P3C: A Peer to Peer Rewards Points System
What is P3C?
P3C is a smart contact that currently exists on the Ethereum Classic blockchain that forms the core of a the P3C Reward Points System. The contract takes Ethereum Classic as input, distributes funds proportionally to other points holders, and increases the price for new points. When a user decides to liquidate their P3C points, they pull Ethereum Classic out of the contract and pay a penalty to currently existing points holders. The rules for the P3C contract can be found here, and we encourage you to dive deep into the cryptoeconomics of the system, as we believe this program allows micropayments and dividend dispersion all in a decentralized trustless manner. This sort of highly-liquid points system would be impossible pre-blockchain. Imagine getting liquid rewards points instantaneously.
How can P3C be used as a rewards points program?
By holding P3C tokens, you have a direct incentive to encourage more participation in the P3C ecosystem, because it comes back to you directly as a P3C holder as dividends. We believe that if you give customers equity in a loyalty program, like P3C, users will insist on using P3C in the future since they receive part of the future network growth.
Event Ticketing on P3C
Using P3C as a core loyalty program we see the potential to disrupt the live event ticketing industry, starting with peer to peer programs (Meetup, Eventbrite, Brownbag tickets) and eventually to large ticket processors (Ticket Master, LiveNation). Here is how:
- Concert or party is organized by a promoter.
- Promoters then sell tickets to the event through the website. They share this website around Facebook or Twitter, etc.
- When an event goer goes to purchase a ticket, they pay in fiat currency using their credit cards.
- Most of that payment then goes directly to the promoter as fiat, and a small "processing fee" goes back to the user as P3C on a printable paper wallet.
- The user can then choose to redeem the P3C for Ethereum classic, sellable on Coinbase, or keep it to get part of the dividends from future events held on the platform.
Here is how P3C operates behind the scenes in the case of $20 ticket + $2.50 processing fee:
- $20.00 goes directly to the promoter (we can choose to subsidize the credit card payment if necessary).
- $2.50 is converted into Ethereum Classic.
- This is then used to purchase P3C through the event promoter's masternode link, giving them a 3% bonus. This P3C is sent to a wallet created on the server which represents the customer's Ethereum Classic account.
- The private key to the P3C wallet is printed onto the ticket, along with the instructions for interacting with P3C. The user has a choice: they can immediately redeem the P3C for around $2.00 worth of Ethereum Classic (paying a penalty to P3C holders), or they can choose to keep $2.50 worth of P3C which will gain dividends based on future events that leverage P3C ticketing. Or they can choose to throw the ticket away, which will burn tokens and create and even higher floor for the price of P3C.
The event promoter also has 3% of the $2.50 (.07 cents) because of the masternode bonus of that ticket lying in their P3C account which they can either withdraw as Ethereum Classic immediately, or reinvest by purchasing more P3C with it.
Again, this is a system which encourages loyalty. Users gain P3C and know that if they attend more events in the future which use P3C, they receive a share of the profits. Users can also invest directly into the growth of P3C by purchasing it with Ethereum Classic themselves on the webpage.
Winning based on fees
The goal of P3C Tickets is to reduce fees for the promoter. Because the owners and investors hold P3C and have a stake in the success of Ethereum Classic adoption, we are willing to subsidize promoters so we are more competitive than other competing ticketing services. Ideally, we can offer no credit card processing fee. So if the promoter sells the ticket for $20, they see $20 enter their account. This is in contrast to our competitors:
- Brownpaper Tickets: $0.99 + 3.5% of the ticket price
- Eventbrite: $0.99 + 2.5% of the ticket price.
Ideally in the future as we gain more users, we switch to collecting payments entirely in crypto to pay promoters and no longer have to worry about any credit card processing fees. We can give users more P3C for using this method.
Interested in the project? How do I invest?
Currently P3C is an entirely open source project, while the ticketing project is not. The P3C code is public on the Ethereum Classic network and can never be changed. As the development team, we currently hold a substantial portion of the P3C tokens, which means that we receive a substantial portion of the dividends to fund the system.
If you are interested in investing, we ask that you simply buy P3C rewards points from the smart contract like any of our users. You can do this either by going to the P3C.io webpage and buying from our masternode link:
or sending Ethereum Classic (ETC) directly to the smart contract from a wallet (it will credit you with P3C)