TokenStub is a decentralized event ticketing marketplace built on the blockchain. Find out how it works today in our TokenStub review.
What Is TokenStub?
TokenStub, found online at TokenStub.io, is a decentralized, secure, and low-cost event ticketing marketplace built on blockchain technology.
The company has scheduled its token sale for August 23.
Most of us agree that the ticket sale industry is ripe for disruption. Today, online platforms like Ticketmaster and StubHub charge enormous fees to both buyers, sellers, and event hosts.
Despite the high prices, these platforms are plagued with problems. They’re frequently targeted by sophisticated resellers who use bots to purchase the majority of tickets, then sell them on secondary markets for inflated prices. Consumers still pay the same high “convenience fees” for each ticket, but are getting very few benefits.
We’re all aware of the problems in the ticketing industry. Let’s take a closer look at how TokenStub plans to solve them.
How Does TokenStub Work?
TokenStub aims to solve crucial problems in the ticketing industry using a blockchain-based decentralized platform. They claim blockchain technology offers natural solutions to many of the challenges faced by the ticketing industry.
With that in mind, TokenStub will emphasize four core features:
The TokenStub platform uses a unique profiling and queuing system to ensure real customers can access primary ticket sales markets rather than bulk ticket buyers. This ensures individual customers have a greater opportunity than scalpers to purchase the best seats for an event or match.
TokenStub, like most blockchain platforms, has lower overheads than centralized marketplaces. Those savings are distributed to both buyers and sellers, which means lower fees. TokenStub charges sellers a 1% service fee on the price of each ticket sold in the market place. These fees are used to cover the platform’s operational expenses. Resold tickets, meanwhile, will have a 5% fee that gets passed on to the previous holders of that ticket. Buyers do not pay any fees.
Like other blockchain platforms, TokenStub emphasizes transparency. All transactions are publicly viewable on the blockchain. The entire community can see where tickets are going. In the current decentralized system, there’s no way to determine if a ticket seller has released a small portion of tickets onto the primary market, then dumped tickets onto secondary markets for greater profit (the TokenStub website claims that this “seems to be a common technique in the industry.”
With traditional ticket sales, after a transaction is complete, the seller no longer has any ties to the ticket. With TokenStub, upstream sellers of tickets continue to collect revenue each time the ticket is resold. When a ticket is resold, 5% of the profit over the previous sale is charged as a fee, then distributed evenly between all previous sellers of the ticket.
The TokenStub ecosystem revolves around a digital token called the STUB token, which can be used as currency on the TokenStub network. Holding its own token allows TokenStub to have greater control over fraud while minimizing fees.
The TokenStub Token Sale
TokenStub will issue a total supply of 200 million STUB tokens. 75% of those tokens will be sold in the token sale. You can purchase the tokens using BTC and ETH. There will be a maximum cap of $15 million.
The remaining tokens will be reserved for token sale bonuses (4%), escrowed for developers (6%), allocated to founders (5%), allocated for consultants (4%), allocated for marketing (3%), and allocated for legal (3%).
The ICO was announced on August 6. The presale is scheduled for August 18, with the ICO beginning on August 23.
By Q4 2017, TokenStub plans to publicly launch its fully-functional platform.
TokenStub has partnered with Sandgroper Technology and Victory Law Group, LLP to launch its ICO.
Who’s Behind TokenStub?
TokenStub is led by Sean McHale (CEO), Erik Velie, Esq. (COO), Dr. Philip Fernbach (Chief Strategy Officer), and Brandon Stuart (Chief Marketing Officer).
McHale has nearly 20 years of experience in the technology sector. He worked as CTO of Austrlalia-based startup eBooks.com, which was acquired by Proquest in 2013.
TokenStub plans to disrupt an industry that sorely needs to be disrupted. The only ticket sales industry is rife with fraud, high fees, and security issues. Centralized marketplaces like StubHub and Ticketmaster have a stranglehold over the marketplace (and obviously, countries outside the US have their own versions of these platforms). TokenStub plans to disrupt these marketplaces using a blockchain-based decentralized ecosystem.
To learn more about TokenStub, visit the company online at TokenStub.io. The company is preparing for its ICO taking place at the end of August. They hope to launch the platform before the end of the year.