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Category Archives: Blockchain-based Ticketing

Aventus Update: Voting Module Mainnet Release

Voting Module – Mainnet Release

Hi everyone. The wait is over! We have released the first component of our protocol, the voting module, onto the Ethereum mainnet. Head on over to vote.aventus.io to check it out. If you want to read about the voting module, we released a previous blog post titled: Aventus Protocol (Part 1): Deep Dive on Voting.

Be sure to follow us on all of our social platforms below.

Kind regards, 

The Aventus Team 

Aventus Weekly Update #8: Voting Module Release and More

Update received from Aventus

Hey guys! We have some big announcements in today’s weekly update. There have been a lot of questions in our community this past week and we hope to answer a lot of them today. Furthermore, a subsequent Q&A video with Alan and Annika will be released on our Aventus YouTube channel shortly. This is what we’re covering today:

  • Voting Module Release
  • Community Platforms
  • Exchange listing
  • AVT review from The Crypto Lark
  • New Team Member

Be sure to continue to read at the source: Aventus Medium

Aventus Update: Aventus Office Timelapse

Aventus Update: Aventus Office Timelapse

Source: Aventus Systems

Aventus Update: $20m ICO Founders Alan Vey & Annika Monari from Aventus.io

Aventus Update: $20m ICO Founders Alan Vey & Annika Monari from Aventus.io

Source: Amin Siala

Transcript

hello and welcome to the business

00:01

podcast at Imperial College London I am

00:04

your host Amin see Allah and today I’m

00:07

very excited to have with me Alan vey

00:09

and Annika Minari from Aventis Avensis

00:13

is a new b2b ticketing software

00:17

infrastructure that uses blockchain and

00:19

artificial intelligence to solve some of

00:21

the biggest problems and ticket sale and

00:22

resale I just read that straight off the

00:24

website so abaca Alan our Imperial alum

00:29

and they’ve recently raised 20 million

00:32

pounds on an ICO an initial coin

00:35

offering I’m very excited to have them

00:37

with me in the studio today

00:38

Alan Annika thanks a lot for coming

00:40

thanks for having us well yeah I’m

00:42

seeing the teaser still nice and warm

00:44

yeah sorry we couldn’t make it London

00:47

Transport day what would you expect you

00:49

know that’s how it is so you guys let’s

00:52

just starters what did you guys study

00:54

Imperial so Alan what did you study

00:56

yep so I did the immense course in

00:59

computing so it was focus towards what

01:02

about official intelligence at the end I

01:04

ended up doing my project with Professor

01:06

William not in belt of the

01:08

cryptocurrency research and Engineering

01:09

Center and that’s really how I really

01:11

got into the whole block chain space he

01:13

pointed us in the direction of aetherium

01:15

okay started researching around there

01:17

and everything sort of snowballed

01:18

initially I did film rights distribution

01:20

on the blockchain and that was the sort

01:22

of master’s project yet Imperial right

01:24

but then it moved on into Aventis

01:26

eventually and Alec and I had sort of

01:28

been talking about blockchain we’d

01:29

worked on a couple projects before and

01:30

we figured dream team to make this

01:32

happen

01:33

Wow well okay I love the way you give us

01:35

a quick summary there in less than 30

01:36

seconds there we go what did you study

01:38

yeah I did physics at Imperial so I did

01:41

my in my fourth year my Master’s um I

01:43

did my dissertation in particle physics

01:46

but based mainly in artificial

01:48

intelligence and that’s kind of how I go

01:50

into that space okay so you were both

01:52

attracted to artificial Sargent’s yeah

01:54

yeah so the more applied mathematical

01:58

side mixed a little bit with compute

01:59

engine may ask what is it that

02:00

artificial I mean apart from the fact

02:02

that it sounds cool for me specifically

02:07

it was more about the machine learning

02:09

side I did a lot even sort of in logic

02:11

based learning when over here at uni but

02:12

it’s basically just giving a computer to

02:14

learn in various different ways and

02:15

seeing how well it can approximate

02:17

various sort of human tasks shall we say

02:20

okay for me it was actually mainly in

02:23

the physics domain so in in the particle

02:25

physics domain the way they were

02:26

analyzing data it seemed like such a

02:29

perfect problem to apply like

02:31

statistical machine learning to because

02:33

you’re basically trying to classify

02:36

different different particles as

02:40

particles or different decays is

02:41

different to case and that’s a perfect

02:43

classification problem with machine

02:45

learning and I’d learnt a bit about it

02:46

in the past and saw okay well maybe it’s

02:48

worth worth trying this out and I was

02:50

looking at papers it wasn’t that much

02:52

out there so well so a hot new field

02:56

essentially yeah when did you guys

02:57

graduate so we’ve finished in June 2016

03:03

if we incorporated the company event to

03:05

sort of in April time April 16 April 16

03:09

but back then we were still looking at

03:11

sort of film and music rights

03:12

distribution on the blockchain took us a

03:14

while a bit of market research before we

03:16

ended up on that mouthful you just read

03:18

out before ok yes yes yes no I think one

03:21

of the most interesting things about

03:21

this is I always try to say this you

03:24

know there’s a lot of sensational

03:25

headlines out there about entrepreneurs

03:27

that you know sell a company at the age

03:29

of 18 or something but there’s always

03:32

more you know more than meets the eye

03:34

and I think in this case there was a lot

03:36

of work done yeah previously yeah I’m

03:39

alright yeah definitely so this is a

03:41

process that started I mean we we

03:43

finished off in June last year and then

03:46

someone or 16 June 68 a lot of research

03:49

a lot of time spent and sort of looking

03:53

for industry experts so we’ve got a

03:55

small seed round of equity investment ok

03:57

ok hold on a minute

03:58

yeah before you just straight about

04:00

trust now I’m excited to talk about that

04:01

as well but I’m more interested in the

04:03

journey and how you managed to get there

04:06

because I’m pretty sure you didn’t just

04:07

wake up and say let’s create a Ventus

04:09

yeah and let’s raise an ICO and let’s

04:11

get 20 million a little bit more than

04:13

that yeah I mean it’s quite a long

04:15

process so Alan when he finished his

04:17

dissertation right um I think it was it

04:22

was what June around June and we were

04:24

like ok well let’s try

04:25

it looks like an interesting space we’ll

04:26

try it okay your dissertation service

04:28

want what was Alan’s the station on mine

04:30

was full Moretz distribution on the body

04:32

mass distribution we worked with BAFTA

04:34

and the film Network which used to be

04:36

BBC and then yeah people seem to like it

04:40

a lot they’re quite a few people who

04:41

still ask me for that thesis because

04:42

they’re now looking at do is sort of

04:43

lights distribution on the blockchain oh

04:45

but there’s a big company back then

04:47

called media chain I think it was her

04:49

cell to Spotify her was doing something

04:50

very similar so they they beat us to it

04:53

on that front

04:54

and so yeah we just started researching

04:56

really we researched the the music

04:58

industry in detail we really wanted to

05:00

do something in music okay but you

05:02

started off with film

05:04

well foot media had applied general yeah

05:07

I

05:08

we specifically had the film sort of

05:10

contacts and that’s why we applied it to

05:11

that domain okay but the sort of

05:13

reasoning and the thoughts apply just as

05:15

well to to music what we realized in

05:17

film is the industry is so old and

05:20

traditional and they do things in their

05:22

ways and like they still use

05:24

spreadsheets and stuff really like

05:26

everything I mean it’s it’s it was

05:28

shocking to us so to get them to go from

05:31

spreadsheet to the vlog chain is like a

05:34

few steps of a jump you know it’s not

05:36

exactly like and would you say that was

05:38

the biggest hurdle those big stops

05:40

achill yeah yeah it didn’t lend itself

05:43

to the kind of platform that we wanted

05:46

to build like way obviously we really

05:47

like this sort of I don’t know if you’re

05:49

familiar with sort of open source

05:51

software okay but you kind of build

05:52

software that’s that starts off an

05:55

ecosystem essentially you build it you

05:58

release it for free and that’s something

05:59

where sort of token sales come in

06:00

they’re really useful way of pre funding

06:03

these open source projects okay I’m

06:05

gonna ask you a question element because

06:06

I know that you are an economics man

06:09

really yeah all right you know and you

06:11

just said know that you like open source

06:13

business and they go hand in hand

06:16

yeah so we’ve got the at the core of

06:18

what we’re doing we have this open

06:19

source protocol yeah we put on the

06:22

blockchain yeah and really what that is

06:24

is we define a set of tools for the

06:27

events industry to use how they choose

06:29

so they can build the industry exactly

06:30

the same as their current they have it

06:31

or they can choose to solve some of

06:33

their problems around counterfeits and

06:35

touting and even unsold inventory so we

06:37

give them the tools

06:38

do this and we release that for free but

06:40

then what you really do is you can’t

06:42

build the enterprise side you can’t

06:44

expect any big ticketing companies to

06:46

direct interface with the blockchain

06:47

it’s so complicated there’s all sorts of

06:49

issues that you have to deal with okay

06:51

so we sort of deal with the enterprise

06:53

side of the market okay okay and

06:55

hopefully jumping straight into Ventus

06:57

trust me we’re gonna get right the

07:00

journey all right so you guys start to

07:01

the film yeah did you raise money during

07:04

the film pot we did actually yeah we

07:06

raised money during the film streaming

07:09

pot so we were we were playing around

07:11

with um streaming platforms and yeah all

07:15

kinds of things like that but we just it

07:16

was so hard to get the rights to do it I

07:19

mean youyou see what’s happening with

07:20

Netflix and Amazon right I mean they

07:22

have to make their own content now cuz

07:24

they literally can’t get the rights to

07:26

so it’s easier basically it’s less less

07:28

hustle yeah I mean it was it was – it

07:30

was way too hard to crack that market

07:32

well because you can’t you can’t get

07:34

those contracts like if you go to –

07:36

whatever lies game you’re like hey you

07:38

know can you can you sort me out with

07:39

one of your movies I just want to try it

07:41

I mean they would take a yeah okay and

07:42

based on your experience you think it’s

07:43

gonna change anytime soon

07:44

the movie industry or Augusta how

07:46

archaic they are yeah and why is that do

07:49

you think there’s a reason why are they

07:50

so oh we don’t mean that is just in

07:54

terms of the adoption for new

07:55

technologies I mean this there’s a

07:57

similar thing to what we see in the

07:58

ticketing industry as well where there’s

07:59

a lot of big companies oh it’s like an

08:01

oligopoly right most of the market is

08:03

dominated by a few really big players

08:05

you know and they try to dominate the

08:07

sort of whole vertical and not allow

08:09

anybody else to kind of tackle into them

08:11

right okay so that’s that’s probably one

08:13

of the issues but really one of the main

08:14

problems was as a solution sort of media

08:19

rights film rights it’s not really that

08:22

it’s it’s ascribing sort of the rights

08:25

on the blotch and you record them and

08:26

they’re there for anybody to see but

08:28

it’s a very simple use case as sort of

08:30

blockchain goes and once we were sort of

08:32

researching around because we obviously

08:33

we jumped in with our market research

08:35

made sure we knew these industries

08:36

mankiewicz hmm and that’s when we really

08:38

identified wait a minute

08:40

ticketing and sort of physical sales the

08:44

sort of ticket side and the venue and

08:45

and that whole sort of supply chain of

08:47

tickets has way bigger problems and

08:51

that can be solved in a much better way

08:52

using the blockchain than what was

08:54

actually doing on the other side so

08:55

we’re really not that the other one

08:57

couldn’t have worked it clearly did work

08:58

with media chain well this was the much

09:00

bigger play okay that was a much bigger

09:02

place so what I understood from you

09:04

before is that you started off with a

09:06

film industry now you thought blockchain

09:08

could be a good use case for the film

09:12

industry yeah then you moved on to the

09:15

ticketing site that the music industry

09:17

and one of the reasons was because the

09:19

film industry found it has bit all sorts

