Cryptocurrency: EVENTCHAIN-Future of SmartTickets

EVENTCHAIN-Future of SmartTickets

About EventChain

EventChainTM is an advanced decentralized blockchain token network that powers a unique smart contract ticketing system (SmartTickets™). EventChain solves many of the problems with current event ticketing systems available today while providing the additional benefits of using a blockchain as the foundation. Both the EventChain system and its tokens (“EVC Tokens”)

encourages everyone in the ecosystem, including all stake holders such as event managers of sport and concert events, party organizers, social clubs and ticket purchasers to sell or buy SmartTickets using EVC Tokens and other traditional payment methods.

EventChain will provide a simple user interface for event managers to manage and execute SmartTicket sales globally for small to large events supported by the underlying blockchain technology and EVC Tokens, empowering a true peer-to-peer network for buying and selling tickets to events.

EventChain has the opportunity of becoming the first real world blockchain application that is widely adopted by the general public without any need to understand the underlying distributed technology.

Decentralization

EventChain will develop a decentralized modular SmartTicketing network upheld by a peer-topeer platform. Centralized event ticketing infrastructure is vulnerable to malicious attacks and single points of failure. By selling SmartTickets and processing transactions on the decentralized EventChain token network built on the Ethereum blockchain, everything is secured by 256-bit cryptography that will protect from fraud and prevent malicious attacks against the network.

Mission Statement

EventChain’s mission is to:

Solve a long list of issues for event ticket sales by providing the advanced functionality of SmartTickets using EVC Tokens. See following sections for details.
Provide holders of EVC Tokens with benefits such as early bird tickets, priority seating and discounted pricing.
Foster the utilization of EVC Tokens inside the EventChain SmartTicketing platform. Although EventChain will utilize various payment gateways that accept EVC Tokens to purchase products and services from over 205,000 vendors across 182 different countries, all significant ticketing benefits will be available only to those using EVC Tokens.

EVENTCHAIN FEATURES

EventChain Oracle

EventChain’s Oracle will be set-up to push and pull data from smart contracts to alleviate computational stress from the Ethereum Virtual Machine and will communicate through an integrated EventChain plugin, distributable across the web for access to ticket purchases and interaction with the SmartTickets system.

Data Analysis

SmartTicket meta-data about event related information can be used for statistical analysis. For example, event creators can forecast future ticket sales using variables like the quantity of SmartTickets sold for each event, how many were initially available and how quickly they sold and at what prices. This information is recorded in real-time so the amount of SmartTickets remaining to upcoming public events is transparent for everyone to see.

Forwarding Contracts

When an RSVP deposit or partial payment for an event is needed, EventChain will utilize forwarding smart contracts” where transactions can be initialized and the terms are guaranteed by the SmartTicket system, enforceable until the event is completed or whenever the custom timestamp expires.

SmartTicket Digital Collection

Each SmartTicket purchaser will have access to a permanent record of which events they attended based on their transaction history displayed through the EventChain transaction framework on the EventChain Oracle, creating a digital collection of ticket stubs and a literal “chain of events” to recollect memories over and to share with friends and family or on social media. These extra features incentivize the adoption of the SmartTicket platform. As the network grows, so will the utility of the EVC Tokens for operation and value added features.

Pricing Solutions

Finally event creators control the pricing of tickets on the primary and secondary market. SmartTickets are fully programmable, enabling smart contract code that can peg tickets at a permanent price, designate a maximum markup value, in currencies like Bitcoin, Ether, EventChain Tokens or fiat.

Counterfeit Solutions

Each SmartTicket has a unique sequence number on the blockchain that makes it impossible to be sold multiple times or counterfeited on the network. An integrated ticket resale reputation system allows event ticket vendors and resellers to build and grow their reputation in the secondary market. Scalpers will be clearly identified by their SmartTicket reputation.

Transparency Solutions

See how many tickets have sold so far and how many remain for public events inclusive of primary and secondary markets. Using the Ethereum blockchain as a foundation for EventChain brings a higher level of transaction accountability, scalability and fungibility to the event ticketing industry than any existing centralized ticketing architecture available.

Scalability Solutions

Ticketing platforms receive heavy traffic on the ticket release date. EventChain SmartTickets will be distributed on an unlimited number of websites through a plugin, dispersing traffic away from a centralized server, avoiding potential crashes and allowing significantly more people to buy tickets simultaneously.

PRE-TOKEN SALES

Pre-Token Sales are offered to create an initial marketing budget to raise awareness of the SmartCity EventChain system and to build and promote community relationships with the crypto community. The Pre-Token Sale has been launched and will remain open until there is a fully subscribed or Phase-1 Token Sale begins. If Pre-Token Sale is not fully subscribed, unsubscripted token will be assigned to Phase-2.

PHASE 1 SALES TOKES

Phase 1 will be launched on September 13, 2017 and will remain open until fully subscribed or EventChain decides to close the Phase 1 offer, at which point the Unsubscribed Stage 1 token will be allocated to Phase 2.

PHASE 2 SALES TOKES

Phase 2 begins when the Phase 1 offer is completed and also includes an unsubscription of Pre- and / or Phase 1 to grant end-user adoption to gain EventCoins before the end of the contribution period.

Token Sales Period

Phase 1 and Phase 2 of token sales will be available for a maximum period of 2 weeks. Any EventCoins remaining after that period will be altered for future use of EventChain as determined by the Board of Directors.

The total supply of EventCoins is allocated as follows:

54.600.000 (65%) of EventCoins distributed to the participants, immediately liquid after the token sale expires.

12.6 million (15%) of EventCoins is distributed to an EventChain legal entity. This token will be skipped for a two year vesting period where 25% of tokens will be open every six months, starting from the date the participant receives their EventCoins.

1,680,000 (2%) of EventCoins are reserved for Social and Bug Bounties accounts. EventCoin allocation will be used for translation, marketing, business bounties at the social level, bug rewards for token sales contracts EventChain and other incentives to strengthen honest behavior on the EventChain platform on an ongoing basis.

6,720,000 (8%) of EventCoins are reserved for event sponsor accounts. Allocation EventCoins will be used to accommodate and sponsor events around the world, organizing EventChain events and events-related events for further community engagement.

8.4 million (10%) of EventCoins are reserved for initial contributors. EventCoins allocated to corporate advisers and partners will be skipped on the same terms as EventChain’s EventCoins, with a two-year vesting period and a six-month cliff with a 25% release every six month period, starting from the date the participants receive their EventCoins. Initial contributors who receive EventCoins instead of wages will not be altered.

After a period of three years, EventChain will have the option of continuing to utilize the bounty, sponsor and initial account of the contributor or to assign a portion of the remaining unused EventCoins in the three accounts to the legal entity EventChain