What Are Crypto Raves?

What Are Crypto Raves?

I’m sure many of you have heard of cryptocurrencies by now. If not, I’m sure you’ve at least heard of the “granddaddy” of crypto–Bitcoin.

In short, cryptocurrencies are decentralized currencies that have no middle man by making all transactions accessible to everyone through technology called a blockchain. In simpler terms, people don’t want the banks controlling their money, so digital currencies are spreading like wildfire so that people can trade on this technology and not have to deal with a centralized being controlling their money. The transactions are executed once other users recognize them as legitimate and approve the trade.

You may be thinking: What does this have to do with raves?

Well, just like their money, people also want other things decentralized, such as underground raves–now being referred to as crypto raves. The underground rave scene was wildly popular back in the day when social media had yet to blossom and the only way to find these raves was by word of mouth. They were exclusive and extremely exciting.

Now the internet is flooded with rumors that there may be an underground rave revival underway. However, instead of having to know the right people, now anyone on these public blockchains can hear about these parties and be given a personal key to invite others, if deemed trustworthy. Wired wrote a detailed piece on this subject and even interviewed someone who already attended one of these raves, artist Mat Dryhurst.

“Like most good things, it emerged slowly and organically,” said Dryhurst, “The first time I went to a crypto rave, I got a text message from a friend who was given a few invites, received my own unique keys and was given an invite of my own to share.”

As the article explains, these “keys” aren’t as simple as a password you say at the door. They come in several forms: PGP-signed messgaes on public blockchains or tokens, much like tickets, that are distributed by Decentralized Autonomous Organizations (DAOs).

Just as people need to approve transactions on the blockchain for Bitcoin or other coin trades to successfully transfer, a guest for one of these raves must have a number of approved ‘block confirmations’ to ensure their access. These are usually given by the party organizers. So although you don’t need to necessarily know everyone who is attending, it is still an exclusive game.

These public blockchains on which these tokens are dispersed are anonymous and organized by people who only approve users they can trust to not overspread the word. They can also reach outside the realm of EDM, but most that have taken place so far are centered around the techno scene. These are rumored to be hot around the San Francisco Bay Area, Moscow, and Berlin.

“This could be groundbreaking for music as a medium. Rather than being limited to implying ideology through stylistic gestures and poetry, we are now able to execute ideology,” said Dryhurst.

We will continue to follow this technology and provide you with updates as it spreads to other forms of art and entertainment.