Aventus Review: An open-source protocol that delivers the global standard for ticketing
Original article by EVALUAPE
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Original article by EVALUAPE
All information in this article is provided for reference only and does not constitute investment advice.
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A. Introduction
Aventus is a fair, secure, and transparent blockchain-based event ticketing solution that practically eliminates fraud and unregulated touting.
B. Industry
At the moment, the ticketing industry is mainly broken down into a primary market and a secondary market. While tickets are sold by the large-scale ticketing websites authorized by event organizers in the primary market, the ticketing in the secondary market adopts mostly a user-to-user ticketing transaction mode. The market size of ticketing industry keeps growing. Currently, its competitors in the industry are Cloudchain (http://www.reply.com/en/content/blockchain-ticketing-solution-cloudchain), GUTS (https://guts.tickets/about) and LAVA (http://www.lavamovement.com/), among which GUTS is the only one showing a somewhat fast development progress. The model of GUTS and Aventus has some slight differences. In comparison, Aventus’ design concept of three layers endows it with a stronger scalability and a broader future prospect in the market, while GUTS pays more attention to the development of its official app and for now is on par with the former in terms of its developing progress.
To sum up, Aventus is leading the way for the industry with certain advantage. However, considering the fierce competition in both the traditional ticketing industry and in that of blockchain.
C. Mode
Aventus is committed to the solution to a variety of problems existed in the primary and secondary ticket sales market, especially the market pain points such as information disclosure, sources of tickets and scalped tickets at inflated price. The main functions of Aventus are composed of three layers, among which the protocol layer provides the basic functions such as events creation, distribution of ticket sale revenue, sales of tickets in the primary and secondary market, etc.; the functions of the service layer include ticket and ID verification as well as Ethereum account management; the final layer consists of applications built on top of the service or protocol layer, offering services for the end customers.
Aventus is a tickets-circulating platform with mainly two types of target customers. One is the event organizers or their agencies. They can create a new event on Aventus, setting all kinds of ticket information and selling tickets in the primary market at a pre-set value. During this process, they also have to pay certain service fee to the platform. Apart from collecting the tickets, they can also share profits with sellers from the secondary market by setting a price ceiling in this market. The other type of customer is the buyers who purchase event tickets in the primary and secondary market. When the payment is done, a buyer will receive a ticket recorded on the blockchain and will be able to resell it on the secondary market of the platform if necessary. In this process, in addition to the ticket fee, the user will also need to pay for the payment processing fee of the related tokens. The business model of Aventus has incorporated reams of community elements, including modules of event validation and ticket promotion. When an event is created, members of the community will initiate a vote with a penalty mechanism to determine its validity. Only events validated can be put onto the primary and secondary market of the platform; the second module is the promoters. A user can also serve as the promoter of an event and win commission after successful promotion. Through the introduction of the power of community, Aventus has mainly solved two market pain points, the validation and promotion of events, while the usage of blockchain and the design mode of the secondary market help secure the authenticity and a price ceiling of tickets.
The role of Aventus is to serve as an intermediary between organizers and consumers, offering solutions to the pain points in the ticketing industry through a reasonably designed system architecture. As for the service experiment, after testing the Alpha version of Aventus, it is quite convenient for the consumers to buy tickets as Aventus has not introduced the section of identity collection yet. However, for the event organizers, the whole process is rather complicated as they have to pay for 9 times to create a single event, which means that the business process still needs improvement.
Both the white paper and the beta version are mainly dedicated to elaborating the functions of the key platform of Aventus, while there is little introduction about its service layer, especially about how information about personal identity is stored on the blockchain, how the off-line ID verification process is connected with the information stored on the blockchain, or how to assure the accuracy and security of technologies such as facial recognition, etc. These are all key problems for the implementation of the project. In case that these problems are not solved, the implementation of the project will also be influenced to some extent.
