Originally published: The Merkle
CryptoTickets’ ICO has already began, an Ethereum-based blockchain platform for ticket systems and event organizers. It is trying to solve ticket touting, fraud, and counterfeiting by utilizing the immutable ledger of the blockchain.
Event organizers, ticket distribution platforms, and secondary marketplaces have struggled to deal with ticket counterfeiting and fraud for many years. For instance, earlier in 2017, thousands of Ed Sheeran fans were denied entry to the Ed Sheeran concert due to the tickets they had purchased on secondary marketplaces. The fans purchased tickets from unverified sellers at a value eight times higher than the face value, and received counterfeit tickets in return.
In an interview with Forbes, Sandy Khaund, former executive at Microsoft, Intel, Turner Broadcasting and InStadium, further revealed:
“It happens a lot [ticket fraud]. Last year at game seven of the NBA Western Conference championship between the Golden State Warriors and the Oklahoma City Thunder, 86 people got rejected at the gate with tickets they’d bought from StubHub. At least StubHub has a money-back guarantee but those people didn’t get to go to the game.”
Essentially, the Crypto.tickets blockchain platform is trying to solve the rapidly increasing cases of ticket fraud and counterfeiting in various industries. By using the Ethereum blockchain, a decentralized and peer-to-peer infrastructure developed specifically for decentralized applications, the Crypto.tickets blockchain is capable of embedding the cryptographic proof of each ticket on smart contracts, which are eventually broadcasted to the Ethereum blockchain.
“At the moment, the ticket sale market survives numerous problems, such as speculation in the secondary market, fraud and ticket falsification, incomplete sales and a lack of a consolidated tool for tickets return. These are the basic topics for all industry conferences across the globe. The blockchain technology will eliminate these problems, simplifying interaction between all market players and ensuring complete transparency of industry. The Parties no longer need to trust each other as all deals are done right on the blockchain, and the interaction between them is regulated by smart-contracts.”
Financial structure of the CryptoTickets platform
But, in the future, the Crypto.tickets development stated that it could migrate to EON, due to some of the scalability issues of Ethereum.
“The smart contract is operating in a test environment for gas economy considerations, that’s a common issue of Ethereum platform in the market, that’s why we are looking towards other platforms currently emerging in the market to develop the production version. We are looking forward for cooperation with EON,” said Crypto.tickets.
In the upcoming months, the Crypto.tickets development team is expected to focus on the finalization of its backend blockchain platform and launch its user-friendly mobile application on major app distribution marketplaces to acquire an active userbase of artists, contractors, partners, and consumers. If Crypto.tickets succeed in evolving as a popular events and tickets distribution platform in the music industry, it would allow blockchain technology to demonstrate its potential in commercial use cases and large-scale markets.
On October 5, the Crypto.tickets initial coin offering (ICO) was conducted, throughout a period of four weeks. The minimal threshold has been set at $23 million and if it is met, TKT tokens will be released. Investors and traders are able to purchase TKT tokens with Ethereum, Litecoin, Bitcoin, and Bitcoin Cash. On the first two days of the ICO, the investors got a 20% bonus to their tokens, 10% bonus on the third and fourth days, and 5% bonus on the next three days. On the rest of the days, the tokens are sold with no bonuses.
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