Guaranteed Entrance Token
| Guaranteed Entrance Token | |
|---|---|
 | |
| Denominations | |
| Nickname | GET |
| Development | |
| White paper | https://get-protocol.io/files/GET-Whitepaper-GUTS-Tickets-latest.pdf |
| Development status | Live |
| Website | get-protocol |
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Guaranteed Entrance Token (acronym GET) is an ERC20 utility token used as fuel for all blockchain-related transactions.[1][2] made by the GET Protocol. GET Protocol issues tickets for any kind of event where a 'right of entrance' is needed. The protocol is designed to prevent scalping and ticket fraud, as well as provide more control over the tickets to businesses using the protocol.[3]
GET tokens were made globally available on the exchanges IDEX, Radar Relay and DDEX, on December 13th, 2017. Since then, multiple other crypto exchanges have listed GET, among which Uniswap.[4].
Background[edit]
The cryptocurrency has been developed by a part of the GUTS Tickets team. They became the GET Foundation after the initial coin offering (ICO) ended[5]. The ICO was finalized on December 13th, 2017.[6] Matthew di Ferrante performed the security audit[7], who deemed the contracts correctly constructed and safe.[8]
The GET Foundation is responsible for the development of the GET token as well as the GET Protocol. In mid 2021, the team consisted of 30 FTE, looking to double once in 2021 and once again in 2022.
GUTS Tickets[edit]
GUTS Tickets is a ticketing company that uses the GET Protocol to sell tickets. It is used as a showcase for the GET Protocol and is, therefore, the first company to use the protocol. It made the news multiple times as a company putting blockchain technology in practice[9][10][11][12]
Technical Aspects ("Tokenomics")[edit]
The token is deflationary, which means the total supply will dwindle in total. No new GET tokens may ever be minted, as is described in the whitepaper. For every usage of the GET Protocol (i.e. ticket sold, resold, scanned), a certain amount of GET is burned[13][14]. This amount is based on a pre-determined fiat value, i.e. $0.30. Depending on the price of the GET token at the time of buyback, more or less of the token will be burned. If 10 tickets are sold while the GET token is $3 at the time, that means 1 GET will be burned for those 10 tickets sold. If the GET token is $30 at the time, that means 0.1 GET will be burned for those 10 tickets. As the GET token has up to 18 decimals, this ensures the total supply of GET will never run out. As GET is in use right now, it is hard to say what the total supply is at this point, this FAQ describes how the total supply is composed. Most information regarding the GET utility token can be found here.
Reception[edit]
Following the release of the token, it immediately became used by GUTS Tickets. Jochem Myjer, Youp van 't Hek & Guus Meeuwis are one of the first artists who sold their tickets using GET once it became available. Their reception was positive, as expressed in a Dutch TV show called De Wereld Draait Door[15]
References[edit]
- ↑ "The future of ticketing with GET Protocol". Tokenomics.
- ↑ "Guaranteed Entrance Token" (in Nederlands).
- ↑ "Wat is GET Protocol?" (in Nederlands). August 17, 2021.
- ↑ "GET Protocol price today, GET live marketcap, chart, and info". CoinMarketCap.
- ↑ "4.2.2 Part of the current GUTS Tickets team that developed the "genesis" version of the GET API and GET Protocol will enter into the employment of the GET Foundation after the ICO has been completed successfully" (PDF).
- ↑ "ICO Finalized 13th December 2017".
- ↑ "zklabs GET audit". October 22, 2017.
- ↑ de Ferrante, Matthew. "The contracts are correctly constructed have no major security issues that pose a threat to users or their balances" (PDF).
- ↑ "30+ Real Examples Of Blockchain Technology In Practice".
- ↑ "GUTS smashes own blockchain sales record". March 7, 2019.
- ↑ "Dutch blockchain project GUTS is ending ticketing scams". December 12, 2017.
- ↑ "GUTS prepares for biggest blockchain-ticketed show". June 6, 2019.
- ↑ "Coin of the Week: GET Protocol, Guaranteed Entrance!". Tokenomics GET protocol. July 29, 2020.
- ↑ "GET Protocol – GET crypto". Token (in Nederlands).
- ↑ "GUTS Tickets featured in DWDD | De Wereld Draait Door | NPO 1 | 01-03-2018" – via vimeo.com.
External links[edit]
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