Introduction on Aventus Coin
Aventus Coin is one of many cryptocurrencies. The ticketing industry has long been plagued by four issues: scalping, counterfeiting, oversight and advertising. Scalping refers to the automation of computer programs that allow for tickets to be purchased in bulk by bots once they go on sale, and later resold at inflated prices on the secondary markets (such as StubHub).
Fans and artists have been fighting against this problem for years. The same bots often list tickets that are sold on several secondary websites – the first person who buys gets the real ticket, while everyone else gets fakes and cannot get into the event. There are also a number of websites that only sell fraudulent tickets for both small and large events.
What is Aventus Coin?
The Ethereum-based economic model of Aventus Coin eliminates the uncontrolled resale and counterfeiting of tickets. Aventus coin allows promoters to offer their events and tickets at drastically reduced costs. This makes it cheaper to manage and promote the events.
You can even set price controls and receive commissions to resell tickets. There are also possible rewards for ticket buyers for promoting events and identifying fraudulent activities. Aventus’ innovations greatly enhance existing solutions by bringing transparency and clarity to the life cycle of tickets.
Aventus coin provides security in the transfer of tickets and ensures their validity. The platform offers new revenue streams for promoters and greater advertising opportunities. Aventus ultimately creates a global open standard for the ticketing markets.
How does it work?
The Aventus team aims to work with third-party developers to create and launch the first ticketing application in the sports and music industries. The Aventus Coin platform provides the tools to create and manage events and their tickets.
These applications also allow for the creation of advertising campaigns that can drive ticket sales. Participants can also buy tickets, receive bonuses and find new events. In the Aventus Coin system, each ticket has a unique identifier in the Ethereum blockchain, which makes forgery impossible.
This unique identifier is associated with the owner’s identity, which must be added to the primary market when purchasing the ticket. The identity of ticket holders is then confirmed against the identity recorded on the blockchain, before entry is granted. All data on the blockchain is secure because all information is encrypted or hashed to ensure complete privacy.
This solution alone would normally mean that tickets could not be resold. Out-of-band transactions could still be used to get some of the prices and thus create black markets. However, Aventus applies a clever solution that ensures that the user can resell his ticket, if he wants, only within a price range and to an unknown buyer.
This system provides secondary market control, which ensures that tickets cannot be sold outside the Aventus Protocol and that resale prices remain within the accepted limits to maximize participation.
Aventus also provides other service-level tools, such as an easy-to-use Ethereum Account Management Platform and a Fiat Crypto-Conversion Mechanism. This allows users to easily buy tickets, and organizers can quickly withdraw funds if they want to convert them to another currency – this will be done by a third party such as Uphold or MetalPay.
As an additional failover mechanism, the Aventus Protocol provides incentives for network participants to report fictitious or fraudulent events by using a decentralized blockchain consensus mechanism.
As with most smart contract systems, the Aventus protocol has its own underlying token, the AventCoin (AVT). The purpose of AVT is to boost the Aventus ecosystem and ensure that the protocol is autonomous, decentralized and free of fraud. AVT is used for the platform-weighted voting and consensus mechanisms to determine the legitimacy of the following events:
- Events on the log (such as the global pool of verified events): fraudulent events mean that applications that sell their tickets are losing customers, so this prevents them.
- Applications (either promoters or ticketing apps) based on the protocol: a list of verified applications must be determined so that applications that falsely claim to use the protocol cannot sell fraudulent tickets.
- The parameters that determine how the protocol works, e.g. event creation, fees or reporting fees.
The protocol is also used to facilitate the anonymous matching of buyers and ticket sellers in the secondary market. “Matchers” are like miners in the Ethereum/Bitcoin blockchain and are rewarded with new AVT for these calculations.
The winning matcher for a given ticket, such as with the validating miner of a given block, is selected by an AVT-involved weighted probability distribution.
Conclusion about the Aventus Coin
Aventus aims to create the first global open standard for the fair, secure and transparent creation, promotion and sale of tickets for events that are not controlled by any organization.
Aventus’ solution eliminates fraudulent activity and unregulated advertising on the secondary ticket market, allowing event organizers to set the minimum and maximum ticket price per ticket, as well as receiving the proceeds from the sale on the secondary ticket market. This project allows monitoring and transparency of the entire lifecycle of a ticket.
Aventus’ open protocol deprives the traditional industry of its monopoly on sales. Organizers can reach a wider audience by allowing anyone who becomes a promoter in the community to sell tickets. The Aventus Protocol allows event organizers to send their event to a trusted promoter. Any promoter who has an audience can sell tickets and receive commissions.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.