UTIX is an online, decentralised event hosting and e-ticketing platform that utilises smart contracts to reduce market inefficiencies and provide event organisers (EO) with variables they conventionally would not be able to control. Users and event organisers can buy or sell tickets through cryptographic signatures stored on a blockchain that cannot be altered or destroyed, removing the requirement of centralized servers, over-reliance on costly third parties and other negative externalities that arise through an unregulated free market mechanism.
UTIX, through our own protocol, can lend tokens to an event organiser to be distributed to a user when a ticket to their event is purchased. Through our user-friendly interface, an event organiser/user will have all the functionality of a blockchain, without the added complexities typically involved. By utilising smart contracts, we can reduce complication, cost, and minimize the threat of fraud.
UTIX is a BVI based entity, our mission is to develop and market the open-source UTIX protocol and disrupt the inefficient e-ticketing industry. The UTIX solution is to enable users and event organisers to seamlessly use smart contracts on the Ethereum network to control each of the variables that ultimately lead to market inefficiency. Fully develop and maintain the UTIX protocol, actively reducing recurring market failure. Protect the rights and value of Native UTIX token-holders. Work with and identify talent that can take the open-source UTIX protocol past just events, disrupting the entire ticketing industry.
The UTIX token is essential for the UTIX protocol to function, allowing the flow of tokens through our eco-system from Event organiser to user, almost entirely cost free. To allow event organisers to utilise the benefits of blockchain technology, they require a diverse utility token.
To reduce the cost to Event organisers and ensure for them, UTIX remains completely free, we must have the ability to lend these tokens for distribution, allowing them to control secondary pricing, track legitimate tickets and combat against increasingly sophisticated algorithmic purchasing software.
It is here that most of the inefficiencies, failures and fraud occurs. Demand is treated as ‘inelastic’, regardless of price. However; tickets sold on the secondary market through the UTIX protocol are closely controlled by the event organiser using the token.
We feel users should be rewarded for their brand loyalty. Our aim is to maintain users, allowing them to accumulate their tokens as they purchase tickets for more events and use these tokens for future discounts and other offers.
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