Blocktix (BTX) An Ethereum based event hosting businesses
What is blocktix?
Blocktix is an Ethereum based, counterfeit-resistant solution for individuals and event hosting businesses to distribute, advertise, and transfer ownership of event tickets or passes.
Event hosting is an expansive and growing market, yet much like the financial industry, it suffers from constant, systemic challenges regarding fraud prevention, transfers of ownership and intermediary cost.
Utilizing Ethereum smart contracts, the Blocktix platform will leverage the power of decentralization to resolve the systemic issues currently plaguing the event hosting industry.
Blocktix will combine on-chain ticket distribution, a trustless p2p ticket exchange and an incentivised advertising network to create a single source event hosting platform that replaces the fragmented legacy systems currently in use.
The Blocktix platform will have a dramatic effect on the event hosting industry as it will reduce distribution, transfer and promotion costs up to 90% and create real-time accessibility for concertgoers to instantly obtain/sell tickets. These improvements will enhance the concert attendee's purchasing experience and amplify the event host's ability to return a profit.
We believe the Blocktix user acquisition plan will simultaneously grow the Blocktix and Ethereum ecosystems.
Although many counterfeit-resistant ticket distribution systems have been developed, some using central ledgers and even some proposed utilizing blockchains, most of these current solutions experience one major obstacle: user adoption. Event hosting businesses cannot use ticket distribution systems that have no users, regardless of the security benefits and cost savings those systems offer. The Blocktix team's experience in the event hosting and marketing industries, has enabled the development of an innovative and practical plan to solve the user adoption challenge. The objective of this three-part plan is to bootstrap the system with a network of users, making it economically advantageous for other event hosting businesses to host their events on the Blocktix platform.
A portion of the event hosting fees will be allocated to retain users and encourage reuse of the Blocktix system. After each new event, ETH/TIX tokens will be distributed to every application wallet that has used at least one ticket to a prior event. With each new event held, additional TIX/ETH will be distributed to each prior user. The continued disbursement of ETH/TIX will increase the value in each prior user's wallet and thereby create an increasing incentive to purchase additional tickets for concerts hosted on the Blocktix system.
Foundation Event Hosting
A portion of the future crowdfunding will be used by the Blocktix foundation to host a series of concerts. These concerts will be held near college campuses in California, focusing on venues capable of hosting 10,000+ attendees. In order to gain access to these concerts, the attendees will be required to purchase tickets through the Blocktix application, with ETH/TIX as the only accepted methods of payment. For most concertgoers, the desire to attend a concert and to see their prefered artist perform, will outweigh the small learning curve associated with using the Blocktix system. (see FAQ)
For these events, the non-profit Blocktix foundation will act as the event host rather than occupying a sponsorship role. As the event host, the foundation will retain the events' proceeds and any surplus revenue resulting from the events. All proceeds from foundation events, along with any surplus revenue, will be transferred forward and reused to host additional foundation events. This strategy will enable the foundation to host a long series of events, thereby adding tens or hundreds of thousands of concertgoers to the Blocktix network and, ultimately, introducing these individuals to the Ethereum ecosystem.
To help supplement the cost of events and extend the number of foundation events possible, the Blocktix foundation will explore sponsor partnerships with companies in the crypto-currency/blockchain space, focusing primarily on crypto-currency exchanges. As all Blocktix events will require ETH/TIX as the only method of payment, all concert attendees will need to have a basic exchange account. A partnership with the Blocktix foundation will allow an exchange to acquire tens of thousands of new customer accounts while also providing marketing opportunities at the events. These partnerships will add additional sources of revenue to Blocktix foundation events, thereby greatly extending the number of foundation events possible.
Rather than attempting to acquire a share of current crypto-currency users, the Blocktix user acquisition plan directly targets mainstream individuals (concertgoers) and exposes these individuals to crypto-currency. For this reason, we believe the Blocktix user acquisition plan will simultaneously grow the Blocktix and Ethereum ecosystems.
