Despite the ongoing COVID-19 pandemic, some global events went according to plan. Instead of boycotting them, they work to limit close contacts between the participants by introducing new technology. This solution requires a blockchain-based cashless settlement system.
Mystic Valley, one of Thailand’s largest music festivals, will release its cashless symbol over the upcoming three-day event.
According to an announcement released on Thursday, Mystic Valley regulators have partnered with local cryptocurrency exchange Bitazza and launched the Fuse.io blockchain to create their TOST cryptocurrency.
The new code is designed to protect all financial transactions at the festival, including payments to food and beverage suppliers and sellers. The event will take place from November 27 to 29 at Mountain Creek Golf Resort in Khao Yai, Nakhon Ratchasima.
According to the announcement, MYST is committed to eliminating the need for paper money, which results in a smoother and safer experience for members and suppliers.
The new cashless payment system is also expected to reduce expensive fees charged to large retailers. The message reads: “The $ 0.01 transaction makes it possible to make non-cash payments to regulators of all types at a fraction of the cost.”
A spokesman for the event told Cointelegraph that users will be able to exchange unused MYST tokens for fiat. He added: “Then they get back money or bank transfer.”
In addition to its cashless payment system, Mystic Valley also allows members to purchase tickets using major cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and Tether (USDT), the report said.
In recent years, the music industry has been closely linked to cryptocurrency. Audius, a Binance-backed decentralized exchange, distributed $ 8,000,000 tokens to musicians and listeners on the platform in late October. At the end of September, DJ David Guetta entered into an agreement with the cryptocurrency-focused Sensorium Galaxy virtual reality platform.