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Author Topic: Pre ANN EventToken [EVENT] solution based Crypto Currency  (Read 1048 times)

EventToken

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Pre ANN EventToken [EVENT] solution based Crypto Currency
« on: November 13, 2014, 11:13:04 AM »



EventToken is a multi layer crypto currency aimed at the multi billion dollar events industry, and specifically the festivals market and aimed at solving the specific issues around people using cash at food and merchandise vendors. At many events people go there for several days and the majority of vendors are not set up or able to accept card payments, but carrying large amounts of cash around is risky for many reasons. Our solution is to give event goers and vendors a fast safe and secure way to exchange value at a guaranteed price and pay less processing fees than if using cards and merchant services.

Our main asset will be event token [EVENT]. This will be a freely traded on exchange crypto currency, with standard market volatility.

The problem arises here that vendors and users of the coin want to have a guaranteed price for their token, so users can buy and top up their tokens and vendors get a guaranteed price for their goods. The general public and vendors using a coin do not want volatility, crypto traders need volatility so we need a solution that can solve this for everyone.

This is where EventHub comes in

EventHub will allow EventTokens to be exchanged into a new sub token, and then exchanged back again at a ratio of 1:1.

These sub tokens will be used as coins at specific events at a fixed price, before being exchanged back into EventToken when no longer needed.

This innovative solution creates a closed loop eco system, only in place while the event is on, enabling a fixed price to be achieved for the sub token. We will be providing charts and info graphics on this at a later date for people to be able to understand the flow. However in the interim here is a basic explanation.

Lets create a hypothetical festival CryptoStock. CryptoStock has 100,000 people attending

1 Million Event token are swapped at EventHub and 1  million CryptoStock token are created. We peg the value of CryptoStock token at 1 token = $1

We then enable our mobile app for CryptoStock and create wallets for all vendors at the festival and give them QR codes



From the official festival website and top up stations on site people can buy CryptoStock tokens from us for $1

People then spend the tokens with vendors on site

Our mobile wallet is really simple and has only 2 options. Top up, allowing them to buy more tokens and buy. The buy button simply allows you to enter an amount and then scan the vendors QR code

At the end of the festival, vendors return the tokens to us and we give them $1 minus a 1% processing fee for each of their tokens.

As the tokens spent with the vendors were all bought from us we have the USD already to pay the vendors, and we are left with our 1% cut

The event organisers get .25% of the 1% as an incentive to use the token at the festival / event


festival done and CryptoStock token is no longer needed, we convert them back into EventToken at EventHub until next time we have an event, where we create a new token again.


This closed loop system enables us to have fixed and guaranteed price tokens, usable by people attending events and vendors with no risk of price volatility.

It also creates buy support on exchange for EventToken, as our organisation grows and more coins are needed to convert to specific event assets we will be purchasing off exchange.



So at the core of our project are the following


EventToken

EventHub

Mobile easy use wallet.


Features ready at launch

Highly advanced wallet featuring -- In wallet trading, in wallet messaging, in wallet live stats, in wallet block explorer and in wallet chat  --- already fully complete and tested






We have further plans to develop a crypto based ticket system for people to be able to sell tickets to events, using the same format as above.

To come before ICO finishes

White Paper

POD

Infographics.







the benefits of this for crypto users, event goers, event vendors and event organisers are all huge.

1. We will be buying EventToken from exchanges to create specific event assets and then leaving them off exchange, making supply on exchanges smaller and increasing value

2. Event vendors and goers will not need to worry about carrying large amounts of cash on site

3. event organisers get extra income

4. people can create tokens for their own events using EventHub







Coin Specs

Stage 1: Proof of Investment -- 10 million Coins will be distributed by ICO -- details to be confirmed

Stage 2: pure PoW -> first 10 days will be pure PoW

Stage 3: hybrid PoW/PoS -> will be a hybrid PoW/PoS stage

Stage 4: PoS  -> after that the PoS system will be generating blocks


Specifications:
algorithm: scrypt
blockreward: 20 EVENT (no block halving)  -- First 500 blocks are zero reward
total POW + ICO coins: 12 million coins
blocktime: 1 minute
PoS reward: 4%

 

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