Attracting Event Hosting Businesses
The Blocktix user acquisition and retention plans have been designed to develop a network of Blocktix users, with an interest in event attendance. Access to this network will represent a valuable opportunity to target a concentrated base of tens/hundreds of thousands of users, with the additional benefit of each user possessing a wallet balance, ready to use toward purchasing tickets. The unique Blocktix platform allowing open access to this network of users will provide a very compelling economic and practical incentive for event hosting companies to choose the Blocktix platform when hosting their events.
Blocktix is an incentive driven system for both ticket users and event hosting companies; it adequately eliminates the limitations of existing platforms, including offering solutions for counterfeit and transaction fraud, reducing promotion associated fees by nearly 90% and improving the overall user experience. By providing solutions to the constant, systemic challenges in the event industry, Blocktix will swiftly become the most cost-effective and prefered platform for event hosting.
*The non-profit Blocktix foundation will operate in cooperation with for-profit event promotion companies, for-profit artist management companies, for-profit event venues, ect.
The Blocktix platform will require TIX Tokens to be used as a system access fee and to have new events show up on the event feed. TIX tokens will also be required to place in-application advertising. TIX and/or ETH tokens will be necessary to facilitate ticket purchases and P2P transfers. The hosting, transfer and marketing fees will be distributed to TIX token holders who participate in the event/advertisment verification process which is open and available to all TIX holders. Fee rates will initially be set as described below. Fee rateslaunch of the system
Posting fee based on number of tickets and total value of all tickets offered, roughly 2%.
2% of the value of all p2p transfers through the exchange platform.
A per contact fee for direct marketing to local users of the Blocktix application. The amount of this fee will be based on regional advertising network traffic.
Blocktix fees are designed to eliminate spam, compensate token holders
who participate in the event/advertising verification process,
discourage for-profit ticket trading (scalping) on the P2P exchange, and
to incentivise mobile application users to view event advertisment. There should be no expectation of profit from TIX token ownership or from the Blocktix system.
The Blocktix crowdsale will be an opportunity to acquire credits (TIX) to host events and advertise on a decentralized event hosting platform, built on Ethereum. Crowdsale funds will be allocated to complete development of the system, provide funding for the user acquisition strategy and fund promotions that will transition Blocktix into the most economically sensible platform for event hosting businesses.
stay tuned for more
Blocktix (BTX) Project Update & The move to a Company Entity
In the past few weeks we at Blocktix have been very busy with the legal side of things. Our goal is to build a real company, with real software that will change the ticketing landscape and real events that will attract real visitors. In talking with lawyers and our advisors we found that going the Foundation route could bring us some difficulties in the future.
Choosing the company route.
Switzerland has been the most popular location for blockchain-based projects to start their Foundations. The legal system there provides a good landscape for Foundation based blockchain projects to settle. As Blocktix we’ve also considered going this route, mostly because our primary goal is growing the users on the system.
However, to perform the plan that is Blocktix, and the user adoption plan specifically, money has to be earned from the event series we are planning. Creating an event series hosted by Blocktix will take time and money and requires us to grow in the marketplace, in other words: Make a name for ourselves.
This is especially true for festival-style events. To keep pushing the user adoption plan forward until we get the user base needed to attract outside organizers, these events need to return money so we can keep pushing the user adoption plan forward until that point is reached.
And therein lies the problem. As a Foundation we’d eventually run into problems with taking money from these events (if events produce a profit), money we’d need to realize more events as per our user adoption plan. Many governments or tax agencies in the world would classify the Foundation as for-profit and thus we had a decision to make.
The new company: Blocktix BV is currently being formed in the Netherlands, with Rob Schins as the CEO. Ryno Mathee will join the company as the CTO, overseeing the technical development of the Blocktix software. Gerlof van Ek will provide the creative side to Blocktix as it’s Chief Designer. Bojan Malešević will join Blocktix as an employee managing the Community and assisting the project where needed.
Crowd and Presale update.
Over the past weeks we’ve again seen tremendous growth of our social channels. Our twitter has reached over 450 followers and our Slack is not far behind with nearly 350 members joining so far. During this time we’ve received many questions regarding pre sale and we’ve made the decision to start selling TIX pre-crowdsale to allow current supporters an opportunity to purchase TIX if they wish. We are happy to announce that over 3,5 million dollars have already been raised to date in our presale, passing our minimum funding goal of 2,5 million dollars before the crowdsale even begins.