09:22

of oligopoly is difficult to penetrate

09:24

they weren’t willing to play ball but

09:27

you you raised money for that initially

09:29

yeah and when you went to investors what

09:31

what did you pitch them so we pitched

09:33

him the whole basically what my my

09:35

thesis had been plus we obviously had

09:38

iterated on it a little bit um after we

09:41

finished off a journey for a few months

09:42

showed them some nice flashy designs of

09:44

money moving all over and although all

09:46

the artists and all the soundtrack guys

09:50

and the actors and everybody involved in

09:52

the production of the film everything

09:54

splitting up and a lot being fair so you

09:55

don’t end up in a situation where at

09:57

least in music you have Spotify who

09:59

doesn’t know we’re like half a million

10:02

River family in sales goes to so there’s

10:05

all sorts of accounting problems and

10:06

issues with all the big guys who eat

10:07

that’s the thing we pitched and we

10:09

showed them but we really we got

10:11

introduced to these investors through

10:12

again professor William Lawton both the

10:14

director of the cryptocurrency center

10:15

here at Imperial he made the connection

10:18

and the guys we met the CEO of Global

10:21

Advisors Danny masters and he really I

10:24

think he he mainly is told us

10:26

subsequently he bought into myself in

10:28

Anika um he wasn’t convinced on the idea

10:31

he didn’t understand blockchain all the

10:33

industries well enough yeah but he

10:35

thought that we were the ones to do it

10:38

and that’s why I agreed them a couple of

10:42

times before the podcast obviously and I

10:45

mean I even posted this online here you

10:46

really are some the cleverest people

10:47

have come across and what’s interesting

10:49

is I’m more I’ve asked you about Aventis

10:51

and again it is kammath coming in the

10:52

podcast so quickly into it

10:57

I realize that you’ve thought of every

10:59

edge every angle to event is this

11:02

phenomenal I mean the last element in

11:04

your new office which is great by the

11:06

way I’d ask you but what about this and

11:08

then you’d come up with some brilliant

11:09

answer my oh my god you really have

11:11

thought of everything it well I will say

11:13

that without jumping too much into

11:17

anything when you’re doing this kind of

11:19

public very public facing companies I

11:22

mean these token cells are very public

11:24

you you basically sit there and you have

11:26

to answer every single question from

11:28

everyone and and as you see with

11:30

anything you know me as a person making

11:32

something I can try and think of all the

11:34

edge cases but I won’t know there is

11:37

always someone else who will come up

11:39

with something I don’t know

11:40

and so I actually through that process

11:41

of interacting with big communities and

11:43

stuff you get those questions you start

11:45

answering them and you start learning

11:47

what to kind of think about so it’s

11:49

actually a very interesting route for

11:51

startups from that perspective because

11:53

you learn how to kind of really poke

11:56

holes everywhere and what you’re doing

11:58

whereas you know the more closed things

12:00

where you go for a standard seed round

12:02

and then you you evolve like that you

12:04

don’t have that public facing side and

12:06

yeah until you have consumers using your

12:09

products you don’t get that really fine

12:11

grain it’s almost like crowd learning in

12:12

a way right yes this crowd learning but

12:14

it’s interesting

12:15

and let’s not sort of discount the value

12:16

of that we got a great team of guys

12:19

behind us as well now yeah one of the

12:21

guys are our CTO now Andy grantees 20

12:25

year ticketing sort of expert and his

12:27

sort of knowledge of the industry

12:28

combined with sort of global advisors in

12:31

their various and that we’ve got a

12:32

Advisory Board of sort of seven or eight

12:34

people everybody together it’s a

12:37

collaborative effort at the end of the

12:38

day what we own now and all those

12:39

answers we have as a result of years of

12:41

sort of grinding and trying to figure

12:43

out yeah the little intricacies to the

12:45

market yeah yeah sure but I mean I’m

12:46

guessing you guys have a high level of

12:49

resiliency as well because I mean just a

12:51

simple Google search with you two guys

12:53

now and this is only reason the amounts

12:55

of questions that are coming your way

12:57

it’s insane yeah and you’re right are

13:00

you compared to the typical seed round

13:01

cause usually were the seed round for

13:03

example it’s it’s say the entrepreneur a

13:06

couple of investors they’re

13:07

sophisticated in versus these guys have

13:08

been around a block mode on exits right

13:10

that calm

13:11

in a room and then done that

13:13

entrepreneur doesn’t need to answer to

13:14

everybody except the investor yeah but

13:16

now this is almost like a new era

13:18

you guys are answering to thousands of

13:20

people from around the world we have

13:22

four thousand token holders and four

13:24

thousand people yes some are me I mean

13:26

we have we have sort of twenty thousand

13:27

on our mailing list we at about seven

13:29

thousand in our sort of instant

13:30

messaging slack channel but the the

13:33

biggest part the people who almost help

13:35

you the most are those who hate you

13:37

initially other people trying to do

13:41

something similar and all they want to

13:43

do is publicly sort of put you down so

13:46

that they obviously do you know it’s

13:47

some of that why is that it’s a very

13:50

idealistic community I’d say the crêpes

13:52

our community so we’ve come at it a bit

13:54

more from the business side than a lot

13:57

of the sort of core idealist guys in

13:59

there in the tech side of things so

14:00

we’ve bumped up against people well at

14:03

one point we had this guy on on reddit

14:06

cuz rid of obviously a huge forum for

14:07

this yeah so this guy was really every

14:10

time we posted something he was he was

14:11

giving us some some issues subscribe to

14:19

your individual posts on this phone all

14:24

this activity that he kept generating on

14:26

the post pushed us up to the front page

14:28

every time it got us way more exposure

14:30

really and then he pointed out a few

14:32

things that he had concerns on for

14:34

example we associate identity with

14:36

tickets sometimes and he was telling us

14:38

well this is like the Nazis you used to

14:40

put people on lists Wow got out there

14:44

weren’t too far and very crazy once he

14:46

made that comments I think the community

14:47

started ignoring him before that it was

14:50

well he shot himself in the foot should

14:52

we say yeah yeah it’s like when people

14:55

are behind computers I was gonna like

14:58

quote quote of hypocritical and they go

15:02

um loses battle computers right and it’s

15:05

true like you sit there and people will

15:07

very easily say whatever right Internet

15:11

right because they’re not there they

15:12

don’t see you they don’t have to feel

15:13

awkward as soon as you’re in front of

15:15

them they won’t say even like 1% of what

15:18

they said online so it’s actually yeah

15:20

yeah in some ways it’s bad but in some

15:23

ways like in our case it was really

15:24

thing because you get people who

15:26

literally say everything that they think

15:28

to you and the people that want to put

15:30

you down yeah one of what they say it’s

15:32

a bit silly like one guy was complaining

15:34

that our white paper was like a master’s

15:37

thesis like a really technical document

15:39

we were like actually but then you have

15:47

people with real concerns like we were

15:49

we were looking at facial recognition at

15:51

some point and some guy brought up the

15:53

Arsenal Stadium at some point people

15:55

were coming in looking like Smurfs I

15:58

don’t know why so they had painted their

15:59

faces all blue and stuff and he was like

16:02

okay well how’s your technology gonna

16:03

identify the people if they all come

16:07

concern with a different way and we

16:10

don’t well so because of that guy we

16:16

came up and but we wouldn’t have if he

16:18

hadn’t raised things that’s incredible

16:19

okay so that this isn’t just ticketing

16:21

there’s more to it than this which we’ll

16:23

discover very soon like through okay

16:25

right so now we’re at the stage where

16:28

you raised an initial amount of

16:31

investment yeah then you pivoted to the

16:35

music industry

16:36

all right saying the music industry

16:37

ticketing in particular is great too

16:39

ticketing ticketing so you can be went

16:40

to get four events which is not music

16:42

related talk anything yeah exactly

16:44

okay okay now when you moved into the

16:46

ticketing industry why was that more

16:49

attractive because we could solve bigger

16:53

problems better so obviously it is a

16:55

very big problem looking at sort of film

16:57

rights or music rights or any media

16:59

rights online but it’s more a legal

17:01

problem than a than a technology problem

17:04

um it had a very big component of

17:07

getting lawyers to phrase contracts in

17:08

the right way it sort of boiler plate

17:09

agreements there was a lot more of a

17:11

reliance there on the legal side of

17:14

things worse when we came to ticketing

17:16

everybody’s been to an event everybody’s

17:18

been ripped off at some point when they

17:20

didn’t get it in the initial release and

17:21

then some guy sold it for five times on

17:23

StubHub so we saw that we’ve obviously

17:27

personally experienced that most of our

17:28

friends and like well this is something

17:31

that can actually be really well not

17:33

easily but with this new technology

17:35

there are ways that are can be with this

17:37

new technology did he say

17:38

blockchain right okay I mean good other

17:41

things that really made I think for me

17:43

in particular what’s like we were doing

17:45

on market research and we were looking

17:47

at how different parts of the industry

17:49

are evolving like they growth rates and

17:51

what that kind of translate like and it

17:53

was like music streaming actually the

17:55

revenue foreign artist is going down

17:57

because of everything you know with its

17:59

Taylor Swift and yeah because the amount

18:04

of streams is increasing so much but the

18:07

amount of new users to Spotify isn’t

18:09

growing as fast but so the amount each

18:12

artist gets per stream is obviously

18:14

coming less you know okay so that was

18:16

kind of going down and record sales like

18:19

like physical sales was going down but

18:21

tickets was going up and for live events

18:24

yes it’s still a thing you know everyone

18:27

still wants to see their favorite artist

18:29

no matter what happens people will pay

18:30

to go and see them

18:32

so that’s kind of where it click that we

18:34

were like yeah yeah well is the best

18:37

experience maybe someone like for sure

18:39

right so that was the duck so that was

18:41

the ticketing part now he said that this

18:43

was a good use case for the technology

18:45

and you mentioned the word blockchain

18:46

I’m pretty sure that majority people

18:49

listened to this I’ve probably read

18:51

about blockchain hundreds of times but

18:53

why don’t we hear from the experts okay

18:55

what is blockchain in layman terms I

18:58

would say it’s a fancy database

19:01

it’s a nice way to publicly record data

19:06

okay and then we can all agree on the

19:10

state of that data so with a typical

19:12

database you have one central person who

19:15

controls its ELISA you have a company

19:17

that company for writing reading from

19:19

that database with the blockchain what

19:21

you have is it’s completely public

19:23

anybody can read it right and you have

19:25

these complicated consensus mechanisms

19:27

that determine how we update the state

19:30

of that database determine how you

19:32

update it and that’s really the point

19:33

it’s basically D central versus central

19:36

so if you think of this I love this

19:37

example to illustrate it if you if we

19:40

try to send each other money what we

19:42

have to do nowadays is I tell my bank

19:45

yep my bank transfers it to your account

19:48

you withdraw it from your account and

19:50

that’s how my cash has gone to

19:51

thank you very much now how how do we do

19:55

that keep it coming without the bank of

19:58

the middle now that’s a very complicated

20:00

problem with computing actually how do I

20:02

send you value online without a certain

20:06

tree but in a completely trusted way

20:08

right and it needs to the system

20:10

obviously needs to govern if I’ve got a

20:11

hundred dollars I could pay you a

20:14

hundred I could pay Anika a hundred but

20:16

I can’t do both and so the system of

20:18

assess to make sure that double spend

20:20

problem doesn’t happen and and sort out

20:22

all sorts of things that are very easy

20:23

to do in a central context like a bank

