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.
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