What Is Aventus?
Aventus is the product of Imperial College’s Cryptocurrency Research and Engineering Center. The company is based in the United Kingdom.
Aventus is a blockchain-based event ticketing solution that eliminates middlemen and resellers, putting the power back into the hands of entertainers and bringing the highest level of value to ticket-buyers.
But what exactly makes Aventus unique as a crypto token?
Consider popular event ticket purchasing platforms like Ticketmaster, wherein people access the website and buy up the tickets once they are released. In the case of most popular events, tickets will sell out almost instantly.
Some tickets are then put up for resale on platforms such as Stubhub at ridiculously high prices, forcing fans to dig deep into their pockets or stopping them from attending altogether. Even worse, there are instances where tickets are purposefully listed on platforms twice, leaving fans with counterfeit ticket copies that immediately get rejected at the entrance.
Aventus and AventCoin solve all these problems.
Aventus utilizes a decentralized Ethereum-based blockchain protocol. It allows event organizers to easily create, manage, and even promote their event and tickets without the steep costs associated with middlemen. Event organizers can also control their price marks on commissions and ticket resales.
Aside from having access to lower ticket prices, ticket buyers can receive rewards in the form of AventCoins for promoting events and helping to detect fraudulent activity. This blockchain-based innovation greatly improves upon today’s event ticket solutions. It brings greater oversight and complete transparency to the lifestyle of tickets, ensures safe and secure transfer of funds, validates the legitimacy of tickets, and can act as a new revenue stream for event organizers.
Aventus ensures ticket-buyers are never ripped off, thanks to their direct connections to the organizers. Being rewarded for promoting an event you already plan on attending is another great bonus.
Aventus eliminates out of control resellers and counterfeit tickets, making it the ultimate solution the event ticket industry has been waiting for.
What Is AventCoin (AVT)
Aventus’ protocol can only be used through the use of their underlying token, AventCoin. AventCoins sole purpose is to fuel the Aventus ecosystem, helping ensure all protocols run smoothly, autonomously, decentrally, and without the infection of fraud.
AventCoin can be used to serve a myriad of purposes. Primarily, AventCoin is used to cast votes to create a consensus on the quality and legitimacy of the following:
- The events themselves. Do specific events have groups of verified buyers attending previous events? Votes are cast to determine if any fraudulent activity is potentially taking place.
- Applications created by event organizers or other ticketing apps sit atop Aventus’ Ethereum-based protocol. Votes are cast to determine the legitimacy of an application in the network. This prevents outside apps from falsely claiming they’re using the Aventus system.
- Users are then able to vote on the parameters surrounding an event, such as ticket prices, fees, and so on. This helps users see which organizers and events will bring them the most value.
AventCoins are also used to facilitate the anonymous matching between ticket buyers and sellers. Matches are basically made by miners within the network. Miners get rewarded in AventCoins for facilitating ticket matches between sellers and buyers by solving complex computations.
Preparing for the Aventus ICO
Aventus is preparing to launch a crowdfunding campaign to help fund the development and marketing of the Aventus protocol.
The ICO will last for approximately 6 days and begins on September 6th, 2017 at 12 PM UTC and closes on September 13th, 2017 at 12 PM UTC. The minimum funding target stands at $6 million with a max funding cap of $15 million.
The current price is set at 92 AVT to 1 ETH.
Aventus plans to allocate the ICO funding in the following ways:
- 5% will be used to help create and implement a new user incentive program for users, strategic partners, and organizers during a 3 to 5-year period.
- 18% for the Aventus teams and advisors. 15.5% of this will be held for one year.
- 5% will be used for social marketing and bug bounties.
- 60% of the AventCoins will be sold in the crowd sale. These tokens will be liquidated immediately after the ICO ends.
To be a part of this new exciting blockchain-backed ticketing solution, there are a few steps you need to take.
First, you’ll need to create an Ethereum wallet since Aventus runs on the Ethereum network chain and will only be accepting ETH coins during the ICO. There are several Ethereum wallet options available for free, such as MyEtherWallet. Or, you can sign up for a popular cryptocurrency exchange for easier token management.
After you’ve added funds to your new Ethereum wallet, you will need to be prepared to send the funds directly to the Aventus Ethereum wallet upon the ICO’s opening. Use the wallet number stated on Aventus’ website. Do not use third-party sources to fund any ICO.