What is Blocktix (TIX)?
Future of TIX Cryptocurrency and know how to buy TIX

#1 - Blocktix: The Basics

Blocktix is one of the younger class of cryptocurrencies, witnessing some pretty rapid commercial adoption. It is gaining traction because of its wide ranging usability that allows hosting, transferring and fees payment to participants involved in the event/ advertisement verification process on a single platform.

What is Blocktix

  1. Blocktix is a platform that links event organisers with a community of financially incentivised who support events’ advertising, vetting your events, etc. & also reduces the associated costs of event hosting by up to 90%.
  2. The Blocktix cryptocurrency is denoted by the symbol TIX & uses an Ethereum-based blockchain. Its total supply is 62.5 million TIX tokens. It is used for
  3. The TIX ICO began on 7 July 2017 and ended on 25 July 2017.
  4. The Blocktix System is used for creating awareness about events, ticket distribution, ticket transfer and event promotion with a single system that provides all these services with a low overhead for distributors and promoters.

Development

  1. The development team is led by Rob Schins, CEO; Rynao Mathee, CTO & Bojan Malesevic, Project Advisor. The platform is promoted & backed by Randy Jackson (best known for being judge on the American Idol) & Everette Harp.
  2. The team plans to roll out a voting mechanism in the long term to regulate & upgrade the system which will be done by approving or declining proposed changes to contracts.

Blocktix Technology

  1. The user interface of the events feed is built in HTML & JavaScript format & its smart contract programming language is Solidity.
  2. Large files are uploaded and stored free of cost on a public peer-to-peer distributed file system called InterPlanetary File System which uses decentralised network topology.

How does it work?

  1. Events are first verified & approved by Blocktix Token Holders. Invalid/ bogus events are removed from the system immediately after the rejection.
  2. The latest addresses of the Blocktix and BlocktixEvent contracts are stored on the registration contract. These contracts can be upgraded or altered only by their respective administrators or via voting by the token holders.
  3. When an event is created then its administrator gets the permission to change settings like name, location, description, photos, etc.
  4. Anyone can purchase rights to advertise on the events that are supported by Blocktrix. The funds generated from this are then partially distributed to ’Blocktix Sales B.V.’ and partly to the users of the system who view these ads. All event feeds begin with two ”promoted events”. Ads have a random chance of appearance on either of these two promoted spots.
  5. When a user signs up on the platform, they see a list of events in their proximity in the events feed. The order of appearance of events in the feed depends on variables like distance between the event and the user (they are more likely to be attended), starting date, multiple category tags and advertising fees.
  6. User‘s offline behaviour can also be tracked to create category lists without actually using user input.
  7. Event host or someone else on their behalf (for charity) must pay 1000 TIX (or more) to get their event listed on the event feed. This fee prevents spam hosters overtaking the event feed. The fee may change in future depending on the voting by token holders which will be done every three months.

Features

  1. Blocktix leverages crowd’s power to reduce promotional costs by up to 90% through its decentralized platform.
  2. Blocktix users earn credits by vetting and attending events, writing reviews for events they’ve already attended and watching advertisements for events they might want to attend later. These credits can be redeemed by them to attend more events.
  3. Blocktix charges fees to compensate its token holders when an event or ad is verified by them. This prevents spam & for-profit ticket trading (scalping).
  4. TIX tokens are used to make fee payment, post new events to the event feed & to place in-application advertising.

 

#3 - How to Buy and Store Blocktix?

How to buy Blocktix/How to buy TIX

The Blocktix coin is used to facilitate ticket purchases and Peer to Peer transfers. It can be purchased from exchanges like Cryptopia, HitBTC, Bittrex, EtherDelta, etc.

  1. While cryptocurrency exchanges provide you with a platform to buy or sell the Blocktix cryptocurrency, CoinSwitch, the largest cryptocurrency conversion platform, comes in to help you make the right decision by providing the prices for TIX. This way you can choose the best deal for you!
  2. You can also buy, sell and trade over 300 cryptocurrencies for the TIX crypto. It offers interchangeability and unified experience for all cryptocurrencies with a wide offering from all major exchanges.

Blocktix Storage

Blocktix can be stored in the following wallets:

  • Trezor
  • Ledger
  • MetaMask, etc.

 

#4 - What is the future of Blocktix?

Also Read: Complete Analysis of Blocktix | Live Blocktix (TIX) Price Charts And Predictions

As of July 2018, its market capitalisation stands at $9 million USD.

With wide ranging use cases for event organisers & increasing number of hosts coming on board, Blocktix seems to be set for a strong and long run in the markets.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

0.214185

0.227232

0.203718

0.212494

552,618

8,567,400

Jun 01, 2018

0.375610

0.383301

0.367061

0.375519

464,486

15,024,394

May 01, 2018

0.664871

0.676411

0.618739

0.648607

2,950,940

26,594,856

 

#5 - How is Blocktix different from other cryptocurrencies?

  1. Blocktix’s counterfeit-proof nature verifies ticket proofs, transfers them from one user to another with its trustless protocol & also gives concert goers real-time accessibility to buy & sell tickets up to seconds before showtime.
  2. The event administrator can create different types of tickets for a particular event. This can include tickets for those who book early, 1 day pass tickets if the event is expected to last for more than 1 day, etc. An array is maintained for each type of ticket & it contains the valid tickets addresses for facilitating autonomous sale of tickets by the BlocktixEvent contract itself. It also lets the event administrators manually insert tickets which allows for third party integration with the Blocktix network.
  3. The revenue collection from ticket sale can be maximised by auctioning tickets.

#6 - Should you invest in Blocktix/ invest in TIX?

  1. The platform will cater to events with budgets ranging from $650,000 - $900,000. It is capable of hosting 20 events with a $3million events budget. This is expected to add 200,000-300,000 users to the Blocktix system, which may increase the demand for TIX (only way to pay platform’s services) and may even push for a bull run in long term.
  2. Blocktrix runs on Ethereum which provides an efficient and practical toolset for smart contracts. This combined with its use cases for event organisers can push for mass commercial adoption.
  3. TIX can be a good investment for event organisers who can seamlessly handle activities like ticket verification & save costs. For eg., for ticket verification, only a smartphone that has internet is required. It scans the ticket QR code at the entrance of the event after which the smart contract deactivates the ticket. Hence, preventing attendees from re-using the QR code to gain entrance as the contract has already been executed on the Ethereum network.
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