KickCity, a multi-platform event and ticketing site, is preparing for an Initial Coin Offering (ICO). The company hopes to raise over $7 million to help fund a new vertical in their portfolio: KICK – a decentralized, transparent and reward-based event token. The Y-Combinator grad says its intent is to completely disrupt the Event ticketing industry with their Blockchain based platform.
Management believes the Event industry is in need of disruption. Their current platform is free to use for event organizers for free events. If you charge, they charge 3% (+ 2% fee and from $0.99 per ticket sold). For the past year, ‘KickCity, Inc.’ has focused on building community around events, providing event organizers with tools to create, promote and monetize their events.
According to the company, KICK will be used for ticket purchasing, reward-based event promotion, event community building and will be available for trading in the exchange market.
KickCity says it will allow for the development of a universal token for events, KICK, and KickCity protocol which is composed of Ethereum Smart Contracts will allow for the development of a decentralized event platform and promotion asset, ticket processing and transactions and event community building.
KICK-tokens are smart standard ERC20 tokens which implement Bancor protocols, providing asynchronous price-discovery while maintaining continuous liquidity by using constant ratios of reserve tokens (held through smart contracts, acting as automated market makers.
KickCity explains that traditional event marketing with a cost per click model has failed as the conversion rate is very low. KickCity peer to peer protocol will use smart contracts to distribute rewards among users based on their promotional power. Basically, a decentralized and transparent referral system for the event industry where anyone can earn KICK for their promotional power and event makers can save time, energy and money.
KickCity adds that It will be easier and quicker to integrate with established event companies, like Ticketmaster or Eventbrite, using the network token. KICK wants to serve as a reserve token for other event tokens.
The upcoming crowd-sale expects to distribute 160 million tokens during the initial token sale with a price of 1ETH = 3000 KICK tokens.
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