For those that still want to join our presale, you have until the 4th of July to join in, contact ‘Soepkip’ or ‘w000t’ on our Slack channel for details on how to join.
We are currently in the process of getting our ERC20 contracts audited for the upcoming Crowdsale the 7th of July.
Tokens sold during the crowdsale will be locked up for two weeks after the crowdsale end date. After which all tokens will be released simultaneous. The parties joining the presale will have to also sign a terms of sale agreement, like the crowdsale attendees themselves. If you joined the presale you will be contacted after the 7th of July regarding the terms of sale.
Further details for the Crowdsale will be released after the presale ends.
Marshall Hayner joins Blocktix as Advisor.
In the meantime we have more great news. Marshall Hayner, CEO and co-founder of Metalpay.com has, besides personally invested, also decided to accept our offer of joining Blocktix as an advisor. His knowledge in the payments field and start-up companies in general will be hugely beneficial and we really think he’ll be a great addition to the company as Advisor.
We are really happy to finally be able to announce our move from foundation to company. If you have any questions regarding this move you can always contact us in our Slack channel.
Also we are really excited to already have crossed our minimum funding marker. We can now officially start building the Blocktix software and start planning out our first events for 2018.
Please also welcome Marshall Hayner, known for MetalPay, trees.delivery and Stellar as an Advisor joining the fold. He also is available in our Slack channel.
All this news together opens the path to our public crowdsale on the 7th of July.
The Blocktix (BTX) Public Crowdsale
Today we are happy to announce the exact details for our upcoming crowdsale. The past few days have been amazing for the Blocktix community, since last week we added upwards of 450 people to our Slack alone and we’ve seen the interest in Blocktix grow tremendously. A huge thank you to everyone talking about Blocktix. We are excited to start building the product that will discrupt the event ticketing industry.
After a hectic week working with our notaries, advisors and lawyers to get everything ready we can now publish the details for the public crowdsale tomorrow. First, to answer the most asked question in the past 48 hours:
Tokensale will start on Friday 7th of July — 22:00 CET
Trusted Sources for information regarding the Blocktix Crowdsale:
We’ve already seen several attempts at scams in our Slack and other venues. Please be aware that the only Trusted Sources for information are:
- Our Medium blog.
- Our official website; Blocktix.io and Blocktix.org
- Our #announcements in the Blocktix Slack. (Only admins can post).
Be very careful, scammers are trying to steal your funds and we wish to prevent such scams from happening, always triple check everything before you send your ether.
The Blocktix Crowdsale Contract
The contract will deploy at 22:00 CET on the 7th of July and you’ll be able to acquire your TIX tokens at that time using Ether. The contract address will be made available on our website: Blocktix.io at that time, after agreeing to our Terms of Sale and confirming you are not a US Citizen or resident, nor are you acting on behalf of a US citizen or resident.
For the crowdsale we are using the daily average of Ethereum today: 270,48$ and we will be selling TIX in ‘Tier 3’, at 0.24$ per TIX as previously stated in our Crowdsale blog.
In short: 1 ETH = 1127 TIX.
After 8873,12 eth (2,4 million dollars) our hardcap is reached and any ether sent after the cap is reached will be rejected by the contract. The tokens will not be immediatly usable, the tokens will remain locked until we are ready to finalize the contract.
Our internal timeline is to finalize the contract on the 25th of July 2017, releasing the tokens for use by the general public.
- Do NOT send from Exchanges. Use MyEtherWallet, Parity or Mist to send your ether to our contract address.
- All US-based IPs will be blocked on our domain http://www.blocktix.io and http://www.blocktix.org during the crowdsale.
- By sending ether to our contract address you agree to our Terms of Sale and confirm that you are not a US Citizen or resident, nor are you signing on behalf of a US citizen or resident.
- All sales are final and as is.
Blocktix (BTX) The Contract Issue & Fix — 9/7/2017
The Public Crowdsale started on the 7th of July 22:00 CEST as envisioned. With our Slack locked down we effectively had a very clean and nice start of our crowdsale. In the first hours over 700.000$ was raised, and slowly grew up to 3917 ether (around 940.000$) in the first 24 hours. Making the total amount raised during Angel Funding, Private Pre Sale and Crowdsale go over the 6 million $ mark.
