Why do we need AMICORUM.LIVE?
With numerous music festivals around the world, the excitement for being a part of these has only doubled in the past few years. We have seen a growth of 50% in ticket sales in each year across all the major music festivals. Being a part of this generation has led us to attend and be a part of some amazing festivals across the globe — ranging from JWP, Ultra, EDC, Sziget, Tomorrowland and the list goes on.
However, there is an underlying devil behind each of these festivals and many of us know it as “tickets”. Either they are just too expensive or out of reach due to being sold out. As many as 80% of these festivals sell out in as little as a day and their tickets get listed on the Seconday Market for double or sometimes, even triple the costs. Let alone the ticket costs, there is an average charge of 10% to use the ticketing platform and bank charges.
And the ticket that was to cost X is now X+Y+Z (ticket price + transaction cost + processing fees)
We solve this major pain.
AMICORUM (Latin word close to the meaning of Gathering of Friends) is an innovative platform that will decentralize the ticket re-sale industry using blockchain and secure identity platform. The platform will be secure, transparent and free of any transaction/processing fees for buying and selling of only authenticated tickets in the secondary re-sale market.
Sellers will be able to list their tickets in fiat (using a market-feed oracle, the platform will calculate AMI prices at the time of purchase) that will be authenticated with smart contract and Buyer’s will be able to buy tickets with the AMI token (the new cryptocurrency based on Ethereum blockchain) at 0 transaction fee and 0 processing fees.
Rewards will also be offered to users for transacting on the platform.
With the advent of Secure Identity Platform [read here] and Smart Contracts [read here], the sytem will allow a seamless interaction between three parties — the seller, platform and the buyer.
There will be no transaction costs or processing fees [read here for utility introduction]
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