Insights on Crypto Tickets ICO
Oct 26, 2017 Posted / 3193 Views
It is a secure, transparent, blockchain ecosystem for the event ticket sales industry, empowering organizers to control the entire ticket lifecycle whilst eliminating fraud.
The crypto.ticket is the next phase of the evolution of the ticket, transforming it into a secure digital asset using blockchain and organizer controlled smart contracts. Tickets are held, redeemed, and managed by the consumer within a digital ticket wallet, just like any other crypto coin, with the same degree of embedded transparency and control crypto-currency markets have come to expect.
The evolution of blockchain technology has enabled crypto.tickets to engineer an elegant and fluid solution, such that the end user need not concern themselves with how it works, they just know that the ticket they bought is valid and secure. TKT tokens set-up smart contracts and support transactions inside the crypto.tickets decentralized system. Each time there is a purchase order for a ticket, the system will place an order for the purchase of tokens. The crypto.tickets platform automates this conversion in real-time, so the typical end user will simply purchase their event tickets in fiat currency and will see the ticket appear in their ticket wallet app on their electronic device.
Growth in consumer base and number of events managed on the platform will increase the number of individuals transacting in TKT to purchase tickets. This increased volume, coupled with the fixed supply of TKT set during the ICO, will push up the price of a token relative to other currencies as platform adoption occurs over time.
The system offers a full range of solutions for all participants in the ticket market, including: Ticket distribution; Cloud Box Office; Payment splitting via Ticketing Payment System; Automated billing; Widgets for website, FB and VK; Event admission control via the app; Online analytics; CRM system for organizers; Retargeting and remarketing through an online interface; Promo codes; Guest list management; Online sync with the dashboard; All Paperwork in the dashboard; White-label solutions for those who need it; 24/7 Customer support; Seating assignment schemes; Delivery services.
The blockchain enables decentralization whilst its ledger ensures ticket validity. Smart contracts enable authorized control over ticket sale, resale and exchange, whilst regulating payments, fees, and commissions throughout the ticket lifecycle: from initial release to redemption at event entry
The primary functions of the crypto.tickets system are:
Creation of smart contracts for events with organizer-controlled settings regarding ticket sales rules such as pricing limits, number of tickets per customer, and commission and fee collection and distribution;
Issuance of crypto.tickets with blockchain validation ensuring complete security and authenticity; issuance of tokens by brands/organizers as promotional internal currency (artist/ brand points systems);
17 decentralized ticket exchange for secondary market operators and customers to sell, exchange, and otherwise manage their tickets;
Dynamic pricing support;
KYC and participant vetting via scoring mechanisms.
The Tickets Wallet has the following functions:
Storage of crypto tickets;
Interface for exchanging, transferring and returning of tickets;
Event entry guarantee;
Wallet for storing and conducting transactions with TKT tokens;
Conversion of fiat currency into tokens and back (with the use of the exchange gateway);
18 interface for selling tickets on the secondary market with settings for sales rules (fixed price or auction);
Two-way information channel for getting additional content from the artist and promoter before as well as after the event;
Channel for communication with other ticket buyers.
The crypto.tickets project plans to attract investments via the Initial Coin Offering (ICO) method, by issuing its own tokens (TKT) with a limited emission, corresponding to a widely accepted standard, ERC20.
The ICO’s start is scheduled for October 5, 2017 and is going to last for 4 weeks. On the same day an event will take place for investors, leading players of the event industry, major participants to the cryptocurrency ecosystem, the press and everyone interested in the project.
The guests, who buy the tickets via their system, will receive tokens equal to 30% of the ticket price as a bonus; any investors unable to attend will be able to test the prototype by buying a crypto-ticket for the online video stream of the party for a nominal fee by signing up to the Tickets Wallet.
Maximum target figures for attracted funds during the ICO is an amount equivalent to $23 million.
The tokens can be purchased with Bitcoin (BTC), BitcoinCash (BCC), Litecoin (LTC), Ethereum (ETH). If $23 million is attracted (given that all the tokens will be sold out during the first two days), 914.869.281 TKT tokens will be issued.
On the first two days of the ICO, investors will get 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 will be sold with no bonuses.
A preliminary private offering is planned for the pioneers of the crypto-community and the ticket industry, who are going to be some of the first clients of the crypto.tickets ecosystem and will get a bonus of 30%.
The number of tokens in the private offering will be limited up to $2m with a minimum investment of $50k.
Investors will get the TKT tokens within 7 days after the sale is closed, including the 30% bonus of the ICO price (in tokens). A part of the funds attracted during the private offering will be used to finance the ICO.
Depending on the amount of attracted funds, the TKT tokens will be distributed as follows:
If $23 million is attracted (given that all the tokens will be sold out during the first two days): 68.86% will be allotted to ICO-investors
3% will be allotted to Tickets Chain Growth Fund
15% will be allotted to Tickets Cloud team
7.64% will be allotted to Private offer investors
2% will be allotted to Bounty
3.5% will be allotted to Advisors
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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