Ticket service Tickets Cloud displays a blockchain-based platform for ICO
A Service for organizers and distributors of the tickets Cloud plans to raise up to $23 million during an Initial Coin Offering for the development of the blockchain-platform crypto.tickets, which will save the market from resellers and counterfeit tickets.
In the framework of the ICO, the company will issue 914 869 281 tokens, TKT, which will be used as an internal currency in the crypto.tickets system. The initial cost of tokens is $0.04. Early investors are offered discounts: in the first two days of the ICO tokens will be discounted by 20%, in the third and fourth 10%, and on the fifth, sixth and seventh day — 5%.
The tokens will be distributed in the following way: the ICO investors will get 68.86%, the Tickets Cloud team — 15%, the Ticket Chain Development Fund — 3%, and private investors who have invested in the startup before the ICO will get 7.64%, Advisers — 3.5%, and participants of the bounty program — 2%.
The ICO starts on 5 October and will last for four weeks.
The startup has already attracted investments of $1 million from a group of private investors, of which $250,000 was invested by the Luxembourg Fund 2be.lu Investments.
The organizers of crypto.tickets hope to attract a total of $2M in the pre-sale, wich is structured in the framework of a private offer.
According to the technical documentation of the project, the blockchain-service crypto.tickets will create an ecosystem for ticket sales for event organizers and ticket sellers and potential event attendees. The main goal of the project is to rid the industry from speculation and fraud that are observed in the secondary market and to help the organizers to offset the risks of cheap tickets and not filling the events.
The conditions of sale are recorded by the organizer in a smart contract: it will regulate such issues as ticket resale and return, and pricing rules. Buyers will have available information about all tickets on sale: this will help maximize event attendance.
The prototype solution of crypto.tickets is ready and available for testing on GitHub. It is based on the Ethereum ecosystem. In the future, a centralized prototype will operate on the EON system. The start-up of the decentralized ticket system is planned for the second half of 2018.
The blockchain platform crypto.tickets will work in one system, part of which — Tckets Cloud— has already been in operation since 2014. This is a B2B service for organizers and distributors of tickets. With the project already cooperating with more than 100 vendors and more than 1,000 organizers. In the client list of Tckets Cloud is Aliexpress, as well as the Russian rock festival “Nashestvie”.
Tckets Cloud offers to the market participants, tickets, both organizers and vendors, and a whole range of solutions such as billing, payment transactions and payment instruments for promotion and sales analysis.
Among the investors of Tckets Cloud are the Investment Company Starta Capital and the Moscow Seed Fund which invested 4.5 million rubles. In addition, the managing partner of the venture company SmartHub Bogdan Yarovoy ($75,000) and business angels Alexander Borodich and Igor Matsanyuk ($50,000) invested in the ICO tokens.
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Cryptographic.tickets-it is a project to create a unique blockchain ecosystem that will forever change the sale of tickets for the massive Event industry. At the moment the ticket sales market is experiencing many problems, such as speculation on the secondary market, fraud and falsification of tickets, partial sales and the lack of a consolidated tool of a return ticket.