20:26

but very difficult to do online when

20:28

there’s no central party and we’re

20:29

interacting directly with each other

20:31

okay and that’s what blockchain is I

20:33

think one another way I like to describe

20:35

it is you know the law right so it for

20:38

the longest time we had the law yeah

20:40

which is basically a protocol for how we

20:45

should interact with each other in

20:47

different scenarios right okay so how we

20:49

should pay each other how we should

20:51

employ each other etc right um what we

20:54

can do now with the blockchain is almost

20:57

make a new law but a much more automated

20:59

law so for different scenarios we can

21:02

define rules with that with exactly what

21:06

he was saying you know this logic around

21:07

updating States and pulling from States

21:10

etc we can make rules about how we

21:12

interact with each other at different

21:14

scenarios right so it’s almost like the

21:15

law 2.0 or whatever um so for me it’s

21:20

like under every single industry no

21:22

there’s going to be a blockchain

21:24

protocol sitting in the future yeah but

21:27

just to sort of be clear on that front

21:28

that’s really the evolution of

21:30

blockchain so the initial blockchain use

21:31

case was obviously Bitcoin most model my

21:33

Bitcoin and that’s the sort of example I

21:35

was describing around how do we send

21:37

each other financial sort of value

21:39

online without a central party what

21:42

Anika’s talking about is the next step

21:44

the next evolution of blockchain which

21:45

is what people are referring to as smart

21:47

contracts okay

21:48

the biggest platform right now that does

21:50

that is called aetherium okay and those

21:52

smart contracts are exactly what I know

21:53

Co is saying where you sort of define

21:55

the rules by which people interact with

21:57

each other directly in a more in a more

21:59

abstract sense it’s not just financial

22:01

transfer value it’s any kind of

22:04

interaction with

22:05

people in a deception you define the

22:07

rules like I saying with the Aventis

22:09

protocol we find the rules the industry

22:10

has the tools available to them to solve

22:13

their problems the reason why I say law

22:15

as an example is because it wasn’t one

22:17

person that came up with the law it’s

22:19

not like whatever Donald Trump sat there

22:23

and was like okay you know this is how

22:25

everyone should interact with each other

22:26

in every single scenario right because

22:28

no one would would abide to that if it

22:30

wasn’t a thing made with consensus and

22:32

the same thing stands for these

22:34

blockchain systems why they’re so

22:35

powerful is now you can have a backbone

22:38

that defines rules for how many

22:40

different parties that don’t trust each

22:43

other should interact with each other

22:44

okay so in the ticketing industry with

22:46

what we’re doing for example we define

22:48

what a ticket is what an event is and

22:50

how an event organiser can define what

22:53

happens to that ticket over its life

22:54

cycle right now anyone can plug into

22:57

that and interact with those tickets now

22:59

because they’ve defined the rules for

23:01

how to do it but because it’s public and

23:03

it’s there and anyone can see it yeah um

23:05

anyone could see the code anyone can

23:07

interact with it can trust it that’s

23:10

great so in terms of trust so if now the

23:13

idea is that I mean bought a ticket yeah

23:16

and now I bought a ticket from say

23:18

company X south let’s say okay and that

23:21

is going to be recorded on the

23:22

blockchain that on the 3rd of February

23:25

2018 I’m in bought a ticket from company

23:28

X and everyone can see that yes sort of

23:31

so obviously we don’t want individuals

23:33

data to be public yep so there will be

23:36

some address bought this identifier from

23:41

this other address okay it’s very

23:44

obscured but you are the only one who

23:46

has the password to the address that

23:49

bought the ticket and the ticketing

23:51

company is the only one that has the

23:52

password to the address that receives

23:54

the funds okay so we don’t put public

23:56

data obviously you have to be very

23:57

careful around data protection and ever

23:59

there nothing being public but it’s it’s

24:01

obscured to a degree but you can always

24:04

redeem what you own because you hold

24:06

that password secretly okay to that sort

24:08

of public a key base garv the key yeah

24:11

it’s like a bank account right so you

24:13

have a bank account but you don’t

24:15

address it by name your dress

24:17

by identifying sort code number that’s

24:20

associated with a name on an address

24:22

with our system you can choose what you

24:24

want to tell people right so you’ve on

24:26

that ticket from company X all company X

24:29

sees okay well let’s take another

24:31

company company Y all company Y sees is

24:33

some address by some identifier right

24:35

truck but you a man can choose and say

24:38

okay why don’t you pay me a pound I’ll

24:41

tell you I’m Annan I’ll tell you I’m a

24:43

man I’ll tell you I live in London mmm

24:45

give me two pounds that those are the

24:47

kind of things you can do now no longer

24:49

do you have the Facebook’s and the

24:50

Google it’s kind of hoarding your data

24:52

and keeping it and like this

24:54

this giant database that they then used

24:56

to optimize their like sales and stuff

24:58

like that

24:59

right now you can choose what you give

25:01

people when right and so it becomes kind

25:03

of powerful and that it’s giving the

25:05

power back to everyone rather than it

25:07

being sort of held by these big

25:09

companies that kind of use your data to

25:11

basically increase their profits there’s

25:13

no interest now is this would you

25:15

attribute that is one of the reasons why

25:16

blockchain is sort of gathered so much

25:19

attention recently because you remember

25:20

the leaks from a couple of years ago I

25:22

got the NSA yeah that was a huge huge

25:24

problem yeah I mean have you asked

25:27

anybody before said do you know do you

25:28

trust Google with your data do you trust

25:30

me speculator you know some people would

25:32

say oh do you know what I hope so but I

25:34

wouldn’t be too surprised right now that

25:35

was at least my personal thing I

25:37

wouldn’t be too surprised if they not

25:38

everything about me you know you just

25:39

doesn’t but then when the leaks came it

25:41

was no doubt yeah and but now you know

25:44

it with the use case of blockchain I

25:46

think it actually what no you control

25:49

how much you you control how much is

25:50

known about you is that that say yes it

25:52

is it’s very early days for this stuff

25:55

though wait all of the blockchain sort

25:57

of things these more advanced concepts

25:58

we’re talking about are in very early

25:59

stages yeah so I’d say that will be

26:02

something that helps sort of drive it

26:04

along but the real reason most people

26:06

care about Bitcoin and and some about

26:08

etherium is the crazy price hikes people

26:11

four years ago when buying well even at

26:15

the beginning of this year you could buy

26:16

ether for $10 I think yesterday it was

26:18

at 300 crazy so the amount of sort of

26:22

profits and the trading and on the

26:24

finance side of things okay that’s

26:25

really what spurring the Sun at the

26:26

moment okay right it’s becoming more and

26:29

more

26:29

I’d spread as these applications

26:31

applications like our start getting into

26:33

productions people start seeing the

26:35

real-world application of this

26:37

technology that’s the next phase of

26:39

what’s gonna what’s wrong I hate this um

26:41

that is a great cue fantasy so now this

26:52

would come to Aventis and that’s where

26:53

you are creating a layer all right you

26:55

pop the infrastructure

26:56

yeah ticketing how does it work what’s

26:58

the Ventus so Aventis is a few things on

27:01

the one hand we have the protocol we

27:04

have call what we call the protocol

27:05

layer and then we have what we call the

27:06

services layer

27:07

okay we’re startle from the protocol

27:08

layer this is the smart contracts we

27:11

were talking about the answer we’ve

27:13

written all sorts of smart contracts

27:15

that we then give to we release open

27:17

source and free for anybody to use and

27:20

now what they can do is they can deploy

27:22

these contracts for an event for example

27:25

so they’ll say this is the name of the

27:26

event this is the venue this is the

27:28

artist I want tickets to sell for this

27:31

price on a primary market this price on

27:33

a secondary market I’ll take ten percent

27:35

fees anywhere and you will not resell it

27:38

for more than ten percent above face

27:39

value because I don’t want taps to sort

27:41

of abuse the market okay so you define

27:43

all your rules in your contracts and

27:45

then you put them there on the

27:46

blockchain for anybody to see now

27:48

anybody who wants to sell tickets to

27:50

those events has to come and abide by

27:54

your rules essentially if they want to

27:56

sell that inventory and the way it gets

27:58

quite complicated because we have to

27:59

prevent any black markets from occurring

28:01

off blockchain and we have to make sure

28:03

that everything is regulated by the

28:04

system but in its simplest form that’s

28:07

what we’re doing or we’re providing

28:08

services around validating events and

28:10

menus of a legitimate validation

28:12

announce yeah and validating the the

28:15

sales channels to the various sort of

28:16

ticketing websites that wanna sell

28:17

tickets and all of this is done it’s

28:20

essentially an economic model where we

28:22

use our token that’s how we raised all

28:24

this money we sold our token and she

28:25

called AVT yeah so we sold that and we

28:29

got about Anika mentioned it before

28:30

about 4,000 token holders at the moment

28:32

right and what they’ll do is they’ll

28:33

vote on if an events legitimate because

28:35

you don’t want justin bieber’s playing

28:37

in my basement obviously people are

28:38

gonna know you know when people said

28:39

when it comes to that yeah

28:41

exactly I mean just to back up a second

28:43

like what makes why this is such a good

28:45

solution is one of the biggest problems

28:48

in the industry so there are several

28:50

problems right one is counterfeit

28:52

tickets I mean if you’re outside of

28:54

football stadium you already know people

28:55

like I’m just like to get something

28:56

ticket you get to the door off to spend

28:58

a 100 pound doesn’t let you in okay

29:00

that’s confidence yeah touting similar

29:04

think but basically people buy up those

29:06

tickets in the primary market and then

29:07

resell them at ridiculous prices like

29:09

with Adele’s show the tickets were like

29:11

170 pound each and then they went to

29:14

nine thousand pounds on stock really

29:16

yeah and then twenty yeah yeah that’s

29:19

that’s a huge increase of Steelers nine

29:22

thousand yes / 170 it’s it’s obscene and

29:26

this happens all the time

29:27

Conor McGregor’s Corey McGregor

29:29

Mayweather say I was very similar with

29:32

empty seats there there were empty seats

29:34

and that’s where we kind of get into the

29:35

next problem is a these touts buy up

29:38

these seats and they play a game that’s

29:40

almost like the VC model where you

29:42

basically invest in a hundred startups a

29:44

little bit yeah and one of them like

29:48

it’s same thing with the tickets you buy

29:50

that one front row thing sell it for 9

29:52

grand all of those other ones you spent

29:54

you’ve covered your investment anyway

29:57

yes

29:57

oh so the seeker since you’re still

29:59

winning even if they’re empty yeah then

30:01

they don’t go so people don’t end up

30:03

going because they just wanted to resell

30:04

them now you have empty seats because of

30:06

the town there’s a big problem for sure

30:07

yeah the other problem with the empty

30:09

seats isn’t the cause of it isn’t only

30:11

the touts it’s also that if you if you

30:13

look at the industry now like let’s say

30:15

adult at Wembley right um on

30:18

Ticketmaster you could buy those tickets

30:19

correctly I’m not sure if it was exactly

30:21

taking off at the example date one

30:23

company sold those tickets not to go to

30:25

that platform to buy this exclusively

30:27

exclusively which makes it quite

30:29

annoying like the event doesn’t reach

30:32

that wide of an audience if you think

30:34

about it like imagine if social

30:36

influences or blogs or forums or anyone

30:39

could sell those tickets and then their

30:41

audience was exposed to it

30:42

it’s that doesn’t happen because you

30:45

can’t again like it’s yeah you could do

30:48

it in a centralized way but then all of

30:50

those different channels that sold it

30:52

would have to trust that one guy to do

30:54

it

30:54

correct

30:54

you know they’d have to trust that he

30:56

wasn’t playing with the allocations and

30:58

