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September 11 2017

ICO Alert Report: Eventchain

ICO Alert Report: Eventchain

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What is Eventchain?

Eventchain is a blockchain SmartTicketing system for fans to purchase tickets directly from artists and promoters using the Ethereum blockchain, creating verifiable SmartTickets on an immutable ledger and removes third party processing fees to save fans money and reward artists more appropriately.
The project goal is to solve many of the ticketing issues in the event ticketing industry today, including counterfeit ticketing, ticket scalping, excessive ticketing prices through cryptocurrency, smart contracts, and blockchain technology to make the industry fair for fans, vendors, and artists.
— Ashton Addison, CEO and Founder

Crowdsale Information
The first phase of the Eventchain crowdsale begins on September 13, 2017 at 4 p.m. UTC. The price per Eventchain token (EVC) is broken down across the phases as follows:

Phase 1: 1140 EVC per one Ether
Phase 2: 920 EVC per one Ether
Phase 3: 800 EVC per one Ether

The Eventchain token is an ERC-20 token and only Ether is accepted as contribution during the crowdsale. Each phase will end when all tokens allocated for that phase are sold or when Eventchain decides to end the specific phase. Phase 1 and Phase 2 will be available for a maximum of two weeks each. Any tokens not sold during the three phases will be locked in an Eventchain account for a three year period.

Any tokens not sold in Phase 1 will be sold in Phase 2, and any tokens not sold in Phase 2 will be sold in Phase 3.

Token Distribution Information
There are a total of 84,000,000 EVC tokens being created at the time of the crowdsale, with no other tokens ever being created. Tokens are available in the following phases of the token sale:

Phase 1: 11,000,000
Phase 2: 21,000,000
Phase 3: 22,600,000

There is a token sale cap of 54,600,000 EVC (65% of the EVC token supply). Tokens will be distributed immediately after the crowdsale ends.

Of the total 84,000,000 EVC tokens being issued, the following amounts are available for each category:

54,600,000 (65%) of the EVC Tokens are distributed to the participants, liquid immediately after the token sale ends.

12,600,000 (15%) of the EVC Tokens are distributed to EventChain’s legal entity. These tokens will be vaulted for a two-year vesting period, whereby 25% of tokens will be unlocked each subsequent six months, beginning from the date that participants receive their EVC Tokens.

1,680,000 (2%) of the EVC Tokens are reserved for a social and bug bounties account. Allocated EVC Tokens will be used for translations, marketing, and business bounties on a social level, and bug bounties for the EventChain token sale contract and other incentives to reinforce honest conduct on the EventChain platform on an ongoing basis.

6,720,000 (8%) of the EVC Tokens are reserved for an event sponsorship account. Allocated EVC Tokens will be used for accommodating and sponsoring worldwide events, hosting EventChain events and event-related activities to further community involvement.

8,400,000 (10%) of the EVC Tokens are reserved for early contributors. EVC Tokens allocated to advisors and corporate partners will be vaulted under the same terms as EventChain’s EVC Tokens, with a two-year vesting period and a six-month cliff, with a 25% release each subsequent six-month period, beginning from the date that participants receive their EVC Tokens. Early contributors that receive EVC Tokens in lieu of wages will not be vaulted.

Use of Crowdsale Proceeds
Marketing (58.4%) — EventChain’s goal is to change the global event ticketing paradigm. To accomplish this goal, marketing is crucial and will include a global marketing initiative of social media, internet marketing, traditional advertising, trade shows, events, sponsorships, etc. A key to our success, will be bringing awareness, education, and understanding of the advantages of the SmartTicketing platform, cryptocurrency, and blockchain technology to a worldwide market.

Development (18.1%) — design and development of EventChain’s SmartTicket system, Oracle and mobile applications. See the further development considerations below for details.

Operations (12.1%) — Ethereum network, bandwidth, server, general operational overhead expenses, and office space.

Staffing (10.1%) — Management, staffing, and contractors.

Legal (1.3%) — Incorporation, worldwide legal assistance, trademarks, and international compliance.

Ashton Addison, Founder and CEO
Ashton acquired a BBA with a focus in accounting and finance from the University of the Fraser Valley in 2016. Ashton has been a leader, entrepreneur, and technology enthusiast in blockchain technology since 2013. He has a decade of experience in markup languages and website development and founded the online FinTech and digital currency news broadcasting network CryptoCoinShow. Ashton also founded Shed Show Productions in 2012, a production company which created and managed multiple sold-out concerts. After underestimating the processing costs of event ticket providers, he managed a team to sell tickets directly to event goers. By applying his experience from cryptocurrencies and decentralized technology to EventChain’s SmartTicketing platform, he aims to make events cheaper and more accessible to everyone.

Hasham Ahmad, CTO and Lead Developer
Hasham is a senior full-stack developer bridging the gap between web 2.0 and 3.0 with Ethereum and solidity contract development. With major development experience in PHP, SQL, TDD, multiple JS Frameworks, and knowledge on at least ten different architectural systems, he is well versed in almost every type of project. Since his computer and business studies, he has created and managed numerous open source projects like Daikon Library, which also included advanced micro-framework integration.

