AlphaWallet is a tokenization firm providing companies with exclusive services of launching their coins. Boosted by the Ethereum network, AW allows users to take advantage of DeFi, DAOs, stable coins and ERC-20 smart contracts.
Together with the UEFA, AW plans to bring the crypto fans together with football fans. This will happen through an Ethereum integration, with over 20,000 tokens put on the custom blockchain to back up the tickets.
Victor Zhang, AlphaWallet CEO, noted:
“If we can convert 50% of the digital event tickets into blockchain tokenized tickets, the new adoption number is already greater than the current total blockchain users worldwide (42,290,000 ).”
Victor claims that the tokenization of the world has just started, and the most interesting stuff should start happening later.
Smart Contracts Will Solve Ticket Fraud Problem
The authenticity of the EURO 2020 tickets was somewhat difficult to check in the past. The secondary market’s effective ways of regulation became possible thanks to the Internet. Robust smart contracts functionality enriches users with the ticket buying, tracking, storing and selling system. Since it is automated, it can beat those cheaters who sell fake tickets on the streets.
Now, tickets are easily checked via the special Ethereum address. This means that, if the person who bought the tickets wish to re-sell them, they can do it on-chain. The right to own the virtual ticket can be transferred just like the crypto coins.
Mass Adoption Won’t Come in One Moment
According to Victor Zhang, his group will handle only the tech, and the UEFA Executive Sales Agent is going to give the money, the tickets and the approval for everything. They already have the experience, as UEFA was using blockchain to sell tickets since summer 2018. Victor thinks that ticketing may appear to be a good start point for the mass adoption of cryptocurrencies.
The AlphaWallet stats show that 28 test customers already used virtual tickets to enter the stadium. Particularly, those were the people who never used blockchain technology before.
Tickets Available via the Ethereum Blockchain
If you want to set up some blockchain-related enterprise, use Ethereum or Ethereum Classic. Both platforms are good for deploying smart contracts, both Turing-complete (ERC-721) and not (ERC-20).
As for the AlphaWallet’s pitch, they are working with some secretive agency tied with FIFA. That agency has a goal to create the non-fungible type of coins under the ERC-875 standard. The system will facilitate TokenScript technology. It will allow the ticket holders to send tickets to each other or exchange them for some goods.
The system will offer an attendance tracking tool and stability of usually fluctuating prices. The TokenScript protocol written especially for Ethereum is a tool that allows the tickets to function. The tokenization trend is moving forward in 2019: in this year alone, people bought more than 941,400,000 sports tickets using online service.
Jeff Fawkes is a seasoned investment professional and a crypto analyst covering the blockchain space. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.