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Author Topic: UTIX Introduction  (Read 142 times)
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March 01, 2019, 10:07:53 AM

Official UTIX Protocol Foundation
Welcome All!

Hello Bitcointalk community and welcome to the first broadcast of the official UTIX protocol. We are proud to announce a new alternative to the current blockchain ticketing solutions. Once you take a deeper look into our tech, it will explain the current inefficiencies that are out there in both the blockchain and traditional ticketing organizations.

Feel free to use this thread to state any question you may have or to comment any of your concerns. Our strive is to make a truly seamless platform for all ticketing solutions. We appreciate all comments, suggestions, and community advice to better our system.


How the Protocol Works:

Traditionally, in other blockchain ticketing models, event organizers or individuals that decide to host events through the software available, must purchase the tokens of the software provider they plan to use. The purpose of this is to allow these tokens to be used as markers on the blockchain upon the sale of a ticket, to show organizers who has purchased a ticket, and where that ticket ultimately ends up. This is an immediate disincentive for many event organizers, typically hosting an event is expensive. Advertising, paying an artist, renting a venue etc, all adds up. By forcing event organizers to pay to host an event, you are likely to drive away most of your traffic to sites that are completely free for that party. The UTIX protocol ensures it always remains free for event organizers to use.

Upon signing up to the UTIX platform, a UTIX token wallet is automatically generated and assigned to each user. Users will be required to verify their phone number, email address and we will potentially require ID, allowing for further user verification at event entry points. Users have the choice of signing up as an EO, or a user. The purpose of this wallet generation is to allow UTIX tokens to flow through the protocol and allow event organizers to control all aspects of their event, to benefit entirely from the blockchain.

The UTIX protocol can facilitate this cost-free mechanism by introducing the Reserve Fund. The reserve fund is a wallet controlled by UTIX that holds a number of tokens that are distributed and redeemed following an event, ensuring stability in the number of tokens in that specific wallet. This is completed using smart contracts. When an EO decides to host an event, a smart contract is established that allows that specific EO to only distribute tokens lent to them by the reserve fund, to users that decide to purchase tickets. Upon completion of the event, these tokens move from the user’s wallet, back into the reserve fund to ensure a constant level of tokens held.


All questions will be answered accordingly initially in the comments below. There will also be a dedicated FAQ post for any related questions about the platform once our "Newbie" status has been lifted. If enough attention to a specific topic occurs we will dedicate a topic specific post as needed. You are expected to treat everyone with a certain level of respect and refrain from inappropriate behavior. Examples of inappropriate behavior include personal insults, threats of violence or attempts to organize attacks slurs of any kind, posting people’s private information.
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