Aventus describes itself as “a revolutionary global standard for a more fair, secure, and transparent ticketing industry.” Read our Aventus review today to find out how it works.
What Is Aventus?
If there’s one industry that severely needs to be disrupted, it’s the event ticketing industry. Websites like StubHub and Ticketmaster are notorious for their high fees. Aventus aims to disrupt the industry using a fair, secure, and transparent blockchain-based technology.
The Aventus event ticketing solution “practically eliminates fraud and unregulated touting”, explains the official website. It also makes it easy for organizers to create, manage, and promote their events and tickets while enjoying drastically reduced platform costs. Event hosts can also set price controls or receive commissions on secondary market sales.
Some of the unique features of the Aventus platform include creating tickets on the blockchain using Ethereum smart contracts, which means that it’s impossible to create counterfeit or duplicate tickets for the event.
Another feature is the ability to tie tickets to someone’s face – so when the event takes place, you can see whether or not the ticket holder is the original ticket buyer.
Overall, Aventus promises to revolutionize the primary and secondary ticket sales markets while making them more friendly for fans and event organizers. Today, ticket sellers like Ticketmaster benefit from the primary and secondary markets – often at the expense of fans and organizers. Aventus aims to solve that problem.
Aventus has scheduled its crowdsale for July 19. A full public release is expected before the end of 2017.
How Does Aventus Work?
Aventus works in a straightforward way. You sign up for Aventus, then create your event for a fraction of the fees charged by other online ticketing hubs. You can create and issue tickets for anything – like drink vouchers or early bird entry.
Then, you can choose if your tickets can be resold – and in what price range. You can even set a fee that you’ll earn from each resale.
This makes it difficult to scam the system, and reduces the chance of an unfair, unregulated black market for tickets that ruins your brand name. We’ve all seen acts that face criticism for charging hundreds of dollars to tickets – when in reality, the tickets were priced fairly, but the resale market pumped up the prices.
Aventus also lets you promote your event using blockchain-based micro-payments. You can use the blockchain to create complex reward schemes for ticket buyers in exchange for generating more ticket sales. This decreases your promotional and advertising expense while increasing attention for your event.
Finally, on the day of the event, staff can easily verify Aventus tickets at the door with just a smartphone app. Aventus lets you sell tickets for a fraction of the cost on the blockchain.
Which Problems Does Aventus Seek To Solve?
Aventus describes the current ticket listing system as “broken”. The Aventus whitepaper describes how ticket resellers profit from unethical activity on the primary and secondary markets, often at the expense of fans and event organizers.
With the current system, “touts” (which is the British term for scalpers) often employ software programs (bots) that bulk-purchase tickets on primary markets. This causes the tickets for major events to sell out in minutes – mostly to resellers who never intended to attend the event.
The Aventus whitepaper describes how such purchases “contribute to around 60% of sales to popular shows”.
What Are Aventus Tokens?
Aventus tokens, or AVT, are the center of the Aventus ecosystem. The tokens are used to enforce the Aventus economic model. They reward participants for creating value (like voting on the legitimacy of events, buying tickets, promoting events, and matching buyers with ticket resellers).
The Aventus tokens are built on the Ethereum blockchain. There will be a fiat to AVT conversion mechanism that allows users to buy tickets easily.
Here are some of the core features of the Aventus platform:
Ticket And ID Validation:
A ticket and ID validation service where attendees’ faces will be scanned and compared to photos uploaded at the point of purchase using machine vision; this is done to reduce entry fraud at events, allowing organizers to track the performance of bouncers.
Advertising And Reputation Platforms For Organizers:
In-event advertising tools and reputation calculations for promoters with respect to sales generated in previous, similar events.
Primary And Secondary Market Sales:
An Ethereum smart contract-based system that allows for the creation and validation of events, while also facilitating ticket sales in primary and secondary markets (customizable according to the event organizer’s wishes).
Aventus will implement blockchain security, which means each ticket would have a unique identifier on the blockchain; once that ticket is on the blockchain, it’s impossible to create a counterfeit.
Owners reselling their tickets in the secondary market do not know to whom they are selling their ticket; the ticket is placed for sale, and all network participants can register their interest in purchasing it; ticket sellers are then matched to ticket buyers “in a pseudo-random fashion”.
Who’s Behind Aventus?
Aventus is led by Alan Vey and Annika Monari, two full stack engineers. Alan Vey has a Meng Computing (AI) from Imperial College, and wrote his thesis in blockchain-based film rights distribution. Annika Monari, meanwhile, has an MSci in Physics from Imperial College, and wrote her thesis on particle physics in artificial intelligence.
The company first developed its concept in December 2016. In May, they released their whitepaper, and in June, they released an alpha version of the Aventus software. In July, the company is launching its token sale, and by Q4 2017, they hope to have a public beta. Full production launch is scheduled for Q2 2018.
Ultimately, Aventus wants to disrupt an industry that sorely needs to be disrupted. The ticket selling industry is extremely inefficient. It’s not doing a good job for venues, event promoters, acts, or attendees. It’s filled with high fees and suffers from enormous problems with black market resales.
Aventus seeks to solve all of these problems when it launches later this year. Stay tuned for more information about the Aventus token sale, scheduled to take place in July 2017.