But then last night, on the 8th of July around 23:00 CEST we started getting messages that the contract was suddenly rejecting transactions, whilst them all having sufficient gas in their transactions.
We immediately sat down to look over the contract and see what the actual issue was. After some research we found the problem; the end date (the initialization parameter) was set to the wrong date; 8th of July instead of 28th of July. This means that, to the contract, the end date was reached and it stopped accepting funds all together, just as it was designed to work.
Since it is impossible to change that parameter after deploying a contract we had only one real solution: to write a new contract that would have to do the following things:
- Set at the intended end date of 28th of July, able to accept funds again.
- Move the currently raised funds from the old contract to a new multisig.
- Have the correct TIX balances for the previous buyers on the old contract.
After a night, morning and afternoon of planning, coding and testing the new contract we can now announce that the issue is now fixed. All previous balances are as they are supposed to be and the contract can now actively accept funds again until the hardcap or the actual end time of the 28th of July is reached. You can find the new address on our website.
We are very happy for the support that our community has shown us during this time. Reaching out with supportive messages and offers of help and keeping a positive attitude during this time.
We can now move forward with the fundraising and get the last $1,5 million raised and continue working on building out Blocktix as a company and technology. We are 80% of the way there and are intending to close out our crowdsale succesfully in the upcoming weeks.
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Sidenote: In Etherscan you’ll now find a ‘Token Transfers’ page; these are all the previous Token Balances of the old contract, the balances of the new contract will be added when we finalize the contract. If you send ether to the new contract these balances can be queried on the “Read Contract” tab on Etherscan, under “balanceOf”, by entering your address and hitting query.
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For previous token buyers:
To add the new contract to MyEtherWallet
- Navigate to the “Send Ether & Tokens” page on MyEtherWallet.
- Unlock your wallet.
- Click “Add Custom Token” on the right side.
- Enter the NEW contract address
- Type in what you want to call it — the name or the symbol. (TIX)
- Enter 18 Decimals
- Click “Save”.
To add the new contract to Parity:
- Navigate to the Contracts tab
- Click “+ Watch”
- Select Token
- Enter the NEW contract address
- Type in what you want to call it — the name or the symbol. (TIX)
- Click “+ Add Contract”
Blocktix (BTX) - Crowdsale Update
Today, the 25th of July 2017, we have had to close our Crowdsale early. The Parity Multisig hack caused a vulnerability in the crowdsale contract due to the hacked multisig being the owner of that contract. The open crowdsale contract was still vulnerable to malicious actors so we were forced to finalize the contract ahead of schedule.
Over the past week we’ve been working with the WHG to come up with a solution to preserve the crowdsale contract and save the ether while making sure TIX would be able to go live. We were unable to arrive at a solution without closing the crowdsale contract.
Last night WHG returned the funds they have been holding so we could finalize the crowdsale contract, save the ether and protect the TIX from an attack by a malicious actor.
This morning we performed this action and we have successfully finalized the crowdsale contract. All ether is now back in our control, except the 3916 ether still held by a second white hat party. We’ve been in contact with him and these funds will also return to our control in the upcoming days.
What does this all mean?
The Blocktix Crowdsale has now officially ended, with a total of 37,032,710 TIX sold, raising a total of 6,981,328$ in funds. Whilst not filling out our full goal of 7.7 million dollars, we are more than confident we’ll be able to realize the plan that is Blocktix in full form.
Performing the contract finalization means that our token TIX is now officially live. Everyone that bought in the crowdsale can now move around their TIX wherever they might please.
I bought in the presale and don’t see any TIX yet in my address?
Yes, due to the vulnerability in our contract we haven’t yet been able to distribute these funds. The prebuyers that have provided us with their ether address and signed their SAFT will receive their TIX in the upcoming 24 hours. This afternoon we will update the list and e-mails we’ve received over the past weekend and send out those SAFTs for signing also.
What happens with the remaining TIX in the contract?
