Home Coins Ethereum (ETH) Thai music festival to use its own token for a cashless event

Thai music festival to use its own token for a cashless event

- Advertisement -

Despite the ongoing COVID-19 pandemic, some global events have chosen to move forward as planned. Instead of canceling, they are working to limit close contact between attendees through the introduction of new technologies. 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.

According to the announcement, MYST is intended to eliminate the need for paper money, resulting in a smoother, safer experience for attendees and vendors.

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. “Then they will get a cash or wire transfer refund,” the person added.

Alongside providing a cashless payment system, Mystic Valley also allows attendees to buy their tickets with major cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and the stablecoin Tether (USDT), the announcement notes.

The music industry has been closely tied with crypto in recent years. Audius, a Binance-backed decentralized music sharing service, distributed $8 million in governance tokens to musicians and listeners on its platform in late October. In late September, French DJ David Guetta secured a deal with crypto-focused virtual reality platform Sensorium Galaxy.

Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
472FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,552FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.20
GBP
1.34
CHF
1.10
NOK
0.11
JPY
0.01
CAD
0.77
AUD
0.74

Most Popular

Yearn x Sushi 行ってきます. I had been outspoken in the past about… | by Andre Cronje | yearn.finance | Dec, 2020

I had been outspoken in the past about the things that Sushiswap did wrong, but I cannot understate how much they have done...

Ethereum flips Bitcoin’s node count

Ethereum 2.0 genesis stakers have pushed the total number of Ethereum nodes past the number of Bitcoin nodes for the second time this...

Authorities shut off electricity to Bitcoin miners in China’s Yunnan province

Local sources report that authorities from the city of Baoshan in the Chinese province of Yunnan are escalating efforts to crack down on Bitcoin...
bitcoin
Bitcoin (BTC) $ 19,448.85
ethereum
Ethereum (ETH) $ 608.92
ripple
XRP (XRP) $ 0.655843
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 313.38
bitcoin-cash-sv
Bitcoin SV (BSV) $ 180.88
litecoin
Litecoin (LTC) $ 88.83
eos
EOS (EOS) $ 3.26
binancecoin
Binance Coin (BNB) $ 31.71
okb
OKB (OKB) $ 5.52
tezos
Tezos (XTZ) $ 2.50
leo-token
LEO Token (LEO) $ 1.35
cardano
Cardano (ADA) $ 0.167048
monero
Monero (XMR) $ 130.35
stellar
Stellar (XLM) $ 0.196871
chainlink
Chainlink (LINK) $ 14.37
huobi-token
Huobi Token (HT) $ 4.18
tron
TRON (TRX) $ 0.033607
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 112.35
neo
NEO (NEO) $ 18.97
iota
IOTA (MIOTA) $ 0.349341
nem
NEM (XEM) $ 0.189594
zcash
Zcash (ZEC) $ 79.37
maker
Maker (MKR) $ 557.69
paxos-standard
Paxos Standard (PAX) $ 0.999036
ethereum-classic
Ethereum Classic (ETC) $ 6.81
vechain
VeChain (VET) $ 0.016195
true-usd
TrueUSD (TUSD) $ 0.998747
ftx-token
FTX Token (FTT) $ 4.67
kucoin-shares
KuCoin Shares (KCS) $ 0.818205
waves
Waves (WAVES) $ 6.98