying on intermediaries. It is hoped that Tsuka will help to democratise the art world and support those who are often overlooked by traditional funding models.
The launch date for Tsuka has not yet been announced.
Go to source article: https://www.theguardian.com/technology/2022/jun/01/cryptocurrency-tsuka-alex-hern