Tickets Cloud Kicks off crypto.tickets ICO

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Tickets Cloud, an online ticketing platform, launched the ICO of its Blockchain-based project crypto.tickets. A finite number of TKT tokens will be issued, based on smart contracts. Ticket Cloud hopes raise up to US$23 million.

Early investors will receive 20% extra tokens for the first two days of the ICO, 10% extra on the third and fourth day, and +5% for the next three days. After that, the tokens will be sold at no premium. TKTs will be sold for Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Ethereum Classic (ETC).

In addition, the company is planning a preliminary private offering for the crypto-community pioneers and members of the ticketing industry who will be offered a whopping 30% premium. The number of privately available tokens will be limited to the equivalent of US$2 mln, with US$50,000 minimum purchase.

The funds raised during the ICO will be invested in creating a Blockchain-based ecosystem of crypto.tickets. Blockchain will enable the ticketing industry to tackle its most severe current problems. In this case, Blockchain will allow crypto.tickets to become a universal decentralized ticketing platform open to all market players, both in Russia and globally. Crypto.tickets is not intended to compete with other ticketing platforms but will instead let any ticketing system and its customers benefit from the advantages of the Blockchain.

Crypto.tickets will offer ticket distributors access to all tickets in both primary and secondary markets. Smart contracts will ensure safety and transparency, while the integration with Tickets Cloud will allow interacting with any number of organizers and secondary market brokers within the framework of one contract, and one API.

The ecosystem of crypto.tickets simplifies and automates interactions between various participants of the ticketing market. The use of Blockchain will mitigate such persistent issues as fraud, fake tickets, uncontrollable resale, meeting sales quotas on ticket allotments, etc. All sales, refunds, exchanges, and other transactions will be completed using Blockchain; and all exchanges and obligations between all involved parties will be based on smart contracts. With crypto.tickets, all event organizers will be able to issue crypto tickets that can’t be duplicated or counterfeited and communicate with their customers more efficiently.

Cryptoticketing will enable original ticket issuers to extract more profit from resale transactions, or disable any further resale entirely, or limit sales to one ticket per person. These new capabilities make ticketing more flexible, at the same time offering the original issuer full control. Organizers will also be able to issue their own tokens and offer them as loyalty points, branded currencies, or shares in crowdfunding for their own projects.

Crypto.tickets will offer ticket distributors access to all tickets in both primary and secondary markets. Smart contracts will ensure safety and transparency, while the integration with Tickets Cloud will allow interacting with any number of organizers and secondary market brokers within the framework of one contract, and one API.

The new Blockchain ticketing platform crypto.tickets will include three products: Tickets Chain, already up and running Tickets Cloud, and Tickets Wallet.

Tickets Chain — is a Blockchain solution, which regulates interaction between all players at the market. Each event established in the system is a smart-contract, which is responsible for processing the payments, issuing and returning of crypto-tickets, for their transfer and resale at the secondary market — at the decentralized ticket exchange which works directly on the Blockchain.

Second product, Tickets Cloud, is a successfully functioning platform that enables global ticket open distribution. Moving the current users of Tickets Cloud to Tickets Chain, a decentralized Blockchain system, will allow them to develop and scale their business efficiently. All transactions within the system will be conducted in TKT, the system’s internal currency.

Currently, Tickets Cloud shows US$2 mln monthly turnover, a 500% growth from 2015 to 2016. Within the first three years of development, the project has raised US$1.6 mln. As of now, over 800,000 tickets have been sold within 950 contracts with organizer. In 2017, Tickets Cloud has become the first company whose ticketing platform is employed by the global internet retail giant AliExpress.

The third product Tickets Wallet is an online wallet (Web & Mobile Apps), which is used for a decentralized storage of crypto-tickets and internal tokens of the system: Tickets Chain of coins (TKT). A working prototype can very soon be downloaded from GooglePlay and Appstore.

Tickets Wallet will also be used as a new channel of communication with the audience. Both organisers and the artists will be able to provide additional content to the viewer from the moment the ticket is purchased. It can be all sorts of exclusive materials about the backstage, show preparation, photos and videos from the concert as well as the latest news.

The main advantage of crypto.tickets is their already functioning platform: investors are offered shares in a working business to help it bring the underlying technology forward by implementing Blockchain. The monthly turnover of Tickets Cloud has already exceeded US$2 mln, and the transition to crypto.tickets is expected to increase that number substantially. In turn, it will stimulate the demand for the tokens as every ticket sold for fiat money via Ticket Cloud and other Tickets Chain-connected systems will be structured as first a buy call for an equivalent number of TKTs on the exchange, then a sale of the ticket for tokens. This will boost the real, not speculative liquidity of the tokens. At the moment, Tickets Cloud is in talks with a number of online exchanges.

Over the past few years, the team has proven its worth in the dynamic ticketing market. This year, Tickets Cloud organized one of the more notable industry conventions, Moscow Ticketing Forum. The company currently employs 35 people, including over ten developers, all with vast experience in the industry.

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