maybe getting paid off by some people to

31:01

give them more tickets or whatever you

31:03

know even miss pricing like tickets yeah

31:05

but but the the thing holds like right

31:07

now it’s it’s siloed you know every

31:09

ticketing company has their events and

31:11

they sell those tickets for those events

31:12

right so actually the event organizes

31:15

event doesn’t reach a wide audience it

31:17

just reaches whatever that ticketing

31:18

company can reach and so what we’re

31:20

proposing is let’s completely

31:23

decentralize it you know let a mean sell

31:25

tickets – whatever – and you want some

31:28

startup pitch thing okay on his podcast

31:31

okay no and now everyone that listens to

31:33

your podcast is exposed to this event

31:35

whereas before maybe if they were only

31:37

using Eventbrite you’re only the people

31:38

who they could reach an event right

31:40

would reach could get those tickets

31:42

Roissy so it’s much more powerful that

31:44

kind of circles back quite nicely to the

31:46

protocol which is that’s where we’ve

31:48

defined these rules and once it’s

31:49

deployed anybody can you know it will be

31:52

safe you don’t need a central party you

31:54

know that those rules will always hold

31:56

and that’s what the event is protocol is

31:58

it’s a way for event organizers to

32:00

specify the rules for their ticketing

32:02

lifecycle okay so let’s give somebody

32:04

else to sell tickets I choose some

32:06

parameters right so exactly okay like

32:08

what what are the parameters what is the

32:10

maximum resale price for the ticket you

32:12

can only ever resell it for 20% of our

32:14

face good so let’s say I’ve got on

32:16

events want my crates of it yeah it’s

32:18

like 100 pounds again yeah I choose to

32:20

say there’s 300 seats yep then I can

32:23

choose what the maximum resale value is

32:25

yeah I mean you can you can do it for

32:27

all of the seats in one you can kind of

32:28

split them up into different sections

32:29

and have different rules for different

32:31

sections it’s very very flexible and how

32:34

you do it we try not to be too

32:35

opinionated we try to just give the

32:36

tools to do what you want in the other

32:38

side how you want to do it and this is

32:41

obviously saying there’s a lot of

32:42

problems in the industry today mm yeah

32:44

how many problems are though exactly i

32:46

mean what what’s the biggest one i vamp

32:47

up from counting the unsold inventory

32:50

you know yeah showing up to McGregor

32:52

Mayweather no one could buy tickets a

32:54

thing sold out in like one minute at

32:55

every release and they’re still empty hi

32:57

Jenny the thing that’s probably the

32:58

biggest problem so if you think let’s

32:59

say even if there was just 10 seats

33:01

empty okay you’ve got one person that

33:03

made money he profited from that and

33:06

you’ve got ten diehard fans

33:08

that would have loved that would have

33:09

paid their savings to see that the

33:12

favorite boxes box life

33:14

yeah and they missed out that’s not fair

33:16

no the the real problem

33:18

why this problem exists is that

33:21

ticketing doesn’t have sort of they

33:23

don’t use free market economics for the

33:25

pricing of their tickets okay what

33:27

they’ll do is they’ll try and estimate

33:29

beforehand what the price level should

33:32

be and they always under s for popular

33:35

shows they typically always

33:36

underestimate it because they have to

33:38

get the ticketing inventory sold they

33:40

need to try and sell everything because

33:41

if you sell everything there’s all sorts

33:43

of implications for in event merchandise

33:45

drinks all sorts of other revenue

33:47

sources but then also they want to sell

33:51

quickly because from they’ve got all

33:53

sort of liabilities to cover before even

33:55

starts I got to pay the deposit on the

33:57

artist on the venue all sorts of things

33:58

so you want to sell out and sell out

34:00

quickly yeah so that’s why and the

34:02

customer like there has been all sorts

34:04

of things try out Ticketmaster even

34:05

offers that sort of auction pricing or

34:07

dynamic pricing like you know with

34:09

aviation where you’re the seats are

34:11

fluctuating all over the place yeah both

34:13

of those models have been tried for sort

34:15

of event ticketing but it’s not been

34:17

very popular or caught on with the

34:18

consume and what people want is sort of

34:20

a face value if this ticket is 50 bucks

34:22

and let’s go for it so that’s why they

34:26

always price at a fixed value you had

34:28

under market value so that’s why the

34:30

secretary market there’s always an

34:31

incentive there because there is

34:33

actually more to be made from those

34:35

tickets and that’s the whole speculative

34:37

pot that’s why tarting exists okay so

34:39

the speculative par you’re allowing it

34:42

to be controlled in the system so this

34:44

theory less speculation is required from

34:46

the person selling the ticket now so

34:48

initially all today without the use of

34:50

this technology they’re speculating

34:52

thinking I’m thinking or I hope with a

34:54

hundred pounds a ticket it’s going to

34:55

sell out quickly

34:56

I hope speculation then it really is God

34:59

knows what’s gonna happen to those

35:01

tickets they might be sold for a

35:02

thousand pounds or more we don’t know as

35:04

opposed to people saying ticket but

35:05

you’re saying with this technology with

35:07

a Ventus in theory that can set a fixed

35:09

price but they’re still slightly in

35:11

control with the margin of how much it

35:12

can be recently in control yeah they’ll

35:14

define it so Adele goes okay I want to

35:17

sell so the one thing you were saying

35:19

that’s that’s important is they price

35:22

low especially as well because they want

35:24

their fans they want their diehard fans

35:25

to be there yeah like some little girl

35:28

listens to Adele all the time I’m gonna

35:29

be able to afford a thousand-pound

35:31

ticket right so they want to price it at

35:33

a hundred so they can show up there

35:34

fifty pound or whatever and so they

35:38

define that price and then they define

35:40

the maximum resale and we have different

35:42

things in our protocol that prevent

35:44

people from circumventing those rules so

35:47

for example in the secondary market the

35:50

ticket seller so the reseller the tout

35:53

never knows who they’re selling to so

35:56

because of that offline so let’s say

35:59

Adele says you can’t sell it for more

36:00

than two hundred pound they can’t book

36:02

it in the system for two hundred then

36:03

meet in the pub and do an extra

36:05

transaction because you don’t know who

36:06

you’re selling it to right and then the

36:08

other thing is we for the really touted

36:11

tickets we associate an identity with

36:14

those tickets that’s checked at the door

36:16

and that way they can’t just sell their

36:18

account on a Ventus you know they can’t

36:20

just go to someone and say oh yeah I’ve

36:22

got this ticket why don’t you just take

36:23

my account whatever and show up at the

36:24

door you here and how would you plan to

36:25

do that

36:26

so he said face recognition earlier

36:27

there’s a few different options so this

36:29

facial recognition of this voice

36:31

recognition there’s like fingerprints

36:35

and there’s even something as checking

36:37

the ID number and stuff like that of for

36:39

over 18 that’s fine

36:43

that’s the real thing we try and do we

36:45

give various modules to events and then

36:47

plug the ones in they want so let’s say

36:49

you can even take a combination of them

36:52

so let’s say let’s take there we’ve been

36:53

speaking about the mayweather mcgregor

36:55

fight yeah the ringside seats they’re

36:57

obviously going to be massively touted

36:58

anybody who gets one of those tickets

37:00

will be able to sell it for a hundred K

37:02

online now the thing is for them okay

37:06

now we want to guarantee that the person

37:07

who shows up is the person who actually

37:08

owns that ticket yep so maybe we send

37:10

them through the VIP entrance and we’d

37:12

run facial recognition or sort of voice

37:14

recognition on each of them now in the

37:16

back of the stadiums as we’ve already

37:17

mentioned it was sort of 4,000 empty

37:19

seats so obviously there are 4,000 4,000

37:22

I think we’re empty in the back but yes

37:26

so basically what you do with those guys

37:27

now okay clearly those on

37:29

sought-after tickets yeah therefore

37:31

maybe with them we just go in and they

37:33

scan a barcode and they come in it’s Lee

37:35

who actually owns the ticket so you kind

37:38

of optimize your venue that way because

37:39

it obviously takes a little bit longer

37:41

to do facial recognition than it does to

37:42

just scan a barcode you need to optimize

37:44

your timing because when you’ve got a

37:46

70,000 Ticketmaster messed up with us

37:49

recently they had a u2 had a concert in

37:51

America okay and what they wanted to do

37:54

was credit card identity validation so

37:57

they set up all the means where you

37:58

swipe your credit card as you come

37:59

through but obviously you can imagine

38:00

people they’re not used to the system

38:02

they show up after search for their

38:03

credit card by the time you two showed

38:05

up off the stadium was empty because

38:07

people couldn’t get in fast enough so

38:10

these are the kind of problems you have

38:11

to play with on that front that’s it you

38:13

really want to they didn’t see that

38:14

coming essentially and that’s where the

38:16

artificial intelligence comes in you

38:17

know where is that boundary how do I

38:19

identify the most outed seats in the

38:21

stadium and what method should I use to

38:24

optimize that time of getting okay then

38:27

you know is the facial recognition and

38:29

voice recognition a technology that

38:31

you’re developing in-house or you

38:34

outsourcing this I mean how how are you

38:36

guys finding this so we build their

38:39

software components of things we build

38:40

ourselves but we’re a software company

38:42

we don’t want to sell tickets we want to

38:44

sell technology and software to

38:46

ticketing companies that’s the focus

38:48

right that’s the technology and software

38:49

b2b we want to go right ticketing

38:51

companies and sell them software yeah

38:53

software is a service business model for

38:55

most of the api’s that we do right so

38:57

really our goal is to for this for

39:00

example for facial recognition of course

39:02

there’s a hardware component is an

39:03

on-site support component so what we do

39:06

with the whole token sale so when we did

39:08

our token sale with a BT we sold 60% of

39:11

the supply of the token for the 20

39:14

million u.s. dollars now the other 40%

39:17

20% of that we use as what we call a new

39:20

user incentive pool now what that

39:22

basically means is we will fund third

39:25

parties that are building on anything

39:28

that can benefit the Aventis ecosystem

39:30

so we’ll fund projects for example that

39:33

provide support at the venue and the

39:37

hardware and the various sort of

39:38

components that our software then runs

39:40

on to make it work so

39:43

we’ll sort of provide incentives to

39:44

those people to to get involved that’s

39:47

partially what the pools used for us are

39:49

partially used to sort of the event

39:50

industry way as you go up to big venues

39:52

if they have to change over software

39:54

obviously there’s a development overhead

39:56

for them yeah if they’re big enough and

39:57

they can drive enough value for the

39:59

protocol the the Aventis token holders

40:01

obviously will then sort of compensate

40:04

them and try and try and make that

40:05

transition a little bit easier okay so

40:07

we said 60 20 20 yes so sorry just to go

40:12

back to that like you said we’re

40:13

building that ecosystem right so we

40:15

might develop a voice recognition

40:17

software in-house but anyone else with a

40:19

voice recognition software we invite to

40:21

come and plug into what we’re doing and

40:23

offer to people you know okay well then

40:25

uh the more the merrier and people will

40:27

probably be able to solve it better than

40:29

us in some circumstances because we’re

40:30

focused on a lot more things right so

40:32

people who are specialized like we’re

40:34

speaking to this one guy that’s doing um

40:36

photos of finger prints and stuff like

40:38

that focus was a fingerprint that was

40:41

askew so Rizzo if I bought a ticket I

40:43

mean I don’t have a machine up my house

40:45

is gonna scan my face all you saw was

40:48

finding discovering this no you just

40:50

take a picture of yourself that’s

40:51

efficient blow your your Facebook photos

40:53

or upload take a quick selfie and upload

40:56

that right obviously it has to be

40:57

certain quality benchmarks but most of

40:59

our phones and webcams these days do not

41:01

see it enough but that’s that’s only

41:03

