There are many inefficiencies in the legacy ticketing industry (which meanwhile globally generates nearly 1 trillion USD yearly and plays an important role in international trade) such as absence of effective price discovery, inefficient second-hand market and lack of transparency for ticket buyers. This usually results in lost revenue for event organizers, inability to obtain tickets and higher prices for event attendees or even lost money because of the fake tickets.
And there is no excuse to have all these inefficiencies in the 21 century!
What it does
TrustEvent is a Stratis-based platform that utilizes blockchain technology to enable fair ticket price discovery through the use of Dutch auction, transparent validation and (re)selling of tickets in a controlled way. Event organizers will be able to sell tickets to any event and maximize revenue by selling tickets for a price determined by the market and removing the need for third parties such as payment processing and ticket distribution companies. Event visitors will be able to buy and transfer tickets in a safe and efficient manner without overpaying to ticket profiteers.
Event organizer creates an event and sets the number of tickets, starting and ending auction price and the duration of the auction. The price reduces gradually from the starting price to the ending price based on the auction duration. Event visitors place bets based on the current price. If tickets to the event are sold out the price of the tickets is determined by the smart contract price at the moment of each transaction. If an action ends and not all tickets are purchased than the price is determined by the ending auction price set by the event organizer (the minimum which is considered as sufficient by the organizer). The excess funds in this case are transfered back to purchasers at the end of the auction or during event check-in.
How I built it
TrustEvent is built on top of Cirrus Core (Hackathon Edition) to provide event creation functionality in addition to ticket purchasing and ticket transfer functions. It uses Stratis smart contracts platform as a backend and in particular ERC721-like non-fungible token which serves as a ticket in the app.
Challenges I ran into
Setting up local dev environment without running a local node.
Accomplishments that I'm proud of
Creation of a functional application on the previously unknown platform.
What I learned
How to write smart contracts on Stratis platform.
What's next for TrustEvent
- Ticket validation and check-in at event
- Real life testing during Stratis live events;
- Possibility to use it as a webapp (Stratis web-browser extension wallet is required);
- Mobile app for event visitors;
- Different ticket types for an event (VIP, special edition, etc);
- Upsells for event organizers;
- Marketplace for second-hand ticket sales.