The virus is cash! The music industry is using crypto and blockchain to save festivals in this time of pandemic. This Thai music festival creates its own token for payments. Tickets can be purchased through major cryptocurrencies.
Blockchain at the service of Thai music
Despite the pandemic, many events were sustained and unfolded as planned.
However, the organizers are trying to put in place solutions aimed at limiting contact between spectators using new technologies.
One of these solutions is the introduction of a blockchain-based cashless payment system.
One of the most important music festivals in Thailand, the Mystic valley will issue its own token at the next event to be held from November 27 to 29, 2020 at Montain Creek Golf Resort at Khao Yai.
The festival organizers joined the exchange Bitazza and the blockchain startup Fuse.io to forge their token MYST.
The music industry keeps pace with the crypto and blockchain industry
The token MYST is designed to enable the execution of festival financial transactions which include the purchase of food and drink.
The aim is to eliminate the use of paper money and allow all participants – spectators and vendors – to live a more secure experience in this period of health crisis.
This payment system should also reduce the fees charged by points of sale: the project team says that this type of payment is available to everyone, with a network fee of $ 0.01.
Unused tokens can then be exchanged for fiats, cash or bank transfer. Tickets can be purchased in Bitcoin (BTC), in Ether (ETH) and in Tether (USDT).
The music industry continues its immersion in the crypto industry. The decentralized music sharing service Audius (AUDIO) supported by Binance, distributed 8 million governance tokens to musicians and listeners on the platform.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Sanofi, Pfizer and Moderna will soon be distributing their vaccine globally. Will this pandemic make cash disappear even in a post-covid world? The paper isn’t really the bottom line – it’s just the form. The real concern lies in economic, monetary and financial policies treating fiats like Monopoly notes, irresponsibly using money printing. No, the CBDCs won’t change that!
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