four we really don’t see that being with

41:05

sort of mainstream tickets like I say

41:07

that’s more like the wrong side for the

41:09

make sense it’s much smaller because it

41:11

takes I think it’s about 1.5 seconds we

41:14

got a debt at the moment to sort of

41:15

validate an image of your face and when

41:18

you sort of show up to the event sort of

41:20

comparing the two and saying whether

41:21

it’s a match or not worth about so what

41:23

would the mainstream form of validations

41:25

to be when you’re queuing up for an

41:26

event we have this app so there’s an

41:29

access control app that basically

41:31

validates that your phone is your phone

41:33

kind of thing so the phone that you

41:35

originally bought that ticket on or

41:36

their own link to the account you bought

41:39

your ticket on is actually the phone

41:40

present that’ll be the mainstream thing

41:42

that’s much easier it’s just a little

41:43

barcode I guess but I think people saw

41:45

the use of doing that you know those are

41:46

the event brothers I have this QR code

41:48

you can scan this you go in it’s not

41:50

give me a problem yeah yeah that’s

41:52

straightforward and also what we can

41:53

then do is

41:54

and things around because obviously we

41:55

got that blockchain component so you

41:57

have your password and you prove that

41:59

you are the one who actually bought and

42:01

owns that ticket huh and then all we’re

42:03

doing is sort of validating it can be

42:04

something as simple as when the bouncer

42:06

scans your QR code yep on his device

42:08

you’re a picture of your face pops up

42:10

and it just says yeah okay and you’re

42:12

through okay great great

42:14

so just to reiterate so you’re saying

42:15

that you can determine how rigorous you

42:18

you want to be with the people that are

42:19

coming depending on the value of the

42:20

tickets if it’s I said ringside then you

42:23

want to vet them let’s make sure that

42:25

this is really who actually bought the

42:27

ticket backend seats it’s okay you know

42:30

you les yeah okay okay so you mentioned

42:34

the ICO that’s open sale yes

42:37

now you guys -20 me of the equivalent of

42:39

20 million pounds it’s an enormous sum

42:41

of money that’s such a young age so it’s

42:43

graduations starters very fair even

42:45

though I’m sure it feels like it was a

42:47

long time ago given I’m busy you guys

42:49

alright how many months ago September

42:52

6th is when the six closed within seven

42:56

minutes wow that’s very recent yeah how

43:00

was it been I mean are you working

43:01

everyday yeah yeah I mean oh now the

43:04

real work begins right because you have

43:05

to build the product and you have to

43:07

make those stakeholders happy now it

43:10

must be a lot of pressure on you guys

43:11

yeah I mean Annika and I haven’t taken a

43:14

holiday since last Christmas Christmas

43:21

but you know it’s been it’s a lot of

43:24

work it’s a lot of pressure you got a

43:26

grind and push and sometimes it’s really

43:28

hard but yes it’s worth it every step of

43:31

the way when you start seeing some of

43:32

the results when you start moving in the

43:34

right way I I wouldn’t change it for any

43:36

fund an IC o—-

43:37

so yeah how how did you approach the

43:39

whole IC o—- yes so it’s interesting

43:41

because when we started it was very um

43:45

young yeah young space

43:48

yeah it still is but it’s becoming more

43:51

and more there’s a lot more stuff out

43:52

there all that most governments have

43:54

said something about it you know even

43:57

like the FDA said something it was it

43:58

was brief but they made a comment about

44:00

IC o—- so it it’s kind of you know

44:04

when we started we were just doing a ton

44:06

of research I mean we were on

44:07

right it’s like the best reddit or

44:09

etherium is the best kind of crypto news

44:13

okay so you recommend somebody that

44:14

wants to know about that stuff yeah any

44:17

particular sub page or the etherium

44:19

subreddit aetherium some pretty specific

44:21

the currency subreddit or yeah there are

44:23

a ton of them and basically you go there

44:25

there’s always the news that the latest

44:27

stuff would read through pages and pages

44:30

analyze everyone’s white papers and how

44:32

they were doing that token sales and

44:34

then try to kind of build a model based

44:36

on what we learned now there are a ton

44:38

of people who will just kind of do it

44:39

for you so you can you can sort of go to

44:41

a company and then outsource your isyour

44:44

requirements Tata my CEO well the first

44:47

thing you got to kind of do is figure

44:49

out how what is the use of your token

44:53

okay if you don’t have a use that you

44:55

can justify cus what you see with a lot

44:57

of things nowadays like any new area

44:59

with a lot of regulation there are a lot

45:00

of legitimate projects but there are

45:02

also a lot of meters you’re not

45:03

percentage on that but roughly maybe

45:08

five percentile etc at the moment it’s

45:11

blown up into a very much yeah so this

45:13

is another reason why it’s impressive

45:15

that you’ve managed to succeed because

45:16

this is one of the reason why guys being

45:18

so criticized yeah yeah exactly the

45:20

microsecond to complete no no not to

45:24

this degree I mean our social media

45:26

profiles everybody was looking all over

45:27

everything every detail they can find

45:30

about you online came up soon you know

45:32

early employee came I was just going in

45:34

YouTube and I found this guy that was

45:36

going through your LinkedIn profiles in

45:38

commenting I really use on YouTube

45:41

Jannik use on your zero no she wants the

45:44

goldmans not goal must like don’t pick

45:45

anybody scrolling through reading every

45:48

part of my Instagram because it used to

45:54

be public and like like some photo right

45:56

uploaded like three or four years ago

45:58

you know and just like oh I saw this

46:00

vote Obama thought like I went that too

46:01

it’s like you know you one of the

46:07

biggest things in this space is

46:08

cybersecurity so one of our one of the

46:10

guys who’s worked for us he actually got

46:12

hacked personally his Facebook got

46:14

hacked and and they went to town on him

46:16

they started creating credit cards in

46:17

Nigeria and also all sorts of crap so

46:21

what you really have to do is be careful

46:22

that you you have everything locked down

46:25

properly more of a sort of normal

46:27

practically born stuff yo is here like 2

46:29

factor authentication all of this you

46:30

have to make sure that you adhere to the

46:32

sort of normal security steps runs in

46:34

the board and obviously we’re hiring a

46:36

mix of technical people who all do that

46:38

by default and very non-technical people

46:41

sort of like marketing sales side of

46:43

things who have absolutely no idea about

46:45

these processes but you become the

46:48

target of every hacker because we raised

46:51

obviously this sort of 60,000 East about

46:53

20 million USD and it was that increase

46:56

sorry because that’s what everything

46:59

could become 25 and 30 exactly we see it

47:01

going to be considerably more by the end

47:03

of the year but yeah definitely the the

47:06

real point here is that money if

47:08

somebody hacks you hmm they can steal it

47:11

and there’s no trace that you can ever

47:13

follow to sort of get that back this

47:15

sort of the way of so everybody’s trying

47:20

to we’ve noticed on all our cards always

47:22

saying on did you try and look in from

47:23

from Hong Kong did you try and look in

47:25

front of it’s mainly sort of Russia you

47:27

try and log in from Russia even even

47:32

when I start a basic website on

47:33

WordPress and I just just put some sort

47:35

of SEO in there to track who’s coming

47:37

yeah Russia is always coming up it’s not

47:55

easy and yeah but I mean with preparing

47:59

for these Tobin sales mean we probably

48:01

get what like five people a day being

48:03

like hey you know we want to do a token

48:06

say on this can you help us or whatever

48:07

okay and these are legitimate no I mean

48:10

that the problem is everyone that’s me

48:13

to right now so everyone’s like oh I

48:15

want to do a token say I have this app I

48:17

have this marketplace app and I want to

48:18

turn it into a it’s like the gold rush

48:20

token yeah cuz it’s basically free money

48:23

I mean it’s okay not free money but

48:25

almost almost did you read this – this

48:27

is AG recently about that there was a

48:28

guy that did this study they said if you

48:30

invested in every single ICO

48:32

since their first asset think you would

48:33

have been about 11 percent

48:34

obviously that numbers going up and down

48:36

yeah it’s incredible it is every single

48:38

SEO thus and including the images and

48:41

video cons everything yeah it’s just

48:44

blowing up at the moment I really like

48:46

everybody the more people find out about

48:47

it and the more people see these sort of

48:49

crazy returns it’s like I’ve spoken to

48:52

guys what when they don’t know what

48:54

you’re doing and you’re in a pub or

48:55

something and yes I’m when talking about

48:56

blockchain in there oh yeah no this is

48:58

how it works this is how good is how you

49:00

do it and they’re so far off okay great

49:04

no let’s focus on that part yeah because

49:05

I’ve smoked a lot of people I mean even

49:08

intelligent people all right here’ll

49:09

Imperial that have this misconception

49:10

and there’s people out there thinking

49:12

okay well I cos there’s so much money in

49:14

I cos

49:14

let’s do something and they just think

49:15

any of these use cases yeah yeah what

49:17

advice would you give them do you think

49:19

they should they pursue it yes

49:21

definitely always always try but do it

49:23

from the fundamentals the first question

49:26

that you have to answer is why is my

49:28

token essential and why can’t I use a

49:30

different cryptocurrency like aetherium

49:32

or Bitcoin to achieve the exact same

49:34

result if you can’t answer that question

49:36

properly under public scrutiny you

49:40

shouldn’t see how that would bold the

49:41

public scrutiny right there let’s say I

49:45

have a marketplace for shoes okay so I

49:49

have a marketplace wait I mean to sell

49:51

the shoes and I can come on and buy it

49:53

and buy your shoes right

49:54

we’ve had people coming to us and I’m

49:56

not gonna fit you by the way so they so

50:09

these people come to us and they’re like

50:10

okay we want to do it we want to a token

50:12

sale okay and we have this token called

50:14

shoe token okay

50:16

and we basically all it’s gonna be that

50:19

if Annika who wants to buy the shoes

50:22

pays and shoe token shoes yeah and I’m

50:25

in receives shoe token and then cashes

50:27

out right and that’s that’s what the

50:29

token hold I cashed out I’m various ways

50:31

like that

50:32

that’s what amazing parents are

50:34

exchanging yeah so I’ll exchange it to

50:36

USD normally so we have a trading pair

50:38

abt USD understand coin base for example

50:41

oil base doesn’t list

50:43

yeah it doesn’t list the kind of tokens

50:45

that we are they just list big things

50:47

like sort of

50:48

Bitcoin okay but we use we have the

50:50

biggest one volume wise in the world at

50:52

the moment that lists us called BitFenix

50:54

so this bit phonetics there’s bit Drex

50:56

there’s Kraken another one for the more

50:59

mainstream the more main juice combos

51:01

focus on the mainstream yeah and there’s

51:02

other exchanges like you know niche okay

51:07

but yeah so sorry

51:08

GGC coinbase slowly moving into is

51:11

coinbase now waiting for something to

51:13

become mainstream there or is it’s gonna

51:15

stick to a theory I think the problem

51:18

for them is the regulatory environment

51:19

if I’m not mistaken they set up mainly

51:21

in the States which is an absolute

51:24

nightmare on this front with the SEC

51:26

this is he’s been quite vocal and

51:27

actually already claimed that a few

51:29

people violated securities with law like

51:31

the doll for example they claimed we’re

51:33

selling securities so the the regulatory

51:35

landscape there is just a lot stricter

51:37

yeah and I think that’s why they moving

51:39

slower not that then necessarily won’t

51:41

move into it they’ve just got a mountain

51:43

to get through and have to probably

51:45

watch where the regulator comes don’t

51:56

even want to touch them some of them do

51:59

it just depends you know these are nice

52:01

tokens like a TLC 20 tokens the one

52:03

built on a theorem right it’s like a

52:06

standard basically for creating your own

52:09

token and like coin base and all those

52:12

guys for now it just like what I’m

52:14

saying yet because we don’t know if

52:16

they’re established yet they’re gonna

52:17

work we’re gonna wait something that

52:20

make sense so back to the shoe token

52:21

back to shoot token right so when you

52:24

ask that person okay so why do you need

52:27

