Millions of dollars have been raised to date in ICOs on the name of Blockchain with the single paper white paper and non-existing product. There are very few ideas that have potential to put Blockchain technology at work to solve the real life problem and one of them is upcoming project Aventus which tries to make a revolution in the ticketing industry.
Current Industry Problems
Touting : - Automated computers programs known as bots which buy tickets in Bulk in primary releases quickly and reselling those tickets at higher prices in the secondary market.
Counterfeits: - Same bots list these tickets on multiple sites and sell these to different people resulting into only one of them getting the original ticket. There are also other agents present in the market who knowingly cheat customers by selling fake tickets
Oversight and Promotion: - some events will claim that they have sold tickets in record time even they have not to show that their event is very popular. After this, they will sell this tickets in secondary market through different medium
Current Technology used to overcome this problem is not as successful as Machine learnings and other algorithms can actually behave like a user on an actual ticket selling website and bypass the checks used by the system to identify bots. Legislation also has not been so successful to stop the black-market sale of tickets due to loopholes in the system
Solution offered by Aventus
Unique identifier: - Each Ticket will be having unique identifier on the Ethereum Blockchain making counterfeit impossible
The unique identifier is related to owner's identity which will be associated with owner's name, I card, Photo or credit card which will be verified during the time of the event
Blockchain security: - As tickets would have unique identifies on a Blockchain it will be immutable and impossible to counterfeit
Cost Reduction: - All events listed on the Aventus Protocol will be accessible to any permissible application and can be sold by it which will incentivized commission on sale. Usage of the Blockchain micro system will be used to reduce the ticket price to make it more competitive (Reduction of up to 90%)
Controlling Reselling: - Aventus has applied an innovative solution which will allow reselling of a ticket in allowable price. It will also be beneficial to event organizer as he will be awarded some percentage on each resell
Identification of Fraud: - The Aventus Protocol incentivizes network participants to report fictitious or fraudulent event using a decentralized consensus mechanism on the Blockchain
Easy to use: - Standardization of ticket buying process and creating good customer experience
Aventus Token
"Avent" will be the token for Aventus protocol. The purpose of this token is to fuel the Aventus ecosystem and make sure that protocol works decentralized and without any fraud. Token will be used to voting on the legitimacy of events, buying tickets, promoting events, and matching buyers and ticket resellers.
Token symbol: - AVT
Total supply: - 10,000,000 AVT
Price: - 1 ETH = 92 AVT
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