As the token used on the platform, AVT plays an important role in the whole system. In addition to tickets payment, AVT is also applied to the interest-weighted voting mechanism to minimize the chance of fraudulent events. Another usage of AVT is to reward the early users of Aventus to bring out the network effects of the platform.
Generally speaking, the business model of Aventus has shown certain innovation. It involves the communities in and provides rather good solutions to the market pain points and has formed a complete profit mechanism. This is worth affirming, but part of the key problems still lacks enough clarification.
D. Technology
Aventus is an Ethereum-based decentralized ticketing platform, the key technology of which is the development of smart contracts. Smart contracts enable Aventus to perform its key functions such as creating events, allocating tickets, distributing revenue and etc. Besides, the platform also needs to construct a service layer, the functions of which include Ethereum account management, fiat-to-AVT conversion, ticket and ID verification as well as modularization of the user interfaces and integration tools. More tools on service layer will be added to facilitate the work of the developers. The final layer is the application layer, meaning the development of end-customer-oriented applications built on top of the protocol and service layer.
Among the three layers, the protocol contract is the most basic part with rather complete functions. There is also a detailed introduction about its business procedure in the white paper. However, the event creation process is quite lengthy. There are also some connection problems in the beta version to store project pictures in IPFS module.
Due to the adoption of the three-layer development framework, the effective communication between each layer has become the most important issue, but there is little introduction over this key issue in the white paper. In the beta version, the website has shown good interaction with the Ethereum wallet, which can be used as an important reference for the team’s development capability and progress.
In general, the project keeps making progress and has already achieved its beta version. The overall technical difficulty is rather high, while part of its key notes is too simple.
E. Team
The division of labor is clear. 3 of the 9 team members are full stack developers. Alan Vey, Aventus’ project advisor, graduates from Imperial College London, the research direction of his thesis is the blockchain-based distribution of the movie rights; Benedict Lewis, Aventus’ engineer, is also the founder of Glint and Pengaton; Arnaud Gaboury, Aventus’ head of communications, is the community manager of DAO and Matchpool; Mario Vassiliades is the founder of Series Eight; Kavon Soltani is the project sales manager, with relevant experience in the sales industry. More information is available on Linkedin.
However, Alan vey’s paper cannot be verified on the internet temporarily.
Expert Advisors in the Industry: There are 8 advisors, of which several have experience in the field of cryptocurrency. Will Knottenbelt, Aventus’ technical advisor, is the director of the research and engineering center of cryptocurrency of Imperial London College; Danny Masters, Aventus’ business advisor, is the investment manager of the world’s first fully-regulated cryptocurrency fund; Jean-Marie Mognetti, Aventus’ general advisor, is the trade and operation director of the world’s first fully-regulated cryptocurrency fund; Mike Waterson, Aventus’ economic advisor, is a British expert of ticket sales in the secondary market; every strategic advisor is a rich-experienced financial expert. There is also detailed background information about the above-mentioned advisors.
Generally speaking, the background of the team is highly germane to the blockchain industry and is equipped with certain basis for development and corresponding business capability, as well as marketing capability.
F. Community
Till now, Aventus has launched its official website with well-designed web page. Although detailed information about their team and advisors has been added to the homepage in addition to its white paper, the overall richness is still insufficient.
Twitter：15.7K followers，Telegram1364 followers。(2018.9.15).
Currently there is no information disclosure on foundations, fund trusteeship, lawyer teams, financial mechanism and other relevant management mechanism.
Generally speaking, Aventus shows considerably good management over the implementation of the product development progress and operation.
G. Conclusion
To conclude, the overall score of the project is 7.8, the grade is good, and appropriate participation is recommended. This grading may be adjusted as more information will be updated in the future.
Hype Score:Medium
Risk Score:Medium
Investment Score:Medium High
Total Score:7.8
All information in this article is provided for reference only and does not constitute investment advice.
For more reviews and information,please visit https://evaluape.io/share to download EVALUAPE APP.
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