An Idea For TicketCoin/EventCoin Distributed App

Captain_PicardCaptain_Picard Member Posts: 9
edited March 2014 in Smart Contracts and Dapps
I posted this idea on the BitShares Forum and thought I would let the Ethereum team provide feedback also. Perhaps those interested and capable to build a prototype for this application will step forward on this forum and we can start to flesh out the code. Let me know what you all think...

Overview

This application will revolutionize the way events are launched and the way that tickets are issued. The application will enable users to launch a new event kickstarter style, issue digital tickets to early supporters, enable those tickets to be easily bought, traded, or sold prior to the event, and securely accept the valid tickets at the door to the event. This distributed app would enable a secure crytogrpahic representation of each ticket and frictionless purchase and sale of tickets online. Say goodbye to paper tickets, say goodbye to TicketMaster and Visa in the ticket-issuance chain. Say hello to lower ticket prices for users, say hello to more compensation for the host(s) of the event while reducing the costs/risks associated with launching an event.

Functions

Part 1 – Crowfunding Platform To Launch A New Event

Create a crowdfunding platform to launch a new event. The event will be held when x amount of funds are raised by selling individual tickets or ticket blocks. Those who effectively seed the event by purchasing blocks of tickets early may get a per ticket discount, but these parameters would be determined by the artist or event planner.

Part 2 – Issue The Digital Tickets Securely To The Buyers

Once the event has been crowdfunded (met or exceeded minimum funding), the DAC would issue and track ownership of the digital tickets. Tickets will either be inscribed on a blockchain or identified as digital asset using Ethereum. E tickets are accessible to the user using a mobile app or online account (no paper tickets).

Part 3 – Online Ticket Exchange

Create an online ticket exchange and escrow service that would enable tickets to be quickly traded or sold prior to the event. Prices for tickets might rise or fall prior to the event, depending entirely on supply and demand. In the same way that alt-coins are traded on an exchange, crypto-tickets could be bought and sold by participants at the market price. Ideally a user friendly app would display all of a users tickets on their mobile device or PC (like a wallet) and show current market values for each ticket based on the most recent filled orders on the exchange. In the same way that stock options expire if they are not exercised prior to the expiration date, tickets would expire worthless if not used to attend the event.

Part 4 – Ticket Acceptance At The Door

Attendees would need to have the QR code which represents their ticket scanned at the door to enter the event. Ideally each ticket could be assigned a specific seat if necessary and in accordance with the venue specifications.


Benefits Of The Application

• No issuance of paper tickets
• No risk of ticket fraud
• Lower fees for the entire ticket sale process by eliminating third parties like TicketMaster, Visa and Mastercard (unless fiat is used in which case a third party processor may charge fees to convert fiat into BTC)
• Less risk to event planner by pre-selling a certain amount of tickets prior to confirming the planned event (Kickstarter model)
• Less risk to ticket buyers who can easily exchange or sell their ticket if they choose not to use it or are unable to attend
• Price discovery mechanism (online ticket exchange) helps event planners maximize profit by determining likely market value for any future event

Monetization Opportunities

The DAC would be profitable by employing one or more of the following mechanisms:

• The DAC earns a fee for every ticket issued by the application, and every ticket bought or sold on the ticket exchange (the same way that Kickstarter and Bitcoin exchanges currently make money).

• Create an Asset/Token that represents the right to launch/attend an event. The value of the tokens would rise as the demand to use the application increases since you would need a sufficient number of them to launch an event - an amount proportionate to the attendance and value of your ticket issuance (eg. Super Bowl might require 1,000,000 ticketcoins to launch while a local busker might only need 20.

• Sell/license a version of the platform (software application) to individual artists or event planners for their own independent use.

Other Potential Uses For The Application

Other applications for this technology include hotel room reservations, seminars, movies, theme parks, airline tickets or any other service that involves issuing tickets or reservations for a future event. Essentially a ticket or reservation represents the option to engage in a particular experience. This application would allow the market to decide the value of the future experience, and enable owners of those options (tickets) to easily buy/sell/trade with minimal fees.


Commoditizing The Future

The larger vision in my view is the idea of commoditizing the future - a ticket represents the option to engage a particular experience in the future, and that option should have a market value that could be easily traded on a marketplace in the same way that we currently trade calls and puts on the stock exchange.

The implementation of this app would encourage early adopters to seed events they support, knowing they could potentially sell those tickets on an online exchange without having to deal with scalpers and all of the risks and fraud inherent with re-selling printed tickets. It would also allow event planners to secure minimum funding for an event, and properly price tickets for future events based on the market mechanism for establishing past ticket values.

I envision a future in which the right/option to participate in future events has a market price, and essentially becomes a liquid asset that is easily exchangeable for fiat, Bitcoin, or any other asset. Question: How to prevent the powers that be from "owning the future?"
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