TokenStub - Decentralized, event ticketing marketplace built on the blockchain
What is TokenStub?
TokenStub is a decentralized infrastructure for event ticket sales, which aims to disrupt the $33 billion event ticketing industry. The ticketing industry is plagued with problems. Consumers are blocked from the primary market due to the proliferation of sophisticated resellers who use bots to buy up the majority of tickets. When consumers are able to access the primary market, typically only subpar seats are available – and customers must pay exorbitant fees to secure those seats. If tickets to an event are sold out, consumers typically turn to the secondary market to source their tickets. On the secondary market, they also pay high fees and risk fraud due to the lack of transparency.
TokenStub’s blockchain-based decentralized ticketing platform provides natural solutions to many of these challenges and promises a fair, efficient and secure marketplace for both buyers and sellers.
Benefits of TokenStub
TokenStub's blockchain-based, decentralized infrastructure provides natural solutions to many of the challenges facing the ticketing industry as a whole and promises a fair, more efficient and secure marketplace for buyers and sellers.
1. Improved access to the primary market for consumers
The TokenStub platform utilizes a unique profiling and queueing system to ensure that real customers are able to access the primary ticket sales market rather than bulk ticket buyers. This ensures that individual customers have greater opportunity than the scalpers to purchase front row seats
2.Consumers and retailers pay lower fees
Unlike a centralized organization such as Ticketmaster, TokenStub has very little
overhead and is able to distribute those savings
to both the buyers and sellers. TokenStub only
charges the seller a low 1% service fee on the
price of each ticket sold in the marketplace.
Service fees are used to cover TokenStub's
operational expenses. Resold tickets incur a
5% fee passed on to the previous holders of
that ticket. Buyers do not pay any fee.
Compare this to StubHub where the seller pays
a 10% fee and the buyer pays a 22.5% fee.
3.Retailers get a piece of downstream transactions
With traditional ticket sales, after a transaction is complete, the seller no longer has any ties to that ticket. With TokenStub, upstream sellers of the tickets continue to collect revenue each time the ticket is resold. Whenever a ticket is resold, 5% of the profit over the previous sale is charged as a fee and distributed evenly between all previous sellers of the ticket.
4.Transactions are transparent and protected from fraud
Unlike traditional sales channels, all transactions occurring on the blockchain can be viewed by the entire community. In the current market, there is no way to determine if a primary ticket seller has released a small portion of their tickets on the primary market and subsequently dumped the rest on secondary markets with a massive markup, which seems to be a common technique in the industry.
5.The TokenStub platform is scalable and more reliable than centralized architecture
As a ticket buyer, nothing is more frustrating than arriving early for a ticket presale, waiting patiently as a web page repeatedly refreshes only to receive an error message stating “We were unable to process your request. Try again later.” As demand for an event increases, legitimate buyers and scalpers, utilizing multiple cloud computing instances, inadvertently launch distributed denial of service (DDoS) attacks on Ticketmaster's servers. This inevitably causes their databases to become overwhelmed and their servers to become unresponsive. With TokenStub's distributed architecture, there is no longer a single point of failure. This ensures a responsive, high availability platform, which can withstand increased surges in load.
TokenStub THE KEY BUSINESS GOALS ARE:
1. To disrupt the corrupt event ticketing industry
2. To lower prices and increase access for consumers
3. To foster transparency in ticket sales
Crowd Sale Details
The TokenStub ICO crowd sale is scheduled to
begin on August 23 at 08:18 (UTC+8) and
aims to raise a maximum of US$15 million.
Total token supply: 200 million (200,000,000)
STUB, of which:
• 75% sold in the token sale
• 4% reserved for token sale bonuses
• 6% escrowed for the developers
• 5% allocated for founders
• 4% allocated for consultants
• 3% allocated for marketing
• 3% allocated for legal
The tokens will be priced at US$0.10 with a minimum purchase amount of 1,000 STUB. Tokens can be purchased with both ETH and BTC on tokenstub.io. The ICO will consist of 10 rounds commencing on August 23.
Bonus for Early Buyers
Early buyers will be rewarded with bonus tokens as subsequent rounds sell out. For every subsequent round that sells out, buyers will earn 1% of their original token purchase, up to a maximum of 9%, for buyers in round 1. The table below illustrates the round-by-round details for the crowd sale and the potential bonus tokens awarded if all 10 rounds sell out:
If the ICO does not sell out all 10 rounds, then bonuses will be awarded based upon the number of rounds which were fully funded subsequent to the completion of the round of the participant's contribution. This is illustrated in the following table:
For example, if a buyer participated in Round 2 and the ICO ended in the 7th round, he or she would receive a 4% bonus, because rounds 3 through 6 were fully funded.
Investors seeking to purchase amounts of 500,000 STUB or more are eligible to participate in a token presale. For additional information on the presale, contact [email protected]
Post-ICO Fund Allocation
The funds raised during the TokenStub crowdsale will be used according to the chart shown below. TokenStub will be open and transparent about all fund movements and sales to support any portion of the plan.
Developers - In addition to the core team members, the TokenStub ecosystem will need to contract external software developers to build and enhance the product. Future development plans for the project include APIs for 3rd party applications such as mobile apps, content management and reporting systems to utilize the platform. At 50% of the budget, this represents the largest cost allocation.
Marketing - The worldwide adoption of theTokenStub platform will rely heavily on the experiences others have on the system. However, early customers will need a way of discovering the service to begin with. As such, the marketing directed towards end consumers will largely be channeled through social media influencers. Another portion of the marketing budget will be directed toward venues, performers and event organizers to convey the benefits and savings on the TokenStub platforms.
Legal - As there is a certain amount of uncertainty in the cryptocurrency markets, it is imperative to set aside necessary funding for legal representation as rules and regulations surrounding such projects evolve. Additionally, as laws governing the resale of tickets vary by jurisdiction, a portion of the legal budget will go towards global advocacy and promotion of the platform.
Consultants - Additional development, marketing and strategic consultants may be needed for TokenStub to reach its ultimate potential. To support this effort, 15% of the ICO funds have been reserved to ensure that there is sufficient funding to incentivize the leaders of the ticketing, technology and cryptocurrency worlds to assist with the TokenStub revolution.
Accounting - To ensure that stakeholders are able to evaluate the performance of the platform and to improve overall transparency and accountability in the ecosystem, it is essential that thorough accounting is done on a quarterly basis at a minimum and more frequently in the early stages of the platform.
During the ICO, 6% of the minted tokens were escrowed for the TokenStub developers. Half of these tokens are to be escrowed for one year while 20% will be escrowed for six months. The remaining 30% will be released and split among the team members and advisors.
Wallets launch - allowing users to send and
receive tokens, stake and host masternodes.
Commence efforts to create STUB community
governance. Trading STUB on public
cryptocurrency exchanges. Money
management consultants engaged for treasury
TokenStub platform on Testweb. Ongoing
marketing efforts with venues and performers.
Aggressive mid-tier and top-tier influencer
Android and iOS STUB wallets release.
TokenStub platform public beta release. API
development. Partnerships with independent
ticketing brokers, venues and entertainers
Android and iOS apps for ticket exchange
platform. Mass marketing efforts to promote
awareness, increase market share and exert
influence on the ticketing industry.
Negotiations with Ticketmaster's former
exclusive partners. Release of decentralized
governance to the TokenStub community
Continue mass marketing efforts for
awareness and penetration into foreign
markets. STUB Platform upgrades, wallet
upgrades, IOS & Android application upgrades
Aggressive growth in market share along with
platform add-ons for fan clubs. Additional APIs
for 3rd party software developers. Initiatives
for worldwide education and marketing.