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The ticketing industry is a near monopoly rife with fraud, price gouging, and unscrupulous media practices. The power resides with massive consolidated corporations and not where it was meant to be: in the buyer’s hands. The 21st century promised a revolution in the event ticketing industry. From online ticket agents to scannable QR codes, technology has made tickets more accessible and exchangeable than ever. However, what was once hailed as buyer-first advancement in technology (more convenience and choices, for example) has proven to be just the opposite. Instead, the reality is one where ticket buyers are facing challenges that severely diminish their buying experience. Namely:
- Ticket Fraud: Consumers are forced to worry about the authenticity of their tickets, as numerous supposed agents and ticketing sites have sold counterfeit tickets in what is believed to be a multibillion-dollar industry. Sadly, their experience with “legit” ticketing agents isn’t much better.
- Instant Sellouts: Within moments of going live, tickets are completely sold out. Scalpers will then sell said tickets to desperate fans on the secondary market, often at inconceivable markups.
In addition to these issues, as with any centralized network, the industry is open to security threats (DDoS attacks, etc.). None are more guilty than the online ticketing industry’s most prominent entities: EventBrite, StubHub, and, most notably, TicketMaster. In order for event goers to safely purchase tickets at reasonable prices, the entire centralized, monopolistic industry model must be reimagined. This is what Lamoneda aims to do.
Lamoneda: the smart concert ticket revolution
Lamoneda is a decentralized, transparent blockchain network powered by its native coin (Lamoneda Coin), the Ethereum blockchain, and smart contracts. It’s goal is to provide a decentralized ecosystem of event hosting and ticketing in which all parties currently under the power of the centralized ticketing companies—event goers, concert organizers, and venues—have the power to cleanly, securely, and transparently, buy, sell, or transfer tickets to anyone within the ecosystem.
Lamoneda will effectively solve the major issues plaguing the current ticket industry: fraud, high fees, and security. By using the Lamoneda platform, all parties involved will be able to buy, sell, or transfer unforgeable tickets for low fees on a network that is not at risk of downtime.
How it Works
Lamoneda will achieve its goal of improving the ticket buying experience by utilizing the Ethereum blockchain and SmartTickets. This combination will put the power back in the event goer’s hands.
- Ethereum Blockchain: As a “decentralized” network, there will be no single point of attack and no risk of fraud. Anyone can verify the blockchain at any time. This will provide the infrastructure for fast, cryptographically secure, and infinitely scalable transactions.
- SmartTickets: SmartTickets reduces fraud risk to zero when purchasing a ticket. Each ticket for an event (there will be a finite number) comes with a unique sequence number that makes it impossible to be sold more than once or counterfeited. Also, each ticket can be pinned to a stable price with a maximum markup value. This ensures the lowest possible pricing for members of the network.
The current concert ticketing industry is in need of disruption. The industry’s biggest names hold a monopoly over event goers, promoters, and venues that has severely diminished the ticket buying experience. Centralized networks employing outdated business models have forced consumers to pay exorbitant fees for tickets that aren’t even guaranteed to be authentic as well as suffer from the severe website performance issues that plague major sites when tickets go on sale.
Lamoneda will change all of this by creating an ecosystem where consumers can purchase secure SmartTickets on a decentralized, stable, and cryptographically secure blockchain. The present is high fees, high risk, and low performance. The future is low fees, no risk, and unrivaled performance.
Lamoneda pre-sale is now live. The future of concert ticketing begins at lamoneda.co. Buy through their website and receive 20% off today.