Aventus Token Sale Details
July 19, 2017
Please see our latest post about postponing early September.
Thanks to everyone who came out and saw us at the Ethereum London meet up presenting at #ETHLDN after Dr. Gavin Wood and Christoph Jentzsch —we had a great time! A video will be released this week so please stay tuned :).
For now, we are pleased to announce details about our upcoming token sale.
Aventus aims to create the first global, open standard for the fair, secure, and transparent creation, promotion and sale of event tickets that is not controlled by any one entity. The Aventus solution eliminates fraudulent activity and unregulated touting in secondary ticketing markets, allowing event organisers to set price minima and maxima per ticket, and derive revenue from secondary ticket sales, ultimately bringing more oversight and transparency to the entire ticketing lifecycle.
With the Aventus open ticketing protocol, the traditional industry is disintermediated so that event organisers can reach a wider audience by allowing anyone with a community following to become a promoter. The Aventus protocol allows event organisers to submit their event to a global, verified events pool, that anyone with an audience can curate, sell tickets for, and gain commissions for doing so.
Token Supply Details
The chart below depicts the token supply breakdown. The maximum total token supply is 10,000,000 AVT, and the minimum denomination is 10,000 miniAVT = 1 AVT.
The following is an explanation of the token supply breakdown. All absolute AVT numbers quoted are those considered if the total supply of 10,000,000 AVT is reached.
- 60% (6,000,000 AVT) will be sold in the token sale. Useable immediately after the token sale end.
- 19.5% (1,950,000 AVT) will be distributed over 3–5 years as new user incentives, to applications building atop the protocol, event organisers, and promoters.
- 2.5% (250,000 AVT) will be used for social bounties (50,000 AVT) and bug bounties (200,000 AVT). The 0.5% of total supply corresponding to social bounties will be useable immediately.
- 18% (1,800,000 AVT) will be distributed to the Aventus team, advisors, and corporate partners. Of this, 1,550,000 AVT (15.5% of the total supply) corresponding to the team and advisors will be locked for a year. The remaining 2.5% of the total supply to the corporate partners will be useable immediately.
The Importance of AventCoin (AVT)
“The fuel of the Aventus ecosystem.”
The purpose of AVT is to fuel the Aventus ecosystem and ensure that the protocol runs autonomously, de-centrally, and without any fraud.
AVT is used for stake weighted voting and consensus mechanisms for voting on the legitimacy of:
- Events on the protocol (e.g. the global pool of verified events) => fraudulent events mean applications selling their tickets will lose customers, so we need to prevent this.
- Applications (either promoters or ticketing apps) sitting on top of the protocol => a list of verified applications needs to be determined so applications falsely claiming to use the protocol cannot sell fraudulent tickets.
- The parameters that determine how the protocol works, e.g. event creation fees or reporting fees.
It is also used to facilitate anonymous matching of buyers and ticket sellers in the secondary market. “Matchers” are like miners in the Ethereum/Bitcoin blockchains and get rewarded with new AVT for performing these computations. The winning “matcher” for a given ticket (like the winning miner of a given block) is chosen by an AVT stake-weighted probability distribution.
The chart below depicts the Aventus road map till mid 2018.
A working product of the core Aventus features (excluding stake weighted voting) will be released in the next couple of weeks. For the months remaining of 2017 until Q4, trials of this product will occur (details to be announced soon).
In Q4 2017, a public beta of the full protocol, some key parts of the services layer, and the full Aventus application, will be released.
The Aventus team is very excited to launch our token sale and would like to thank everyone in the community for your continued support.
Also, please stay tuned for the video of our presentation at the London Ethereum Meet-Up last Friday, and our alpha release in the next couple of weeks.