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(1) Setup phase: First, event organizers deploy a smart contract for a specific event. Initial parameters, such as the name of the specific event, an initial ticket price, a maximum price factor for tickets, the event start datetime, the maximum amount of tickets available and an initial transaction fee for secondary ticket transactions are provided to the constructor() as specified in the contract deployment script. A screenshot of the console log during the deployment of a sample event is pictured in Figure 2. The event organizer is the owner of the smart contract and thus can change these parameters later by interacting with the smart contract, in addition to withdrawing its balance and pausing transactions of tickets at any time. Figure 2. Console Log of Contract Deployment on the Ropsten Test Network (2) Primary market: After contract deployment, event attendees can buy tickets until the supply limit is reached, by sending a transaction containing Ether to the payable function buyTicket(). The function first checks if the amount transferred is sufficient and then calls the internal function _createTicket() which “mints” a new NFT that acts as the virtual representation of a ticket. Each ticket is unique as its id can only exist once per contract and its ownership can be verified at any time by calling the function checkTicketOwnership(id). The total number of tickets owned can be obtained by calling balanceOf(). (3) Secondary market: Ticket owners can offer their tickets for resale by calling the function setTicketForSale(). They can use the function setTicketPrice() to charge any price that does not exceed the maximum price as defined by the event organizer. Any user with access to a blockchain-enabled web browser can purchase tickets from current ticket owners once approval has been set by the ticket owner through the call of approvedAsBuyer(). The buyer can now transfer the required amount of cryptocurrency to the payable function buyTicketFromAttendee(), which finally transfers the ticket to the buyer. The transaction fee set by the event organizer is automatically deducted and kept by the contract, where it can be withdrawn only by the contract owner. Once the event has started, the modifier EventNotStarted() will prohibit the use of any setter functions. Thus, no more tickets can be created or transferred after the time specified in eventStartDate. The organizer can call setTicketToUsed() to validate a ticket at the venue. While the scope of this prototype does not feature a front-end for retail users, its full compatibility with the ERC-721 standard enables users to use any compatible wallet or NFT-marketplaces like OpenSea to facilitate peer-to-peer transactions in an easy manner (OpenSea, 2019). The prototype is deployed on the Ethereum test network Ropsten and thus allows any user with access to an Ethereum node to invoke the smart contract and use it. The source code of the implemented prototype including instructions for deployment is publicly available on GitHub1. Evaluation and Discussion For the evaluation, we linked back our resulting prototype to the design objectives and the evaluation criteria (see Table 3). Our evaluation is not limited to a single activity conducted at the end of the build phase, but rather represents an iterative process and encompasses multiple methods and perspectives (Pries-Heje, Baskerville and Venable, 2008). Testing and Experimental Evaluation For a thorough analysis of our prototype’s functionality, structure, formal completeness, consistency and quality, we relied on algorithmic white box testing, such as unit tests (Hevner et al., 2004). To refine and optimize our prototype, we followed a test-driven approach and iterated between testing and improving (Janzen and Saiedian, 2005). We utilized the Truffle framework containing the Mocha testing library and 1 https://github.com/ratio91/NFT-event-tickets Fortieth International Conference on Information Systems, Munich 2019 9 Non-Fungible Tokens as Event TicketsPDF Image | NFTs in Practice
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