Despite the ongoing COVID-19 pandemic, some global events have chosen to move forward as planned.
One such solution involves a cashless payment system powered by blockchain.
Mystic Valley, one the largest music festivals in Thailand, will be issuing its own token for cashless payments during its upcoming three-day event.
According to a Thursday announcement, Mystic Valley organizers partnered with local cryptocurrency exchange Bitazza and blockchain startup Fuse.io to mint its own crypto token, MYST. The new token is designed to provide all financial transactions at the festival including payments made to food and drink vendors and merchandisers.
The event is scheduled to run from Nov. 27 to Nov. 29 at the Mountain Creek Golf Resort in Khao Yai, Nakhon Ratchasima.
The new cashless payment system is also expected to reduce costly fees charged by major point-of-sale systems.
"Network's $0.01 transaction makes the implementation of cashless payments accessible to any kind of event organizer at [a] fraction of the cost," the announcement notes.
A spokesperson for the event told Cointelegraph that users will be able to exchange the unused amount of MYST tokens for fiat.
Alongside providing a cashless payment system, Mystic Valley also allows attendees to buy their tickets with major cryptocurrencies such as Bitcoin.
Audius, a Binance-backed decentralized music sharing service, distributed $8 million in governance tokens to musicians and listeners on its platform in late October.
Thai music festival to use its own token for a cashless event
pubblicato su Nov 19, 2020
by Cointele | pubblicato su Coinage
Coinage
Notizie recenti
Vedi tutti
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.