EventChain is a blockchain-based platform that aims to revolutionize the event booking and promotion industry. Find out how it works today in our EventChain review.
What Is EventChain?
EventChain, found online at EventChain.io, describes itself as “the future of SmartTickets.” The company aims to bring blockchain ticketing to the masses through the use of EventChain tokens and a decentralized app (DApp).
The EventChain DApp – currently in alpha form – can be found online today at alpha.eventchain.io.
As an EventChain token holder, you can spend tokens to create events and buy tickets. There are three layers of technology, including the DApp as well as Web2 and Web3 platforms.
Overall, the goal of EventChain is to decentralize event ticketing using blockchain technology. Through decentralization, EventChain will provide blockchain-related benefits like better transparency and lower fees. That means no more ticket scalping, counterfeit ticket sales, and other problems within the industry.
Today, event promoters and hosts are forced to rely on centralized platforms like Ticketmaster to sell tickets for their events. These platforms charge enormous fees and rarely prevent problems like ticket scalping. The end result is that fans and event hosts are unhappy.
EventChain plans to solve these problems by allowing users to create events and issue tickets through the platform.
The EventChain token sale is scheduled for September 13, 2017. The token sale is expected to last for about two weeks.
How Does EventChain Work?
The EventChain ecosystem revolves around the use of SmartTickets and EventChain Tokens (EVC).
Using the blockchain platform, users can purchase tickets from anywhere in the world. EventChain will decentralize ticket sales and solve many of the problems associated with today’s centralized ticket platforms.
Centralized ticketing systems are plagued by fraudulent practices and malicious attacks. A decentralized ticketing system promises to put power “back in the hands of event managers and event-goers”, explains an official press release, while also putting an end to “malicious attacks on the network by using a 256-bit cryptography.”
The EVC tokens are built on the Ethereum blockchain. Those who hold EVC tokens will get special privileges on the platform, including early bird discounts, reduced ticket prices, and priority seating.
The platform plans to use a number of different payment gateways. There are also plans to add 205,000 vendors from 180+ countries.
EventChain’s alpha currently supports all of the following features:
Create Events Anywhere: You can use the EventChain mobile app or desktop client to create events and issue tickets.
Set Ticket Conditions: Peg ticket price floors, ceilings, and other custom variables for resale tickets.
Control Resale: Event creators can set price controls on tickets, spot scalpers with the EventChain reputation system, and pay promoter commissions in a transparent way.
Fast and Easy Ticket Sales: EventChain’s app makes it easy to purchase tickets quickly.
Transparent and Fair: Blockchain technology displays the total number of tickets available, including how many sold and unsold tickets remain.
Digital Collections: Build and grow your digital ticket wall and share event memories with friends and family.
In the future, EventChain plans to implement more features into the platform, including all of the following:
Pricing Solutions: Event creators control the pricing of tickets on the primary and secondary markets. SmartTickets are fully programmable, enabling smart contract code that can peg tickets at a permanent price, designate a maximum markup value, or attribute any other individual or group ticket pricing variables in either market.
Anti-Counterfeiting Solutions: EventChain wants to prevent counterfeiting using a unique sequence number on the blockchain. This sequence number makes it impossible for a ticket 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 as resellers in the secondary market. The SmartTicket reputation system will make it easy to spot scammers.
Transparency Solutions: See how many tickets have sold so far, and how many tickets remain for public events on both the primary and secondary markets. EventChain uses the Ethereum blockchain to provide better transparency and security.
Scalability: EventChain SmartTickets will be distributed on an unlimited number of websites through a plugin, which moves traffic away from a centralized server. Typically, ticket platforms crash with the launch of a big event. EventChain plans to solve this problem using a plugin available on multiple websites.
Who’s Behind EventChain?
EventChain is led by CEO Ashton Addison. The company is headquartered in Singapore. Full details about the management team, development team, and other members of the EventChain team are available in the whitepaper.
The EventChain Token Sale
The first phase of the EventChain token sale will launch on September 13, with a pre-sale taking place just before. A total of 54.6 million tokens (65% of the total EVC token supply) will be available across the two phases of the token sale and the pre-sale.
There’s no end date for the first phase of the EventChain token sale. The token sale will stay open until the tokens are fully sold, or until the company decides to end it and start phase 2. However, phase 1 and phase 2 of the token sale will be available for a maximum of two weeks, according to the EventChain whitepaper.
The world ticketing industry has been a major target for blockchain companies. EventChain is one of several companies aiming to introduce the benefits of decentralized blockchain technology to the ticketing industry.
EventChain’s blockchain technology aims to provide transparency, security, anti-counterfeit measures, and an overall better environment for ticket buyers and sellers – both on the primary and secondary ticket markets.
You can learn more about the platform today by visiting EventChain.io.