Based Global CTO About Discovery And Ticketing Blockchain Platform
Interview with Benjamin Bending, CTO & Co-founder at Based Global GmbH, who told Blockspoint about their blockchain-based platform, which allows to track interesting events, buy tickets and find a company to hang out with.
How did your project start?
Based Global started last year as a totally new and young company. I’m one of its three co-founders. I’m engaged in technical issues. We have offices in Berlin and London. Our goal is to create the best ever event discovery and ticketing platform based on blockchain. The platform allows to know what is going on tonight in the city. This solves the real pain of many travellers and party persons. We also want to distribute tickets for these events and try to make it a one-click process.
How did you come up with the idea to launch the platform on the blockchain basis?
The idea appeared when I met one of its co-founders. He’s a nightlife lover and travels a lot. He complained that it was so hard for him to get information on events. In some cities, there are even no websites dedicated to this, and people have to buy printed magazines to find out what events they can attend. That sounds crazy considering all the technologies humanity has developed! I am personally not into it but one of my colleagues has shown me the design of a mobile application made by him. It was so sexy and cool that I decided to get involved into the project no matter what.
What exactly can your company offer to clients?
We provide an event map, arranged sorting options, a platform that allows to chat with people or even find someone to go to an event with. We also provide ticket trading and reselling mechanisms, information on concerts and artists and the possibility to leave feedbacks after the events. For event providers and distributors, we offer a secure ticket sale, more money, and information that the existing platforms aren’t able to offer.
Why do people need ticketing on blockchain?
The whole ticket lifecycle can be defined and clearly controlled by initial sellers or artists themselves. Also, we want to develop a resale system to allow artists to gain some profit from reselling tickets. A ticket is a smart asset itself. We try to change the secondary ticketing market. Money here goes to a third party that just wants to make an easy profit. This is a well developed and strong business of reselling tickets, but it is not good for fans or artists.
What kind of technologies do you develop?
We are building our platform using the EOS blockchain system. It is scalable enough for our business. We thought about using Ethereum blockchain. But it allows only 14 transactions per second which is definitely not enough. We want to allow thousands of people to buy tickets on the events they want to visit. And since there are thousands of events, we need a reliable system that can process all these purchases very quickly. Actually, using blockchain is so obvious! I mean smart-contracts and ticketing are a natural fit. And at that point we had a feeling that we were doing something really big. And Iconiq Lab agreed with that.
At what point of the road map are you now?
We are building MVP at this moment. We’re also developing the prototype or the very first version of our product. We are going to launch it in the end of July. We want to show our public that we are not just a white-paper on a website. We will have a pre-sale soon, which will happen through the Iconic Lab. We will use the collected money to hire more people. We plan to conduct a public sale in the end of this year.
Was it hard to arrange an ICO?
The sphere is very complicated right now, and more and more people are complaining that it is getting hard to rise money through the ICO. To be honest, about 90% of teams just have nice websites but their ideas make no sense. I think it is really a very stupid idea to raise money just because you can. And after all of those accidents, people have finally started looking at what they are buying.
You mention the Iconic Lab. Do you like this partnership?
We are really happy to work with Iconic Lab. They gave us a lot of advice, know-how and guidance. They also help to manage all the regulatory things, which was quite useful for us.
Do you have any interesting collaborations? Maybe you’re engaged in business with some well known pop stars?
I cannot mention the names right now. But we are working with really popular artists. The main negotiations are held through event agencies which are our partners. Now we have feedbacks from some club-owners who like our product. But honestly, people usually like our platform for different reasons. Some of them like the idea of really quick discovery of all city events. This normally takes them 1-3 hours. Also, our tech allows to calculate the profit and to track every sold ticket.
Are you going to expand your business globally?
Yes, definitely. We aim at becoming a global business. That is why we have such a name — Based Global. First of all, we want to start with events in Berlin. We also are planning a boat party in Spain or Portugal. One of our co-founders is from London. So, I think one of our early events will take place in London. Additionally, we are also in talks with several gaming companies from South Korea which is the biggest eSports country. Also we have ties with US event organizers. I can say that we have started our business almost in every part of the world!