Saad Ullah
BANGKOK, THAILAND & SOFIA, BULGARIA / April 16, 2019 / Evedo,Bulgaria’s first blockchain venture to launch an initial exchange offering (IEO), is making available to investors 2,000 EVED tokens per 1 Ethereum (ETH). EVED is a utility token used by the firm’s blockchain infrastructure for token economics, as well as, to facilitate the use of smart contracts. (See full presentation.)
The token sale occurs on April 16 at 5 p.m. local time through Hong Kong-based BitForex, a digital-asset platform. The minimum purchase amount is 1 ETH with an individual hard cap of 100 ETH.
An initial exchange offering (IEO) typically involves a token sale in which a cryptocurrency exchange conducts due diligence to assess the merits of a fundraising venture and its token offering. BitForex has daily trading volume of nearly $600 million USD (118,000 bitcoins), per CoinMarketCap. Due diligence on Evedo took nearly three weeks.
Game-Changer for Events and Entertainment Industries
Evedo.co is disrupting the $820 billion events industry by leveraging distributed ledger technologies (DLT), and by connecting all parties without middlemen. (See one-page summary.)
The IEO’s goal is to raise approximately $2.5 million (USD) to further develop the firm’s product, and to build an ecosystem consisting of B2B and B2C marketplaces that unify all businesses and participants involved in events.
“Evedo was founded exactly one year ago to pursue a magical idea: to improve events and event organizing,” says Mr. Stoyan Angelov, chief executive officer (CEO), and a veteran of the events and entertainment industries. “Our mission is to synergize all participants in conducting events of all kinds. This approach allows stakeholders to improve their work, have the highest level of security, and eliminate middlemen along the chain.”
The blockchain-powered platform proposed to solve these common problems:
- Expensive tickets ($500 billion ticketing industry)
- Ticket fraud
- Poor planning and loss of time ($50 billion event-rental industry)
- Artist competition and artist mismanagement ($200 billion artist-booking industry)
- Lack of funding ($65 billion event-sponsors industry)
- Software issues ($6 billion event-software industry)
Half of Evedo’s team is based in Bangkok. “The reason for our journey in Thailand is to gain further connections and reputation in the blockchain community in Asia. Thailand is a strategic market for us,” says Ms. Elena Kalpakchieva, chief marketing officer (CMO). “However, we’re also targeting North America and Europe. Asia has always been interesting, and with strategic partnerships that we’ve built so far it’s even more interesting now.” Evedo is part of an acceleration program conducted by Master Ventures.
The firm released an Alpha demo version on April 8. It represents the ticketing system, where users can securely create, attend, and promote an event. They can also invite attendees, as well as, try the ticket-sale functions. Smart contracts allow for trustless communication, and will remove payment issues associated with an event, according to management.
Token Bonus and Ethereum Trading Pair
Evedo’s IEO on BitForex values the token at 0.0005 ETH per 1 EVED. Trading pair EVED/ETH is available on the Hong Kong-based exchange with no lockup period.
A bonus scheme rewards early investors. It’s distributed within 7 business days after the ending day of token sale.
- The first 100 participants are rewarded with 20% bonus.
- Participants nos. 101-300 are rewarded with 15% bonus.
- Participants nos. 301-500 are rewarded with 10% bonus.
- Participants nos. 501-1000 are rewarded with 5% bonus.
According to management, it pursued the IEO approach (1) to raise funds without the traditional venture capital (VC) investment model and (2) to implement a unique marketing strategy given that Evedo’s markets, networks, and communities are “quite different.” “IEOs now are a very strong and credible way to crowdfund the future development of a platform. It’s also a way to enter new markets,” says Elena Kalpakchieva, CMO.
Unifying Events Stakeholders Without Middlemen
Evedo’s business-to-business (B2B) stakeholders include venues, artists, catering firms, technique rental companies, and sponsors. While business-to-consumer (B2C) participants include organizers, promoters, and attendees. The main functions in the consumer space will be to buy and sell tickets and market events to new audiences.
“In the next year, you can expect to see a prototype of our B2B Events Marketplace for entertainers, venue owners, staff, and service providers,” says Mr. Rick Graham, chief technology officer (CTO).
We will integrate a point-of-sale (POS) blockchain, and relaunch a B2C Tickets Marketplace where major events companies can have their cake and eat it too. It will include branded marketplaces, analytics, automatic payments, and dispute management. Consumers will appreciate 0% commissions on tickets to concerts, conferences, festivals, expos, and public gatherings.
Saad Ullah