With our finalization action (2905 ETH was sent) we received a total of 2,967,290 TIX in our own address. Of those TIX received, 100,000 TIX will be awarded to the WHG group as a donation and thank you for the help they provided during this time.
We feel burning the remaining TIX wouldn’t be the right way to handle these tokens, so we have decided to award them to you, the people that bought our token in the crowd/presale and trusted their funds in our vision for the ticketing platform of the future.
This means that the remaining 2,867,290 TIX will be distributed to those that joined the crowdsale and the presale. We will set up a claim contract in the upcoming week for these to be distributed. In short this means that for every 1 TIX you bought in our sale you’ll receive an extra: 0.0774258756650539 TIX
Besides the 100,000 TIX that will be sent to the WHG’s address, we as a team have also decided to set aside a total of 250 ETH to help make up for the funds lost by other Ethereum projects that were hacked by blackhat hackers. Once we have information available to send these funds, we’ll do so to help support these projects. Blocktix was fortunate that the WHG removed our funds prior to any black hat hacker and believe Blocktix should offer this contribution as a token of good will and in appreciation.
The Road Forward
Now that the crowdsale is closed and all our funds are safe, we can fully move forward with Blocktix. We are in contact with exchanges to get the TIX market added and hope to be listed by mid August. Until that time we’ll make sure everyone can claim their extra TIX and that the presale buyers get their TIX distributed to them.
Moving forward, we expect to provide bi-weekly updates on the development progress of Blocktix and updates to the event schedule when available.
We like to thank everyone that has bought TIX, helped us within the community (idol, bennybig and dizzle for being the awesome moderators in Slack as they are) and of course a very big thank you goes out to the White Hat Group for helping us during this past week.
Blocktix (BTX) Dev Update #1 - Addition to Services, Website, Development & Future updates
Welcome to the first ever update on the Blocktix development process. About three weeks ago we closed our crowdsale and in the meantime we haven’t been sitting idle. As you might have read in our previous blogpost we had to finalize the contract a lot earlier than expected due to the Parity Multisig exploit we, amongst many other projects, got hit by.
This meant that the timeframe for finalization of the token contract was moved up from ‘two weeks after the crowdsale’ to ‘immediately’ which created some issues with token distribution. We are now happy to announce that since this week, every token has been distributed to their respective owners, everyone that joined the presale and the crowdsale now has access to their TIX tokens.
The extra TIX we received by finalizing the contract have since been distributed amongst the community, giving everyone an extra 7.7% TIX from our token. Please check the address you used in our crowdsale to see these extra TIX available to you.
Addition to Services
Since we closed the crowdsale TIX has slowly, but steadily been added to many major services in the crypto currency sphere. Blockfolio, CoinMarketCap and CryptoCompare have all added the Blocktix token to their websites and now allow tracking of your portfolio both via web and mobile apps. Also, for those using Parity and MeW, TIX now works natively in these wallet services.
As for exchanges TIX is already trading at EtherDelta and HitBTC at this moment with a ether pairing available at both websites. From before the close of the sale, we have been working to arranging additions to several larger exchanges, this is a process that can take some time and that the exchanges themselves will announce if and when TIX will be trading at their exchange, including the trading pairs that will be made available.
Our website has served us very well during the crowdsale period, explaining to everyone that wanted to buy TIX what Blocktix is all about. Now that the crowdsale period is over we recognize the need to do some big changes to the website as to create an information site for fans, artists and organisers. We are hard at work with content writers, creating content for the planned new website and expect to be able to refresh the website and branding in the upcoming month.
Development of Blocktix
Immediately after ending our crowdsale we have pushed the development of Blocktix to our first priority. This first priority for development is creating an ‘MVP’, a Minimal Viable Product. This will be the first release candidate of Blocktix and will be completed within in the upcoming months. Currently our prediction is still to have the MVP ready for release near the end of Q4. Below an example of one of these wireframes:
As communicated in an earlier blogpost, we plan on giving bi-weekly updates regarding the development process of Blocktix. This means that every two weeks we’ll be releasing an update much like this one showing what we’ve been up to and how the plan is progressing.
Updates on the live events and other promotion news will be released when contracts are complete and we have approval from venues and artists management to release the information. We expect to give the official updates as we receive approval.