Aventus - Blockchain based Event Ticketing Protocol

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Hello Everyone,

This is Satish from India.

Today I would like to give a short review on Aventus ICO.

Now a days we are seeing many startups are trying to eliminate the difficulties and problems arising in present industries to become competitive in market and even some of startups will become monopoly in near future by using advanced technologies like Blockchain tech and Artificial intelligence. These technologies promising future for innovative startups and eliminating middleman completely by reinventing existing infrastructure. These technologies ensure security, transparency and giving many more advantages.

Among these new startups I come across one interesting startup called Aventus - Blockchain based event Ticketing Protocol. I surprised to note that how the innovative ideas are coming among the brilliant minds. Its really good thing and doing favour to Event Organisers and Fans or Audiences of Artists by maximising profits to Event Organisers and minimising the cost of ticket to the customer and creating Win - Win situation.

At present the ticketing industry consists of two markets

Primary Market
Secondary Market

Primary Market

When any show want to be conducted by event organiser then they will sell tickets to Fans and desired audiences directly through the third-party (Ex : Ticket Master), it is called Primary Market. Through this market the Event Organisers try to reach maximum audience by selling tickets at Face value which is far lesser than market Value and offering more like Customer Loyalty Programms to get more attention from the large audience. Generally Primary Markets are get their revenue based on number of tickets sold. They get a portion of every ticket sold as a commission. Due to this they are not bothered about who are buying tickets from them.

Secondary Market

This is the market where all the purchased tickets in Primary Market are resold at higher Prices which nearly on an average 49% higher than Face value of Ticket.

Problems facing by ticketing industry

Currently the Event Organisers are failing to reach the real fanbase of Artists and they are unnecessarily spending large amounts for marketing.At present in the Primary Market the bulk tickets are mostly purchased by "Touts" by using auto bots and this is making difficult for normal people or fans to purchase the tickets in Primary Market. Immediately after completion of sales in Primary Market these same tickets will be resold by Touts in different platforms at inflated price and this type practice will lead to counterfeit of tickets and ultimately the customers who bought the tickets at unreasonable prices are the loosers. Due to unethical practices of increase in prices, these tickets will not reach to the Price sensitive buyers and causing real fans to buy the ticket at more than intended price.

Another major problem is even though the event is not much popular but showing like tickets are getting sold in less than record time, after this all the tickets which are not actually sold will be routed from Primary Market to Secondary Market to create artificial demand and gaining the advantage of selling tickets at higher prices in black market by both Primary Market and Secondary Market. Oftenly we can observe that at main counter of selling tickets were generally shown as "No Ticket" board but at outside counters the tickets are selling at very high price in blackmarket. These prices at some times reaches more than 1000% of face value of ticket due to huge demand for popular shows.

Some times to eliminate all these malpractices, the Event Organisers may give permission to sell only to authorised sellers to sell the tickets but this will be more difficult for authorised sellers to sell in full and this involves largely marketing expenditure by the authorised sellers. As per statistics if Event Organisers chooses this mechanism then on an average 30% of total tickets remain idle.

Temporary Solutions availabile in the industry

To eliminate all these problems some of the companies are tried to resolve by using machine learning to identify the bots who are buying tickets in bulk at primary markets restricting the resale to others but this also creating restriction on genuine user transfers for genuine reasons. And Touts will try to find some other way to get into this by changing their behaviour Accordingly.
Some of the jurisdictions are declared that resale of tickets are illegal without permission from relevant club. But still tickets are selling in black market unethically.

To counterpart all this problems Aventus want to give a permanent solution for this through Blockchain technology.

Aventus allows Event Organisers to create, manage and sell the tickets at a desired prices and completely eliminating reselling by Touts and Counterfeit tickets. They can get revenue as commission on sales. Aventus will let the organisers to decide the price mechanism of tickets like dynamic pricing, Auction, Face value.

Aventus want to introduce platform currency token as AventCoin (AVT).

Aventus consists of three layers

Aventus Protocol layer
Aventus Service layer
Aventus App layer

The Flow in Aventus Platform

First Event Organisers will request to list the event in Aventus platform at Protocol level by paying small amount of listing fee through AVT tokens. this will be decided by Aventus Community (AVT token holders) by depositing their AVT. The winning party's will get the AVT from loosers account who casted his vote wrongly. Apart from this if any suspicious or fradulant listing happens and which is reported by AVT holder by depositing his tokens and the community can decide the legitimacy of listing. These Event details like place, date, images will be stored in IPFS in a secured way. Event Organiser can offer commission on sales who promoted sales of tickets.

After listing event, third parties or Promotors may want to sell the tickets on Aventus platform by developing Dapps on Aventus service layer The resellers or promotors who want to sell the tickets have to apply for listing by paying small listing fee in AVT token like Event Organisers then this also will be decided by Aventus community. Ultimately it eliminates the fraudsters or unethical resellers for selling tickets.

The event tickets are need to be purchased in AVT token or ETH or any other ERC20 token for providing convenience and to improve the value of AVT token.But the ticket prices will be denominated only in fiat currency.

The Event Organiser can encash the sales amount by converting AVT tokens to Fiat to eliminate the exchange fluctuations.

The Aventus Community have an authority to decide the Event creation fee, listing fee. The entire fee collected in listing is distributed among token holders.

Features of Ticket

When ticket is purchased by customer, he/she need to provide his identity like face, full name, mobile number, credit card details and these details will be hashed and recorded in Blockchain in encrypted manner. When a ticket holder entering into the event, the details of ticket holder will be validated with details contained in Blockchain and if it is correct then entry will be granted to the ticket holder. This ensures transparency, security, and eliminate the Touts who are buying tickets in bulk to resale in secondary market.

If any of the owner who want to sell his ticket for genuine reasons, then he is allowed to list his offer for sale by paying fee in AVT then he can encash the amount of sale. The main feature offered here is the owner don't know the buyer to whom is selling. This is introduced to eliminate malpractice.

Entertainment is the ultimate relaxation for everyone. Due to these exponential benefits offering by Aventus to Event Organisers and others like Promotors and curators and to Customers, there is a huge potential for Aventus to occupy this space from the existing industry.

The team consists of huge experience in Artificial intelligence and other technologies.
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