Blockchain-driven ticketing platform EventChain has announced a crowdsale campaign to support its project development.

The Singapore-based firm’s crowdsale, which is a type of crowdfunding that issues cryptocurrency tokens that are stored on the user’s device, is set to go live next week and will run for 14 days.

EventChain has developed a blockchain-based solution on the Etherum network, which aims to prevent unregulated touting and counterfeit tickets.

The firm says it makes it easy for event managers, party organisers, schools’ social clubs and other event hosts to leverage the decentralised network for managing events and ticket sales globally, free from third party charges.

EVC tokens, the medium of transactions on EventChain, provide customers with a range of benefits including waiving all processing fees on purchases, as well as getting exclusive VIP and early bird privileges.

EventChain claims that its ticketing platform will save fans from extortionate fees, website crashes and ticketing scalping and counterfeiting. It also said it helps artists to gain the full income from its ticketing revenue, while ensuring that real fans get the real tickets.