Blocktix will use Ethereum smart contracts for individuals and event hosting businesses to create, advertise, and transfer ownership of event tickets. It aims to build a single-source event hosting system that includes on-chain ticket distribution, a trustless p2p ticket exchange market, and incentivized advertising. Blocktix hopes to reduce distribution and promotion cost while increasing real-time accessibility of event tickets.
They also hope to crack down on fake tickets, which is a problem facing the industry and has caught football fans, theatergoers, and local concerts. However, the mere existence of a secondary market for already-purchased tickets has become a headache too: online event ticket websites such as Ticketmaster and Stubhub have been exploited by ticket scalpers using sophisticated bots. Ticketmaster has estimated that upwards to 60 percent of tickets for high profile events have been purchased by bots. To bring online ticket sales in line with existing anti-ticket scalping laws, the United States Congress passed a law in 2016 banning the use of bots to buy tickets. The website states it will improve a 2% fee on all P2P transfers of tickets through the exchange, though the white paper doesn’t mention bots, scalping, or other measures to control this practice.
The TIX token issued during the sale will be used, along with ETH, as a form of payment within the system as well as a reward for verifying events and watching advertisements on the system. TIX tokens also give their holders a vote in governance decisions.
Funds raised in the token sale will be used for system development and for user acquisition measurements in the EU and in the US. The team includes Rob Schins and Ryno Mathee, both formerly of ShadowCash, which recently completed a token swap to restart as Particl.
|Team openness||Transparent identities but no public acknowledgement of involvement|
|Blockchain Developer||Ryno Mathee|
|Technical White Paper||Only non-technical whitepaper|
|Available Project Code||Yes|
|Role of token||Gives holders a vote in governance decisions or protocol changes and is needed to pay fees for listing, selling, and advertising on the platform. Users can still buy tickets in ETH.|
|Token supply||62.5 million|
|Distributed in ICO||40 million|
|Emission rate||No new coins created|
|Consensus method||Proof of Work|
Token Sale Details
|Sale period||June 7th, 2017 to August 6th, 2017|
|First price||0.12 USD|
|Investment Round||First public Offering|
|Token distribution date||August 30th, 2017|
|Min investment goal||2.5 million USD|
|Max investment cap||7.5 million USD|
|How are funds held||Unclear|
|Minimal Viable Product||Q4 2017|