the token why couldn’t I use ether or

52:29

Bitcoin or ripple or whatever other

52:31

cryptocurrencies they’ll their responses

52:33

oh well I want to raise money with it

52:35

and use it to grow my community and

52:37

incentivize them with a new user and

52:38

sense of pool and stuff but that’s not

52:40

enough of a reason like if you think

52:43

long term like people won’t care about

52:45

shoe tokens someone could build the

52:47

exact same thing without shoe token with

52:49

less than therefore have less barriers

52:50

to entry because you don’t have to buy a

52:52

shoe token from some niche exchange and

52:55

then turn it you know and then use it to

52:57

buy it it’s too much of a pain okay

52:58

right um so so

53:01

like you know if you’re doing something

53:02

like that and you’re just in it for the

53:04

money that’s just just don’t raise the

53:06

seed round and do the other way but if

53:08

you can come up with a reason why you

53:11

need shoe tokens so for example let’s

53:14

say people were putting counterfeit

53:16

shoes on the thing no time right

53:18

imagine if maybe we voted on everyone in

53:20

the community with voting on whether the

53:23

shoe seller was legitimate or whether

53:24

the shoes were legitimate okay now

53:26

that’s kind of maybe a reason why the

53:28

new token so that’s fine so for example

53:30

if someone else to do talking for coffee

53:32

the seu wanted the Fairtrade coffee

53:35

versus the other types coffee yeah and

53:38

that you could stipulate that that’s a

53:40

reason that’s why I want to use this on

53:42

coca

53:42

well if you think that if you don’t have

53:43

a reason like that then you might as

53:46

well just use either a Bitcoin yeah if

53:47

you don’t have some kind of typically it

53:49

falls down to a consensus mechanism you

53:52

need to gather D central consensus but

53:55

only within a specific domain that’s

53:57

kind of what a VT is yeah we need people

53:59

to be able to say these events

54:00

illegitimate these applications are

54:02

legitimate and sort of

54:03

non-deterministically settle buyers and

54:05

sellers in a secondary market so the

54:08

real point there is we need our

54:10

community and everything stake weighted

54:12

votes based on your community and that’s

54:15

why our token is essential and we

54:17

couldn’t do this sort of solution

54:18

granted and your community how many men

54:21

and women you actually know the gender

54:25

split oh yeah I mean you see it you know

54:27

when you see people screen names and

54:29

stuff in the chat you can pretty much

54:30

tell I mean we don’t have any actual

54:32

demographic areas like privacy but we

54:39

have about 4,000 token holders at the

54:41

moment I think right so the your

54:42

community is 4,000 strong obviously

54:44

there’s others that’s the event is

54:46

network event is know as 4,000 people

54:49

stronger and what do those people do or

54:50

how do they help Aventis so they will

54:53

for example we are now releasing next

54:54

week we have the first version of our

54:56

protocol going alive and what that’ll

54:59

allow people to do is put forward

55:00

proposals for how the protocol should

55:02

evolve over time and then vote on it

55:05

with their stake in the network because

55:06

obviously if somebody owns 5 million

55:08

maybe t their biggest thing they say Wow

55:14

hmm and they have a biggest sort of

55:16

financial stake in it they have a bigger

55:18

incentive to care about it democratic

55:20

model exactly and so that’s that’s the

55:22

first component that’s going out right

55:24

and that’s just next week so well next

55:26

week 31st we’ll be releasing that Wow

55:28

okay and so you’re saying that you

55:31

mentioned earlier they’re incentivized

55:32

so the successes Aventis means that they

55:35

their token value goes up okay so if

55:38

it’s in their best interest to make sure

55:40

that event this is an honest and genuine

55:43

system platform where there are no fake

55:47

events taking place yes I was he said

55:49

earlier I can’t claim that Justin

55:50

Bieber’s gonna be playing in my basement

55:51

next month there will be somebody or the

55:54

majority of the community they will say

55:57

actually nope that’s the fake event yeah

56:00

we can tweet that Justin Bieber and he

56:02

said he didn’t respond he hasn’t even

56:04

said anything there’s no venue that says

56:06

is there any kind of research you can do

56:08

outside it’s normally pretty easy to

56:09

identify if anybody bigs gonna be some

56:11

way okay now that I’ve found interesting

56:12

so walk me through that now how does

56:15

this whole verification process take

56:17

place on a democracy basis yeah so

56:20

basically you’ll everybody have they

56:22

really do it in the crypto community

56:23

everybody will talk about everything you

56:25

know in the various forums and stuff

56:26

they’ll see there are various channels

56:28

where everyone can communicate with each

56:29

other and sort of present evidence and

56:32

that’ll be the same throughout so

56:33

whether it’s an event and which on a

56:34

validate if that artist is actually

56:36

going to be there or if there’s anything

56:37

you can just ring up the venue and say

56:39

is this actually going ahead and it’s

56:41

like I can say yeah it’s not and once a

56:43

certain consensus is reached obviously

56:45

everybody is incentivized to not damage

56:48

the network because they have a stake in

56:49

the network so they damage the network

56:51

this stake is worth less and the exact

56:54

same thing sort of around ticket

56:55

applications that they’ll sort of submit

56:57

all sorts of documentation saying yes my

56:59

URL he has the proof that I own it yes

57:01

the proof of my sales or whatever

57:02

everybody will go through it and in the

57:04

other side if they think it’s legitimate

57:05

or not okay and then people like what

57:07

you’ll see what we think we’ll see is

57:10

people in the community like as more

57:12

events come on to the protocol as it

57:14

falls over time people will start making

57:16

white lists if you will for legitimate

57:18

event creators you know so now if the

57:21

vent bright creates an event okay we

57:22

know it’s legitimate because the vent

57:24

rights illegitimate

57:25

and they you know they they have a good

57:27

history so so yeah most of their events

57:30

would be legitimate but that’s the kind

57:31

of core idea to really build that

57:33

community around the protocol let people

57:37

build whatever they want on top if they

57:39

want to make a you know a company that

57:41

comes up with these lists for who’s

57:43

legitimate who’s not legitimate get

57:45

people to pay them for it an apt you

57:47

know that’s great okay encourage that so

57:50

they have to every single event do you

57:53

need to ensure that all four thousand

57:55

directive not at all so that we can

57:57

obviously wait so we’ve sold six million

58:00

a VT but there’ll be a certain sort of

58:02

quorum level should we say so it twenty

58:05

percent turnout is required or 10

58:06

percent is required for it to be

58:08

validated yeah now obviously we as

58:11

Aventis systems the company also hold a

58:13

significant stake in the network so we

58:15

will automatically participate in in

58:17

with all of the votes too and you’ll be

58:19

in-house as well yeah yeah so you can

58:21

have somebody that’s vetting everything

58:23

as well but you’ll also listen to the

58:24

community yeah and I mean initially a

58:27

lot of the events that are brought to

58:28

the protocol will be brought by us so

58:30

we’ll know which ones we bring that are

58:31

legitimate and which ones aren’t so

58:33

it’ll really just be the ones that are

58:34

outside of us that come to the protocol

58:37

okay to be valid those aren’t later

58:38

phases yes well it’s as the protocol

58:41

gains more widespread adoption and other

58:43

platforms start bringing events to it

58:45

above and beyond event great speaking of

58:47

platforms

58:47

you know people when they hear that you

58:49

are in the ticketing industry they’re

58:51

gonna think of Eventbrite secure master

58:52

yeah where do you see where are you in

58:55

that kind of spectrum we sit underneath

58:57

them great okay so cool yeah wait way

59:00

like the backbone that connects all of

59:03

them that’s what we want to be okay so

59:05

we don’t want to compete we don’t want

59:06

to sell tickets we don’t know how to

59:07

sell tickets we don’t know about selling

59:09

tickets good we don’t know people you

59:11

know that’s not our area of great we do

59:13

is provide technology to ticketing

59:16

companies so someone like ticket must

59:17

which will help them it makes it much

59:19

cheaper for them and it lets them

59:22

interact with each other in a much

59:23

easier way like we say you know imagine

59:26

if Kosta could sell tickets when you’re

59:27

buying your coffee right I mean that

59:29

process right now is a big legal

59:31

contract and it has a ton of friction

59:33

with our thing it’s completely automatic

59:35

cost the bids on it a portion of

59:37

ticketing in

59:38

even tree and the event organizer says

59:40

yes or no you know yeah

59:42

and that has value to these people

59:43

because they can sell more of their

59:45

tickets and make more money so someone

59:46

like ticket masa but also our technology

59:50

runs really cheaply because it’s on the

59:51

blockchain and and that cuts out a lot

59:54

of the fees yeah the bigger guys taken

59:57

in hiring developers and making them

59:59

build this big back-end technology for

60:02

ticketing so we what we can do is go in

60:04

there and say okay why don’t you

60:06

restructure your development team focus

60:08

on the user experience focus on focus on

60:11

what the customer wants and let us take

60:13

care of that boring stuff in the back

60:15

that no that’s repetitive for everyone

60:18

that could just be factored out if you

60:21

will you know and made into a backbone

60:22

well I should I’ve seen that you’ve

60:24

recently updated the website and looks

60:26

brilliant events dot IO everyone

60:29

listening and you’ve got a video that’s

60:30

right on the home page soon as you come

60:32

in I think the video is very short a

60:34

minute longer or a minute and a half two

60:36

minutes we tried to get it even when it

60:39

summarizes everything yeah tries to walk

60:41

you through exactly how we are of

60:42

solving the various problems we actually

60:45

tried to cut that video down even more

60:46

just to give people because most people

60:48

you don’t want to sit around for more

60:50

than a minute men in the heart and then

60:51

understand what’s going on or figure out

60:53

if it’s relevant to you or not yeah so

60:55

we yeah we cut it down as short as we

60:57

could but the website as well will give

60:59

you a good idea of some of our our

61:01

products upcoming we have sort of four

61:03

main product categories some are well

61:06

various stages of development the core

61:08

one is the protocol that we’re talking

61:09

about open source protocol yeah they

61:11

will release free for anybody to use and

61:13

sort of do free cheap events through we

61:15

have a whole system around event

61:17

management and inventory management for

61:19

actual ticket agencies to deal with

61:21

their sales channels better and their

61:23

ticketing infantry yeah we have various

61:26

things around

61:27

we call it blockchain is persistence for

61:29

now but what it really is is using the

61:33

blockchain to solve a lot of the

61:35

problems but also give that it’s the

61:37

like enterprise side of the open-source

61:39

thing we’re talking about where you come

61:41

and you just hit an API and we take care

61:42

of exchange and crypto currencies of

61:44

course users you want to pay with your

61:46

credit cards you don’t want to pay with

61:47

some random cryptocurrency so it deals

61:50

with exchanges like that if it

61:51

infrastructure nuts and bolts making it

61:53

a slick and simple process for the user

61:56

and the ticket agency using the

61:58

blockchain and then the final components

62:00

is wider reaching things that we’re

62:02

talking about software for facial

62:03

recognition and whatnot sort of all

62:05

sorts of things around data and

62:07

artificial intelligence no it’s going to

62:10

be splitting your time across all these

62:12

it just sounds like a lot on your plate

62:14

at each one of those products you told

62:16

me about could be an individual start-up

62:17

in itself well it’s actually interesting

62:20

because they’re they’re quite connected

62:22

so blockchain is persistence and the

62:24

protocol go very hand at hand right and

62:26

so you know for a big company like event

62:29

right they’ll need to use the enterprise

62:31

version I mean they could build their

62:33

own version of our enterprise version

62:35

but it would just be a lot of cost when

62:37

we specialize in and why would they

62:39

bother kind of thing and then the

62:42

