Aventus Protocol Foundation to support projects using Aventus blockchain protocol

Aventus, the blockchain ticketing startup that raised 60,000 Ether via a crowdsale in 2017, has announced the next stage of development for its non-profit foundation. The Aventus Protocol Foundation will serve as an entity tasked with supporting open-source projects built using the Aventus protocol. This encourages the growth of the Aventus ticketing ecosystem while protecting the rights of holders of AVT, the native Aventus token.

The Aventus Protocol Foundation is overseen by a council and qualified members, including JTC Foundations Limited, Jean-Marie Mognetti and Annika Monari, and guardian Alan Vey (Ms. Monari and Mr. Vey first founded Aventus in January, 2016). The alpha of the Aventus protocol was released to the public in July 2017, and was followed by a successful token sale in September. The Aventus protocol operates as an open-source initiative that aims to set a global standard for secure and transparent ticketing within the events industry.

One of the first tasks of the Aventus Protocol Foundation will be to assess the merits of applications from tech companies seeking to join the Aventus ecosystem. The foundation will then award grants to the most enterprising projects that seek to build upon the protocol, opening Aventus’ blockchain ticketing platform to a wider audience. Aventus uses smart contracts that operate on the Ethereum blockchain, and will be encouraging developers to create service layer applications that connect with this via API. Supported projects will include dApps and blockchain scaling solutions created by third parties.

The foundation has set several key objectives, the first of which being promotion of the development, adoption and awareness of the Aventus protocol. Comprising three layers, the protocol will significantly improve event ticketing both for venues and event goers. They are:

  • The protocol layer of Ethereum smart contracts, the backbone that allows for creation and validation of events and issuance and sale of tickets in both primary and secondary markets.
  • The service layer, built upon the protocol layer and maximizing the efficiency and ease-of-use of the underlying protocol.
  • The application layer, allowing for the construction of easy-to-use apps for the creation, management and sale of event tickets.

As part of the initiative, the Aventus Protocol Foundation will also include maintaining the protocol’s commercial and technological integrity. As new applications become available, the use cases for the AVT token will increase, making it easier for consumers to purchase tickets on a range of devices, and to securely retain and redeem these, using the security provided by blockchain technology.

In addition to helping bring the benefits of Aventus to a wider audience, the foundation will help to foster the adoption of blockchain and the decentralized web. A series of events, including a roundtable with government officials and industry members, scheduled for April 12, will explore issues affecting live music ticketing. The foundation will be announcing a range of other vertical industry foci in the coming months as it seeks to help the protocol grow, expanding the Aventus ecosystem in the process for the benefit of all.

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