Jesse Couch, Core Developer
Jesse is a veteran cryptocurrency trader and advocate. He is a veteran in the cryptocurrency industry, with extensive knowledge and programming experience as a developer of cryptocurrencies and tokens, as well as working in Linux, Apache, MySQL and PHP development languages. Being an experienced developer affords him significant insight into the best blockchain projects to participate in. Entering the blockchain space in early 2011, he has long term experience trading Bitcoin and altcoins, and currently manages the Shares Per Hour Virtual Reality Business Networking blockchain platform, integrating blockchain business with virtual reality on the forefront of innovation.

Chong Foo Chaw; Managing Director, Zhaolim Pte. Ltd.
Chong Foo has 25 years of experience in business management and start-ups across various industries and has served on multiple boards, advising and assisting in areas including strategic business planning, innovation, intellectual property management, and operations management. Mr. Chaw started his career with Goldman Sachs and Morgan Stanley, from 1992 to 1996, and now serves at the managing director of Zhaolim Pte. Ltd., an investment holding company. From 2000 to 2006, Mr. Chaw served as the president for Asia at Nasdaq-listed Internet Security Systems Pte. Ltd., a leading internet security software firm, which was acquired by IBM in 2006. Mr. Chaw received his MBA from the University of Texas in Austin in 1991.

Lance Shaler, Executive VP
Lance is the CEO of Click4Time Software Inc. for seven years with extensive booking industry knowledge. He taught computer technology at Southern Alberta Institute of Technology in Calgary, Alberta and has over 30 years in software development experience. Lance enjoys drafting and executing legal contracts, team building, corporate finance, and strategic planning. He was also the president and CEO of Sci-Com Data Services Ltd., which, following his tenure, sold for $63 million.

Dino Bassanese, Chief Product Manager
Dino is the president of Click4Time Software. He has many years of experience managing Software as a Service (SaaS) product development, including in-depth target market research, competitor and strategic analysis, feature specifications, website design, wireframing, UI/UX, and quality assurance.

Jay Addison, President
Jay is the CTO of Click4Time Software. Jay has been a professional broadcaster for over 25 years and covered the Inside Bitcoins convention in Las Vegas in 2014, interviewing 34 top CEOs and founders of blockchain based start-ups. Jay can be seen on Reuters Insider Financial Network, YouTube, DailyMotion and many other media channels.

Geoffrey Spooner, VP Sales
Geoffrey is a founder and Vice President of Sales at Click4Time Software. He has an extensive background delivering high-level technological solutions to enterprise clients across the globe. He has been responsible for establishing Click4Time’s corporate clients, successfully bringing booking solutions to users in over 15 countries with a track record of success in developing and emerging economies like Africa. Geoffrey specializes in internal and external growth-driven marketing strategies and is fully dedicated to growing the EventChain communities around the world.

Social Media
Slack: https://join.slack.com/t/eventchain/shared_invite/MjI5MTYyMzg2OTMyLTE1MDMyNDEwMzEtZWJmNjFlZmQxYQ
Bitcointalk: https://bitcointalk.org/index.php?topic=1978714
Telegram: https://www.t.me/EventChain
Youtube: https://www.youtube.com/channel/UC1ULGWsmJNqbNbMJ1MdNRjQ
Github: https://github.com/eventchain
Twitter: https://twitter.com/EventChain_io
Facebook: https://www.facebook.com/EventChain/


ICO Alert: How does the Eventchain token (EVC Token) function within the platform and why is it needed?

Ashton Addison, Founder and CEO: The Eventchain token has genuine utility within the EventChain platform and will be used for many functions, including creating events, buying tickets, resale features, and API access, but most importantly to make use of advanced SmartTicket benefits. Some of these features can’t function efficiently without a dedicated utility token. Integrating a token instead of using Ether is necessary for providing these privileges to users on EventChain’s platform.

ICO Alert: One of EventChain’s mission statements is to “provide holders of EVC Tokens with VIP benefits such as early bird tickets, priority seating and discounted pricing”. How does Eventchain plan to do this more effectively than traditional ticketing companies with more capital and a larger user base?

Eventchain: EventChain will allocate the savings from removing third party processing fees and ticket fraud savings and redirect it into giving back to fans directly. Unlike traditional ticketing, VIP fans won’t be forced into unnecessary credit card signup or promotional deals in exchange for benefits, they just need to have EVC tokens. Rather than having marketing companies providing benefits to VIPs, we will allow the artists make choices that build a deeper relationship with their fans.

ICO Alert: How bad is the counterfeit ticketing problem for vendors today? Would the ability to virtually eliminate counterfeit tickets through the use of EventChain’s SmartTickets be something that vendors would respond to immediately?