inventory management event management

62:44

systems those connect to the blockchain

62:46

just you know we we build very

62:49

iteratively

62:50

so we start with something small and we

62:51

build out based on what the customers

62:53

say they want to see so for right now

62:55

that it’s it’s separate strands but the

62:57

plan is to just bring them all together

62:59

and the whole end of this one I mean an

63:01

example will illustrate that quite well

63:03

so that the event would use the

63:05

inventory management and the event

63:06

management system to set up the event

63:08

and their tickets okay then that would

63:11

plug into the blockchain protocol which

63:12

would allow applications to apply to

63:15

sell those tickets which have been

63:16

validated by the protocol they will then

63:18

be allowed to sell those tickets but

63:20

when they do the selling and they accept

63:21

the money and stuff they use block Jonas

63:23

persistence so they can do all the

63:25

exchanges and stuff of the tickets and

63:27

all of the the crypto sort of related

63:29

stuff that they don’t want to deal with

63:31

directly yeah and then eventually when

63:33

they get to the event they’ll use some

63:35

of the stuff from the access control

63:37

side and the data side to actually

63:38

optimize their whole stadium so it’s

63:40

really these four things just fit

63:42

together to cover the the ticketing

63:44

lifecycle okay and they all talk to each

63:46

other and sort of optimize the process

63:48

around them yeah yeah no just a second

63:50

step back I think it’s worth talking

63:52

about this I feel like you guys have

63:54

managed to surround yourself with the

63:55

right people oh yeah how did you do that

63:57

we have amazing people I think the first

64:00

edge I can’t give enough props to

64:02

Professor William not know

64:04

he really started us out on this journey

64:07

and and the people at the the

64:09

cryptocurrency research and Engineering

64:10

Center we got help from a guy Rob Lurie

64:12

and and Kathy Mulligan they really were

64:15

the initial guys that that helped us out

64:18

on this path and then introduced us to

64:20

denny masters and him and the guys at

64:24

Global Advisors they couldn’t have done

64:25

it without them either soon as sort of

64:27

three partners in the firm danny masters

64:29

jean-marie mon yeti and russ Newton

64:32

those guys all together were the sort of

64:35

core catalysts and now in our team like

64:38

Andy Andy grant us CTO we couldn’t have

64:40

done this without him I mean he knows

64:42

like we came at it from the blockchain

64:44

side he came in it from the ticketing

64:45

side if we hadn’t had him we would have

64:47

built something probably that the

64:49

ticketing companies wouldn’t have wanted

64:50

that much I mean the first time we met

64:52

him we were running him through what we

64:54

were doing and he was like wait hang on

64:56

a second that won’t work and no maybe

64:58

this won’t work either people won’t like

64:59

it because of this isn’t this and you

65:01

know having both those angles was super

65:03

important and he knows how to build

65:06

technology teams run technology to build

65:08

products iteratively like that see the

65:12

reason why it’s worth emphasizing on

65:14

this it’s just because it’s one of those

65:15

kind of say so behind the curtains you

65:18

know this there’s a lot more than meets

65:19

the eye to what makes a successful

65:21

company yeah and what doesn’t get enough

65:23

attention is these founders and

65:25

entrepreneurs that have actually managed

65:27

to find the right people to get the job

65:29

done so I’m assuming you’ll do

65:30

everything alone No

65:33

yeah so I mean in the early days it

65:35

really was me and I kept doing

65:36

everything we did which is you know the

65:40

research just us obviously we had some

65:42

funds and support from other areas and

65:44

we went but we basically went to all the

65:46

events we met people there various

65:47

people even in the community some of the

65:49

guys at colony and various other sort of

65:51

company read through our white paper and

65:54

iterated on it with us and then we have

65:56

a big we kind of tried and sold all

65:58

sorts of people on the vision and we

66:00

built up a really good advisory board as

66:02

well and there many people they have

66:03

really helped us but at the end of the

66:06

day up to the ICO most of it was really

66:09

just Anika and I you know research

66:11

talking to people and desperately down

66:13

those doors you know did you say you

66:14

lock yourself in a room for two months

66:15

we did

66:17

in our little makeshift office and we

66:21

were working out of the enterprise lab

66:22

at Imperial actually and we were just

66:23

here all the time yeah but before

66:27

Imperial we started in February I think

66:29

it was sort of January February we

66:31

basically locked ourselves in we’d sort

66:34

of like come over to each other’s place

66:35

lock ourself there and just sit grinding

66:38

iterating on the white paper researching

66:40

the events industry thinking of ways to

66:42

do it blasting holes in each other’s

66:43

ideas how do we start the tasks between

66:45

you we did everything – I mean that for

66:48

the thinking part you really need it was

66:51

essential that we were both there

66:52

you know because you you can’t just

66:54

think it up on your own right and and

66:56

shout out to Jack Burroughs from colony

66:58

because he helped us a ton as well he

67:00

was the colony’s one of the biggest kind

67:03

of and well-known blockchain companies

67:06

in the etherium space in London and he

67:10

was really kind at phonetic for like no

67:12

compensation or anything he’d read

67:14

through our white paper and be like oh I

67:15

don’t really understand this like why

67:16

are you doing this this way and and you

67:19

know but primarily it was him and I in a

67:20

room sitting that just working and

67:23

thinking and poking holes and what the

67:26

other one was thinking because to build

67:29

something this big you need a lot of

67:31

brains it caught it but just be one guy

67:33

time and energy sacrificed everything

67:36

else really yeah I mean there was a long

67:38

time I think for those two months we

67:40

tried to get a reasonable amount of

67:42

sleep to obviously be able to think

67:44

properly but apart from that we a lot of

67:46

our friends we had we neglected for a

67:49

while and obviously that’s something you

67:50

try and make back now when when you get

67:52

a little bit more time on your hands but

67:53

yeah you definitely make a lot of

67:55

sacrifices to go down this path so how

67:58

about regards to University yeah general

68:01

so you guys both studied here did you

68:03

undergrad Imperial was like the best

68:06

experience of I mean I didn’t like when

68:09

I came here for my interview day way

68:11

back I was just like I don’t think I

68:14

could do this I mean the guy who

68:16

interviewed me was lovely and it was

68:17

nice interview but then when I saw the

68:19

the you know the general vibe and stuff

68:22

else I oh this is a bit too like Kiki

68:24

for me I don’t think

68:25

to do it but imperial taught us how to

68:28

work you know it teaches you how to get

68:30

things done without a mummy looking over

68:33

your shoulder saying do this this and

68:34

this like in school they were just like

68:36

look your exams this day it’s 100

68:38

percent of your mock if you don’t show

68:40

up you fail you know yeah and and having

68:44

to figure things out for yourself

68:48

and and and work and get things done to

68:51

get a mark when you don’t have any real

68:53

help the outside you I mean you can

68:55

always ask a lecturer or whatever but

68:57

the that is really applicable to that

69:02

was in terms of work ethic okay I’m with

69:04

you’re not working I mean it’s

69:06

definitely known to be quite intensive

69:07

here yeah on any University which is you

69:10

know I guess ranked you know and sort of

69:13

the top but what about in terms of your

69:15

actual disciplines so you did physics

69:17

and either computing they have extremely

69:19

quantitative courses so what I want to

69:23

ask you is what advice would you give to

69:24

say 15 16 17 year-olds today right watch

69:28

what courses should they pursue I mean

69:29

even on the grants you know they can

69:31

always change or maneuver or focus on a

69:33

post-grad or even just read what should

69:35

they get into I would really encourage

69:37

anybody personally like like you kind of

69:40

mentioned before I was more sort of the

69:42

economics Mack maths background there

69:44

was where my real interest lies that I

69:46

decided to do computing because I saw

69:48

technology as the tools that we’re going

69:51

to need in the future if you look

69:52

throughout everywhere finance is moving

69:55

from the sort of front office traders to

69:56

the Kwan’s oh I’m starting to run things

69:58

it’s and then even on the developer side

70:00

all industries are seeing more and more

70:02

of a technology component so even if

70:05

you’re not particularly interested in it

70:06

and it can be it can be very dry at

70:08

times trust me I know it’s it’s a skill

70:12

that’s worth at least understanding it’s

70:14

worth get up there and learn learn a

70:16

little bit about it a little bit how

70:18

technology works because it’s in every

70:21

aspect of life there are some

70:23

applications of it and you just got it

70:24

you’ve got to have some form of

70:26

awareness from it use it as a

70:28

springboard to get yourself to where you

70:30

want to go that’s that’s what I did

70:31

absolutely Allen I second you tripoli on

70:34

the hundred percent you know that’s one

70:35

of the reasons other electrical

70:36

engineering yeah a lot of people think

70:38

you’re not president-elect

70:38

Engineering the thing up you’re gonna be

70:40

an engineer that and I think we’ve got

70:42

an issue today where you think because

70:44

he did physics physics yeah well you did

70:48

computing you’re gonna be looking with

70:49

computers but you don’t see it like that

70:51

it’s the world are in today is all about

70:53

technology if you don’t understand

70:55

technology you’re behind you’re not

70:58

gonna be able to interpret as anything

70:59

exactly there are lots of stigmas about

71:01

all of us you know they think oh you use

71:03

physics you’re such a geek you know

71:05

especially as a woman people oh yeah

71:07

you’re one of those just do what you

71:17

like if interested in something do what

71:20

you like and and and the best thing

71:22

about Imperial is like we say they don’t

71:24

force you to do anything but they give

71:26

you the tools to do anything you want so

71:29

if you really like physics you can go to

71:30

inaugural lectures you can go and learn

71:33

and and and see the experiments see the

71:36

theoretical side if you’re in computing

71:38

they have um you know like talks about

71:41

applications and computing they have all

71:43

these people coming through and doing

71:45

hackathons like you can literally do

71:48

anything that interests you and even

71:50

cross discipline and that’s what you

71:52

know for me was so it was so great about

71:54

being yeah just a little bit almost a

71:57

cliche with something that said a lot

71:58

but even for us just became so obvious

72:00

like don’t don’t listen to any of the

72:02

sort of naysayers there’s so many people

72:04

who told us we have no idea what we’re

72:06

doing without about depth we’re

72:07

absolutely wrong we shouldn’t be doing

72:09

this we’re not just keep grinding if you

72:12

want to do it if you want it hard enough

72:14

you can make it happen and what about

72:15

with regard to the other skills

72:17

I mean I’m super see the quantitative

72:18

skill conversations understand how about

72:21

your presentation skills you know

72:22

dealing with people all that stuff you

72:24

didn’t get taught that University all

72:25

did you definitely I would say I know

72:27

the computing to put a bit of an

72:29

emphasis I’m trying to get people to

72:30

present a lot more and trying to help

72:31

them on that side obviously sort of

72:33

stereotypes overall love of at least

72:36

technology that I can say is people who

72:38

potentially more socially awkward at

72:40

times I’d really say that is a skill

72:42

that you should you should train whether

72:44

you can if you feel uncomfortable in

72:45

those kind of situations just get out

72:47

get talking to people get a little bit

72:49

out of you’re out of your shell because

72:50

if you want to do one of the

72:52

sort of things that becomes very much

72:54

unaccounted and Anika and I on a

72:56

day-to-day basis do basically it’s all

72:58

about talking to people going and

73:00

presenting the company sort of that that

73:02

outgoing component of it now Imperial I

73:05

know they’re taking steps towards that

73:07

but I feel like that’s something that

73:09

could be sort of helped forwarded a lot

