Aventus, a company from Imperial College’s Cryptocurrency Research and Engineering Centre, has released their whitepaper announcing a Blockchain-based event ticketing solution that gives power back to entertainers and value back to the fans.
On primary ticketing platforms like Ticketmaster, people use computer software known as “bots” to buy up tickets when they are released, making them sell out almost immediately. Then, the tickets are put on resale platforms like Stubhub at sky high prices, ripping fans off or stopping them from going altogether. Even worse, sometimes same ticket is listed more than once and fans end up buying a counterfeit that gets them rejected at the door.
Aventus solves these problems with a decentralised protocol that eliminates uncontrolled resale and counterfeit tickets. It allows event organisers to create, manage and promote their events and tickets with dramatically reduced costs, even letting them set price controls and receive commissions on ticket resales. It also gives ticket buyers rewards for promoting events and identifying fraudulent activity.
These innovations vastly improve upon existing solutions by bringing oversight and transparency to the ticketing lifecycle, security to the transfer and validity of tickets, and a new revenue stream for event organisers.
Aventus ensures that you aren’t ripped off when buying tickets; that tickets are priced fairly, and that you are rewarded for providing value to events. With Aventus, most of the money you pay for your tickets actually benefits event organisers instead of helping resellers make profits.
On a sidenote, Aventus' ICO is only set to raise a maximum of 15 million. With other ICO's reaching a market cap of over 100MM in under a week the upside potential is huge.