Eventchain: Counterfeiting is very bad for medium to large events today and this is in part because of ticket scalping and resellers trying to sell tickets through multiple secondary markets simultaneously. Eliminating counterfeit tickets through smart contracts and immutable ledgers would surely be something vendors would respond to if it makes business sense to them, which it does. Event tickets will have to be transferred or resold through EventChain’s SmartTicket exchange to ensure tickets are not counterfeit. One major benefit will be that artists and event promoters have the choice of secondary ticket resale markup limits if they wish, or they may prefer to leave the secondary tickets in an open market.

ICO Alert: Over 50% of the crowdsale proceeds will go to marketing. What are some of the marketing strategies that will be used to ensure Eventchain can break into a monopolized market?

Eventchain: We want to penetrate the market as the ticketing solution that uses technology benefitting everyone including fans, artists, and venues. A “do-it-yourself” Ticketmaster and Eventbrite competitor that solves ticketing issues using blockchain ledgers.
Initially, we will target tech conferences, business meetings, corporate events, and niche markets which embrace innovative technology. Smaller events will be inclined to use EventChain for its cost savings compared to a large ticket retailer.
We will market our distributed API to venues with existing event booking systems and seating planners who host the ticketing interface on their website. This interface enables vendors to take advantage of our SmartTickets without leaving the comfort of the artists or promoters website, allowing broader access to the event ticketing system, while also preventing centralization and single points of failure.
These are just some of the market penetration strategies we intend to deploy and as we establish a larger customer base, we will require extra marketing to remain competitive in the ticketing industry.

ICO Alert: How far along in development is the Eventchain project?

Eventchain: The EventChain SmartTicketing system is under-way. Our alpha distributed application demos the basics of allowing artists and promoters to create events and sell tickets directly to fans using EventChain tokens on the Ethereum testnet. The whole event creation and ticketing process is done through smart contracts and our web3 backend will allow developers to make any action through command line. The web2 sidechain will allow fans to purchase tickets using testnet cryptocurrency in their own built-in hot wallet that is used natively without any registration or logging into MetaMask. The DApp has been tested by the community already with positive feedback. We are on schedule to release a beta that includes resale features for secondary ticket markets and purchases with EventChain tokens and Ether on the Ethereum main net.

ICO Alert: Does the team have specific goals on a number of users or tickets sold through the platform?

Eventchain: We are looking to penetrate the open ticket market, not just concert tickets, although many of the ticketing problems we are solving are found in music and sports. Statista.com says that the worldwide market will exceed $50 billion per year in tickets sales by 2021. We want to disrupt the event ticket industry with extensive worldwide marketing focused on the advantages of blockchain ticketing to increase the adoption of EventChain SmartTickets. Within five years, we want to facilitate a minimum of 750 million ticket sales a year which is 1.5% of the ticketing market share in 2021. In due course, we want to completely disrupt the current ticket industry with smart contracts on the blockchain.

ICO Alert: In quarter four of 2018 Eventchain is planning on releasing smart-tickets for VR events. What would these VR events be like?

Eventchain: We want to create a truly immersive experience for fans from start to finish with innovative technology. Virtual Reality events will eventually provide the ability to sell more tickets to fans without increasing the venue capacity, but technology adoption and cost is currently a barrier. We’re first planning a VR SmartTicket booth where you can purchase tickets, upgrades, and digital merch in Virtual Reality mainly for non VR events. As VR technology becomes more predominant, fans will eventually be able to attend events using 360 degree 8k VR cameras, if they have the necessary equipment and bandwidth.

ICO Alert: As a non-Eventchain question we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?

Eventchain: Great question. ICOs and token generation as an innovative way to finance companies is still very new and will undoubtedly go through changes in regulation, guidelines, and compliance in the next few years. Right now, ICOs are akin to the wild west in most jurisdictions and some investors may get hurt. As a result, regulators are going to get involved to protect people. We are already seeing statements from central banks and monetary authorities globally addressing their views on cryptocurrency and ICOs. At the same time, many of these financial entities are creating ICO sandboxes for projects to play in and exempting projects from securities laws to observe in an attempt to not obstruct innovation. I believe ICOs will be the norm rather than be banned, and the ICO phase will evolve into a more structured and organized method of financing.
As for the cryptocurrency industry as a whole, the industry market cap will continue to grow larger as more awareness of the innovation spreads. Each new all-time high hits mainstream news. Herd mentality will bring fast price increases and spikes down as traditional traders adjust to 24/7 markets with different liquidity dynamics. We are only in the early adopter stages of growing peer-to-peer networks and cryptocurrency has the opportunity to revolutionize the way business is conducted on a much broader scale than just the financial industry. With the expansive growth we’ve seen in 2017 (from $10 to $150 Billion), a trillion dollar industry within five years is not out of the question.

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View the Eventchain Website here.

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(1) Eventchain Website, Eventchain, (2017)

(2) Eventchain Whitepaper, Eventchain, (2017)

Topics: Internet, Blockchain, ICO, Cryptocurrency, Finance