73:10

Lipson to be honest it’s not just

73:12

imperialists across the board

73:13

definitely yeah across the board I find

73:15

that the the American units maybe make

73:18

it a bit better I mean like because the

73:22

way their curriculum works it’s not like

73:23

oh there’s an exam at the end hundred

73:24

percent you’re just gonna do this

73:26

they’ve got a sort of a classroom

73:29

component where you have to participate

73:30

get certain marks and there are constant

73:33

tests and presentations and things like

73:36

that which helps a bit well actually see

73:38

the difference in America compared to

73:39

Europe so when you applied to a

73:41

university in America they really care

73:43

about what sports you play and whether

73:45

you you know I’m a rugby team a football

73:48

soccer whatever they call it yeah and

73:50

whereas Europe it’s just about what

73:52

greater do you go yeah oh you got 99%

73:55

brilliant you’re smart come join me

73:56

whereas America like you know what we

73:58

want to invest in someone who’s round

74:00

the bigger picture yes sports the

74:02

extracurricular is the all these other

74:04

things that you’ve done so a factor in

74:06

and yeah that’s that’s important that’s

74:08

great I really think you guys champion

74:11

that in terms of been able to combine

74:12

both of those skills and I just think

74:14

yeah I would hope that we could we could

74:17

give a platform or raise the awareness

74:20

for this because I said that it’s three

74:22

years of electrical engineering and

74:23

there wasn’t no emphasis no soft skills

74:26

no presentation skills no communication

74:28

skills now what is the point we you can

74:30

be extremely smart extremely intelligent

74:32

create the best product in the world but

74:33

if you can’t communicate it to the outer

74:34

world and I saw one of your

74:36

presentations in the etherium brilliant

74:40

you know you managed to communicate a

74:42

sophisticated idea but deliver it in an

74:44

understandable manner thank you I hope

74:47

it it was understandable we always watch

74:49

our own presentations and talks back to

74:51

try to create a more like yourself

74:54

visible oh my goodness we might be

74:56

watching this in a couple years I

74:57

believe a said that oh my god that word

75:00

was terrible

75:01

it’s part of the game isn’t it yeah

75:03

they’re gonna not be harsh on yourself

75:05

no no be shy don’t be shy exactly I mean

75:09

that’s that’s one thing that you know

75:11

that was what deterred me from Imperial

75:13

in the first place was the kind of vibe

75:15

I got was that people they didn’t

75:17

prioritize that at all and you know it

75:19

was very much okay

75:20

well it’s it’s also a lot of the

75:23

conversations you’ll hear is about like

75:25

almost proving how intelligent someone

75:28

is like they’ll like almost be competing

75:30

like oh yeah but like you solve this

75:32

thing like this I don’t know where you

75:33

can do it like this it’s like yeah sure

75:36

there’s a time and a place for it but in

75:38

the real world

75:39

yeah people are just gonna see it and be

75:41

like yeah so Aventis are you guys

75:46

recruiting we are indeed we’re expanding

75:48

rapidly we are probably going to be

75:51

about 10 or 12 people by the end of this

75:54

year looking to be about I think it’s 31

75:57

by Midway next year 31 by 2018 towards

76:02

the end of 2018 the end of 18 this is

76:04

about year from now yeah 31 31 plant

76:08

strong it’s gonna be mainly on the

76:10

developer side develop end data side so

76:13

we’ve got about seventy eight seventy

76:14

percent of our staff will be on that 70%

76:16

will be developers yeah what kind of

76:18

skills you looking for specific so we’ve

76:21

got three teams we’ve got a front-end

76:23

team we’ve got a back-end team and we

76:25

got a blockchain team so the skills vary

76:27

depending on those but sort of front-end

76:29

we look at what kind of JavaScript you

76:31

know nice design skills potentially

76:32

anything in between those in the backend

76:35

team it’s mainly C++ and go and also a

76:38

bit of a la yeah and then the blockchain

76:43

team is again this is more very very big

76:45

sort of systems guys who can who can

76:48

delve into the details of how this sort

76:50

of blockchain stuff works and then also

76:51

they’ll learn the languages we kind of

76:53

train people up internally on solidity

76:54

which is the language of the smart

76:56

contracts our foundations going to be

76:58

doing like some courses and stuff to on

77:00

learning how to program in solidity with

77:02

on-the-job chain yeah the event is

77:04

foundation it’s like our open source

77:07

kind of free and non-profit foundation

77:10

that that’s the thing that raised the

77:12

money and the main point of the money

77:14

is to fuel the ecosystem around the

77:16

protocol to fill the protocol and fuel

77:18

the ecosystem around it and you know

77:20

we’re going to do a free course for

77:22

people good at Imperial and we’re gonna

77:25

be doing hackathons and all kinds of

77:27

things to kind of raise awareness about

77:28

a theorem and event dis and hopefully

77:30

get you know where can people find that

77:32

there’s on your website you’re gonna be

77:34

talking about that in the kitchen the

77:36

PowerPoint so yeah look how we’ve

77:40

regards to the culture what what’s the

77:43

event US culture gonna be like in house

77:44

generally so you’re not going to be at

77:46

Google in terms of the in house you know

77:49

there’s no slides or any other kind of I

77:51

be going for yeah we’re going for maybe

77:53

a little bit more professional than than

77:55

some startups you see we’re so we’re not

77:57

really looking to get sort of like table

77:58

tennis tables and beanbags and stuff we

78:01

have a lot of very professional people I

78:02

mean overall our staff is typically I

78:04

think the average agents only now it’s

78:06

about sort of 35 sites right yeah yeah

78:10

building the sort of core top end of the

78:11

team yeah and then yeah we’ll get them

78:13

or more junior guys in after that but we

78:16

we it’s important now that we have all

78:19

of these token holders it’s almost like

78:21

if you were to do an IPO you obviously

78:23

have your stock trading and it’s very

78:24

important to kind of watch that we have

78:26

that same sort of idea with the token

78:28

sale so we obviously have important

78:29

investors that were coming into the

78:31

office here and there so we just want to

78:33

project there may be halfway between not

78:35

as Extreme as the sort of finance in the

78:36

banking world but also not as extremists

78:39

they’re like playing PlayStation on a

78:41

couch on a beanbag or whatever okay good

78:44

balance let’s say yeah you can’t compare

78:47

a token sale to a security if it’s a

78:48

utility token so they’re not investors

78:50

they’re more like contributors you know

78:52

who you know hold the stake in the

78:53

project the partner it’s just an easier

78:55

way to think about the model to draw the

78:57

parallel you know but it’s it’s legally

79:00

we always a very careful on that front

79:01

okay so distinction before we wrap up

79:03

then what are the next steps or Aventis

79:05

in the next couple of years let’s see

79:07

yeah so the first thing is getting the

79:10

protocol up the sort of blockchain based

79:12

primary folks at the moment that’s the

79:13

focus the protocol and the enterprise

79:15

version out get the other products out

79:17

and connected and really start hiring

79:19

people and like like we say the number

79:21

one thing we look for is honestly a good

79:23

attitude that’s the key we always have a

79:26

first round where we just

79:27

have coffee one of us will have a coffee

79:29

with the candidate and basically just

79:31

check out that attitude see if they’re

79:32

willing to learn they’re happy they’ll

79:34

create a good environment office because

79:36

what we mainly care about yeah

79:37

professional bean bags whatever at the

79:40

end of the day it’s can we build a team

79:42

that’s happy comfortable with each other

79:44

and willing to learn and willing to

79:47

research and I’m actually passionate

79:48

about what you guys are doing as well

79:50

they only need to embody what event this

79:52

is all about definitely and just to sort

79:54

of really hand at that point home we

79:56

it’s about a problem that we’ve noticed

79:59

with some of the people in the tech

80:00

spaces people can tend to have very big

80:03

sort of egos or arrogance around their

80:05

skill set and that can make it difficult

80:07

to integrate somebody in a team now

80:09

whether that’s coming sort of from

80:10

insecurities or why that sort of front

80:12

is being projected there are various

80:13

reasons obviously but the most important

80:16

thing is being humble and willing to

80:17

admit you’re kind of wrong and where you

80:18

can learn I mean obviously Anika and I

80:20

were very young founders of a company if

80:22

we aren’t able to do that ourselves

80:24

it’ll be very difficult to take this

80:26

company to their this sort of to the

80:29

moon as we’re trying to yeah yeah well

80:31

so how can people get in touch with you

80:33

guys info at Aventis do

80:35

okay so simple info at Aventis that I

80:37

own like I’m reading it to you guys all

80:39

hop onto our website they’re all the

80:41

social media links there so we got our

80:43

Twitter accounts as at Aventis systems

80:44

or we’ve got we used to use slack but

80:47

then there’s a big problem with hacking

80:48

and and spam so we use a thing called

80:51

discord now and you can find an invite

80:53

link on the website or obviously through

80:55

our edits our subreddit yeah we we kind

80:57

of monitor all of those channels well

80:59

it’s it’s been a pleasure having you

81:01

here Alan and Annika Rios brilliant I

81:04

wish you the best of luck with Aventis

81:06

thank you so much thanks for having us

81:07

it’s been great talking to you absolute

81:09

and maybe maybe we’ll have another

81:11

episode maybe in a yes time yeah well

81:21

thanks a lot for listening everybody

81:22

this has been the business podcast at

81:24

Imperial College London

81:25

I’m your host Amin Siana and in order to

81:28

get in touch you can email me at I mean

81:30

at business podcast co the podcast is on

81:33

iTunes SoundCloud and obviously on

81:35

YouTube if you want to get in touch

81:37

you’re more than welcome thanks a lot

81:38

for listening and tune in for the next

81:39

episode bye bye

Blockchain-based Event Ticketing Solution: Aventus Weekly Update #7

Hi everyone. As per usual it’s been a busy week here at Aventus. With our first protocol component out of the way we are moving full steam ahead on our main-net first protocol beta release. Thanks to all of you who took part in the community poll. We have also had two new staff members joining us and the office is slowly starting to full up. Here’s what we’re going to be covering today:

  • Protocol update
  • Binance vote
  • Interview with Amin Siala
  • New team member! Meet Robyn, our Head of Communications
  • New team member! Meet Adrian, our Software Engineer
  • Voting Module

Be sure to continue to read at the source: Aventus Blog

AVT, the Aventus Utility Token, Officially Listed on Bitfinex!

We are pleased to announce the listing of AVT on our first major exchange Bitfinex, “the world’s largest and most advanced bitcoin trading platform”. You can read the full announcement here.

We will be releasing a new version of our website tomorrow, and have our usual weekly update through our blog on Thursday— it will contain photos of our new office, and a protocol update!

If you haven’t yet, join the Aventus community on Discord for regular updates from the team.

Kind regards,
The Aventus Team

“It’s The Blockchain, Stupid!” – Using Bitcoin Technology to Revolutionise Event Ticketing

“It’s The Blockchain, Stupid!” – Using Bitcoin technology to revolutionise event ticketing.

Source: Core Finance

Aventus Releases First Product Iteration, Blockchain as Persistance, with First Client Townsend Music’s Tickets Live on Rinkeby Test Net!

London, 6th September, 2017: Blockchain-based protocol developer Aventus Systems has today announced a partnership with Townsend Music, in order to test its ticketing application in the UK market.

The first phase of the collaboration is the utilisation of Aventus’ first product ‘Blockchain as a Persistence Layer Solution’ which mirrors the creation, transfer, and sale of tickets throughout their lifecycle on the Ethereum network. Through this Aventus will replicate anonymised samples of some of Townsend’s live events and tickets including Carly Paoli at Cadogan Hall in London on the 15th of February 2018 and Show of Hands in Wells which takes place on the 3rd of November.

Be sure to continue to read at the source: realwire

Aventus Live Stream AMA w/Alan and Annika

Aventus Live Stream AMA w/Alan and Annika

Source: Hacking the System

Aventus ICO Review – Event Ticketing Solution

Aventus ICO Review – Event Ticketing Solution

Source: Hacking the System