Revolutionizing the Ticket Sales System through Event Chain
The idea behind the SmartTicketing project of EventChain is to decentralize and reform the current structure of ticket sales. It aims to bring about a true peer-to-peer system, wherein both the event organizers and goers get to be a part of the transparent, secure and easily accessible global ecosystem.
EventChain offers a solution to a variety of problems that are faced due to the capitalistic nature of the decentralized ticket selling system. Counterfeiting of ticketing is a common hindrance that leaves true fans unable to buy tickets for music or sports events. The practice of reselling tickets at extortionate prices is something that causes a loss for both the event goers and the artist involved. Ticket platforms such as Ticketmaster, EventBrite and StubHub charge enormous fees and rarely prevent problems like ticket scalping. Due to these flaws, all the parties involved are left dissatisfied.
By adopting the blockchain technology, EventChain has created a solution of SmartTicketing. This allows a secure system that is backed by 256-bit cryptography, which will help keep frauds away. With the enforcement of the Ethereum blockchain technology and the creation of a finite number of unchangeable SmartTickets, costs will be significantly reduced for event goers and help enforce a decentralized autonomous organization. The technology used will help in preventing reselling of tickets as every ticket sold will have a unique sequence number and will be traceable through the blockchain system. This technology will also allow information to be retrieved and verified through validating nodes distributed globally, owing to their database system.
Besides all these imperative aspects, the platform even includes EventChain Oracle, which would allow mitigating the computational stress from the Ethereum Virtual Machine. It will also have the unique features of retrieving and analyzing statistical data as well as creating a digital collection for purchasers of all the events attended by them. Moreover, it even provides buyers with a sense of protection and accessibility which has not been possible through the otherwise traditional system.
Customers from around 182 nations can purchase their SmartTicket from the network, through a variety of payment gateways. The tickets are to be paid for in EVC Tokens, fiat currency or other ERC20 tokens including Ether, with EVC Tokens being the preferred mode of payment. This platform would even enable converting the EVC Tokens to the vendor's currency, in real time.
The EVC Tokens will act as proof of purchase for the ticket buyer and the underlying technology of smart contracts will help in creating the SmartTickets. These SmartTickets will be backed up through Ethereum's local programming language of Solidity. The framework proposed through the whitepaper will evolve the current system in place to inculcate faster transactions, indisputable ticket vouchers, transparency from event hosts and fully programmable functions using EVC tokens.
Through EventChain.io, one can create their wallet enabling them to purchase tickets from over 205,000 vendors. Customers would even be able to purchase EVC tokens through the ICO (Initial Coin Offering) and participate in investing in the project. The EVC Tokens would help the company raise funds for their Marketing, Legal, Development, Operations and Staffing functions. The funds raised through investment would allow them to further expand and grow their ambitious project.
The funds from the token sale will also help in further developing the platform including the Oracle, mobile applications, desktop client, and the transaction framework. The token sale was scheduled for the 13th of September, 2017 at 4 pm UTC and consisted of a total of 84 million EVC tokens. 65% of the funds raised through the token sale is allocated for ICO participants, with 20% kept aside for evolving their ecosystem and 15% retained by the EventChain team.
The project has a strong framework in place and would provide an alternative for the traditional system of ticket sales. With a strong team and a group of advisors behind the project, EventChain does show a lot of promise. This ingenious idea will definitely help better the traditional ecosystem for both the sellers and the buyers in the secondary and primary ticket markets and hence shows great promise for further growth.
For more information visit:
Website: https://tokensale.eventchain.io/
Whitepaper: https://eventchain.io/whitepaper.pdf
Bitcoin Talk Thread: https://bitcointalk.org/index.php?topic=2152363.0
Written By: Kishan
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