The team of Tickets Cloud, an online platform for open ticket distribution, is launching the ICO of its latest blockchain-based project called crypto.tickets.
An open architecture, completely secure platform, built with blockchain technology, will help to solve the main issues of the industry such as Increasing fraud impact with fake or doubled tickets, speculator bots and zero secondary market profit to artists and organizers and enable organizers to control the ticket sales process from end to end. The blockchain allows for a completely secure, auditable, and transparent environment for transactions to take place, and the smart contract code presents organizers with the ability to set up hard terms and conditions for ticket distribution such as the number of tickets to buyer ratio, money movement logic, billing, and payments.
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.
The ICO, scheduled to start on October 5, 2017, intends to raise up to US$23,000,000 from the sale of 914,869,281 TKT tokens being offered to the public.
The offering will last for four weeks. 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 Bitcoin Cash (BCC).
Tickets Cloud has already raised US$1,200,000 to develop crypto.tickets. Funds came from 2be.lu Investments, a fund based in Luxembourg, and BitFin capital, a Cayman Islands domiciled hedge fund, and from a group of private investors through a private offer.
Tickets Cloud has a monthly turnover of over US$2, 000, 000 and is offering investors shares in a fully functioning platform to help user its underlying technology forward. The transition to the blockchain-based crypto.tickets is expected to increase this number substantially.