TKT: Why does crypto.tickets need a blockchain? — Weekly Update #48
Dear crypto.tickets community,We are excited to get 2019 to an inspiring start with an article by crypto.tickets CTO Anthony Akentiev, in which he talks about the ways blockchain can improve the event ticketing industry.Also, take a minute to read “7 ways blockchain-based crypto.tickets can improve how you sell tickets”crypto.ticketsLet’s start with a fundamental question: what is blockchain?Blockchain is a distributed ledger technology with the following properties:Asymmetric cryptography allows assets to be managed only by private key holders;The blockchain as a data structure guarantees that “the data remains unchanged”, that is, to achieve its persistence, as well as to make it more open.Distributed consensus algorithm provides distributed and decentralized ownership and control of the entire system, as well as data.The mix of these three properties has given birth to Bitcoin as well as thousands of other cryptocurrencies.Nowadays, blockchain technology has expanded far beyond financial transaction processing (cryptocurrencies) to data processing (decentralized applications, or DApps). Now it’s making its way to a variety of industries, including insurance, loans, games, etc.In addition, a considerable smart contract layer that works quite well has been accumulated on top of the blockchain. Existing issues and limitations, such as low bandwidth, centralization, high transaction fees (payments for “gas” or use of the system), are also being resolved little by little. Even though those issues are not being eliminated completely and solutions are yet to be found, the right trade-offs do the job.Finally, the most important thing to mention speaking about development: in the past developers used to have only two choices when in came to managing decentralization, “on” or “off”, now there are a lot of intermediate options. In other words, while in the past developers could either use smart contracts and Ethereum Mainnet or use any other “centralized” programming language and infrastructure, now only Ethereum has dozens of possible solutions and approaches:you can easily set up your own sidechain or use any protocol, for example, OpenST Mosaic;you can easily use one of a dozen of Plasma blockchains, for example, LeapDAO;you can use different gates and atomic swaps between different blockchains;decentralized exchanges are becoming better and faster;…And everything is becoming more and more automated.Key takeaway: “blockchain” is not the same as it used to be in 2016. Nowadays you can easily choose the degree of decentralization you need “just by moving the slider”. As a result, customers get real improvements. We’ll discuss it further.Detour — Telegram Open Network(TON)In this part, I will allow myself to move away from the main topic and philosophize.For example, what the Telegram Open Network does, in my understanding, has not so much to do with decentralization (paragraph 3 above), but rather asymmetric encryption (see paragraph 1 above) and data immutability (paragraph 2 above).As a result, Pavel Durov is set to build a pseudo-decentralized oligopoly, in which it will cost “at least a million dollars” to become a validator. It reminds me of EOS. However, TON has no other options. It is the best solution that will enable them to get the network up and running in such a short period of time.This approach is addressing a real-life problem: to develop a solution that would enable chat users to transfer funds from one to another and that would not be controlled by anyone. That is, in essence, what Telegram already has — “secret chats”, in which the private key is stored only on the user’s side, while the Telegram network / Pavel Durov is technically unable to intercept and decrypt messages from Alice to Bob. All they have to do is enable their own currency/tokens transfer instead of text messages, and “say bye to WeChat”.This is an example of a competent approach to the choice of technologies to be used and the product’s technical roadmap. Possibly, after a while, Telegram (like EOS) will be able to become less centralized. But for now, they are forced to “pull” what may look like technical “overcomplications” (blockchain/mining, etc.). Otherwise, why would they need blockchain, if asymmetric encryption is already there?Back to ticketing/event industrySo how can blockchain/DLT and smart contracts help us solve event ticketing problems such as ticket fraud, scalping, uncontrolled secondary market and improve overall market transparency?Fundamental improvements:First of all, developers have a handy slider “open… closed data”. We can make a part of data open for everyone while closing access to a part of data for others. This is a handy feature for us as developers. For example, we can close access to the data on ticket buyers or secondary market orders, and disclose data on concerts and the number of tickets issued, making the market more transparent. In fact, it can be achieved by enabling read-only access to a centralized database via API and encrypting a part of the data manually. However, DLT can do it all right out of the box.Ticket management handling is quite similar. Asymmetric encryption guarantees that (for example) a ticket can be managed only by the private key holder and no one else can transfer or sell it without the holder’s consent. If desired, we can weaken the requirements by enabling various governance schemes, such as dispute resolution, or reputation-based, and even make the network permissioned or private.Data persistence. A read-only database does not guarantee that all the records are there, deleting data is still way too easy. With a properly configured DLT it is much more difficult.System management (network and protocol) may gradually become more decentralized. The network no longer belongs to a particular owner. Paraphrasing Aragon’s slogan, I would say: “Crypto.tickets is about unstoppable events”. But to make it happen, we have to deal with a lot of issues.For more details on our technical approach, subscribe to our blog to be notified of the upcoming articles. We’ll be explaining why we chose Ethereum, which governance we are striving for, and what our solution is going to be like in a few months and a few years.crypto.tickets inmediaExchanges and listings:As you might already know, in addition to Yobit, ТКТ is now listed on IDEX.We are also listed on CoinCodex and Coinlib.Subscribe to emailupdates!Make sure to subscribe to email updates to stay in the loop. Subscribe now!Subscribe to emailupdatesMore exciting updates are on the way, so stay tuned and keep intouch!As usually, we are looking forward to your questions and feedback. More updates are coming soon!To stay up-to-date with crypto.tickets news, subscribe to our email list and follow us on Telegram, Twitter and Facebook.Cheers,crypto.tickets team
Original article was created by: TKT at blog.crypto.ticketsDisclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.
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