New tokenomics are coming!

Olivier Biggs
Aug 31 · 11 min read

Welcome back!

This month, among other things, we are announcing an update to the GET token economics, which we are very excited about. Of course, as always, there is a lot to cover, so let’s not wait too long.

Here’s what you can expect:

Index
1.) Media Mentions
American Attention and Formula1 Follow-up.

2.) Token Economics
We announce an update to the GET token economics, along with some major changes you can expect. Pretty interesting stuff, if we do say so ourselves.

3.) Around the office
Meet our new team member who plans to make GUTS the ticketing standard and check out the flashy new look of the GUTS mobile!

4.) Technical updates
It’s only been a month so not a lot has happened on this fro — whaaat?! Frontend developer Natalie walks us through everything our amazing dev-team has achieved in just this past month.

1.) Media Mentions

GUTS Tickets was featured on CBS New York!
In an item about blockchain ticketing, CBS New York featured GUTS Tickets and the underlying GET Protocol as a working solution to end ticket fraud. Business Developer Sander and myself got the chance to tell about the way our system works and what’s in store for the future.

The full segment can be seen here, or alternatively you can see the part about GUTS and GET Protocol from the segment below:

We were happy and grateful that our solution was given recognition on such a major mainstream platform.

Besides this obviously great exposure for the protocol and its success, it also gave Sander and myself the chance to finally get some new LinkedIn pictures that reflect our bubbly personalities and show those sparkling smiles that typify our drive to become an interna— Oh.

BlockchainBeauties.jpg

Oh well.

Extra lap Formula 1
After the Formula 1 ticketing mayhem of last month, some follow-up came in the form of an article from De Telegraaf, Holland’s most-read newspaper. In this article, politician Peter Kwint from the political party SP provided some more insights into how all the chaos and ticket fraud could have been prevented. In response to another minister saying ticket fraud and scalping is a problem that needs to be solved ‘on a European level’, Peter had the following to say:

‘The fact that the majority of the European countries have taken matters into their own hands to stop scalping is coincidentally left out. There are plenty of options available: named tickets, maximum percentages on resale like TicketSwap does, or rotating QR-codes and other technical solutions like GUTS is using. The solution is available.’

You can read the (Dutch) article here:


2.) The GET Protocol Tokenomics update

We are excited to announce an upcoming update to the GET tokenomics, that paves the way for GET to reflect its true value as related to adoption and success of the protocol. It will also make things easier for holders and traders to hold and trade GET. Let’s take a look.

How have things been so far?

We’ve learned a lot from the past few years. One of the things we’ve learned is that having a fundamentally strong project with tons of real-world traction does not guarantee a steady growth in token value and project recognition.

Although we know we are one of the limited amount of projects out there with actual adoption and substantial development, until now the price discovery on the open market has been lacking. This, coinciding with the lack of substantial liquidity, has made it difficult for new traders to join the project and for current holders to comfortably speculate on the value of GET.

We are at least partly to blame here, partly for not fully playing the crypto hype-game and partly for making our token economics somewhat complex, with certain unclear variables and cycles.

The current economic model has lead us to the point where the value of GET does not reflect the true value of the protocol. That is going to change.

What’s going to happen?

In the upcoming period, we will be releasing a new and improved token economics model, which will contain some significant changes. We believe these will benefit both traders of the GET token as well as the protocol itself.

The exact figures and calculations will be provided before long, but there are already two things that we can share:

-> There is going to be significant increase in the burning of GET
For every ticket sold using the Protocol, GET is going to be burned. This will lead to substantial burning and will make GET much more scarce. In fact:

Before the end of 2022, at least 50% of the total supply of GET is going to be burned and will disappear from the face of the earth.

It will also lead to a situation where ticketing companies will have to buy their GET directly from the open market. More about the timing, process and potential value as connected to this new scarcity will be provided in full at a later point.

-> Liquidity will happen
Not only does liquidity facilitate a more comfortable position for traders (as it decreases the chance of slippage when buying or selling significant amounts of GET), it is also an essential component of our business plan. The process of creating and sustaining more liquidity will be rolled out in steps over the upcoming period.

That will have to be all for now- but rest assured that all of this will be fleshed out further upon the release of the updated tokenomics. We can’t wait to bring it to you in all its glory, along with the relevant tools for (potential) traders to make their own calculations and projections on the future of GET.

3.) Around the office

We’ve got two things we’d like to show you; one is our latest addition to the team, and the other is a Pimp My Ride-like make-over.

Let’s GET to know Joris, our new business developer.

Hi Joris! Welcome! Introduce yourself will you?
Thanks Olivier, that’s not an easy question. I am Joris, 38 years and in a couple of weeks from now I will be living in Amsterdam again. Despite of the fact that I am a sales person I am a very social, people-oriented and friendly guy. I love people, traveling and nature.

It’s Joris!

What have you done prior to joining GUTS?
For the last 10 years I’ve worked as a freelance sales consultant/ interim sales manager. In this role I’ve helped out several companies with various commercial challenges. Two years ago I decided to realise my dream together with a good friend of mine. I sold my house, bought a sailboat and sailed from Amsterdam via Africa and south America to the Caribbean.

What are you going to do at GUTS?
I am going to do everything needed to expand the client portfolio of GUTS. The goal for now is to make GUTS one of the leading ticketing providers in the Netherlands.

‘The goal for now is to make GUTS one of the leading ticketing providers in the Netherlands.’

How do you think GUTS is going to take over the ticketing world?
Good question. Not every event organiser is ready for innovation. Clients are also people and people tend to stick to what they know. The way to get them to change is to create rapport and trust. Create relationships and present GUTS as a solid partner who can help them out. Show them the unique solutions we offer and convince them of our stability. This is a lot of effort until we come to a tipping point. At a certain moment GUTS will be a new standard. From thereon it will be a lot easier!

Anything else you’d like to share?
Yes: love. There is alway love to share, there is never enough. Other than that, I like to express my gratitude for being a part of this adventure with this great group of professionals!

Say hello to the new and improved GUTS Mobile!

The car we use for both our sales- and scansupport teams has gotten a flashy new look. Check it out:

If you see this baby on the road, you know honest tickets are about to be processed somewhere nearby. You’ll also probably hear it coming from a long distance, which might have something to do with our rear bumper:

Beep beep.

Tech updates

From frontend developer & scrum master Natalia.

For the past few months, one of our focuses has been to improve the way we work as a team. We’ve been trying to achieve more consistency and regularity in our development process and I’m proud to say: it’s paying off!

Looking back, lots of things were developed in the last month, so let’s dive in a little.

Better dashboard for our event organizers

We work in an iterative and incremental way. This means we’re constantly learning and refining everything we put out there, getting a better version each time. Of course this is not a completely polished system, but you know, we’re iterating. ;)

Based on this way of working, one of our goals for this quarter is to improve some of the current functionalities of our dashboard in order to make the life of the event organizers (and support people at GUTS) a bit easier.

Block categories came into existence
Imagine you’re creating an event, let’s say a comedy show at a theatre. At some point you realize you want to invite your family but they’re not gonna pay for a ticket, so you’d want to just reserve some seats for your mum, your dad and your cousin that are coming to visit that weekend. But not only that, you also need to keep some seats for those technicians that are helping you put up the show, they also deserve to enjoy it!

So, here comes the question: how do you manage those groups of reservations in a user-friendly way?

Until now, if you had to do something like that with our dashboard, it required some creativity. And even though we love out-of-the-box-thinking, we would rather avoid it when it comes to the management of your event.

With the new block categories, this task is way more simple. With a couple of clicks you can create your own category, give it a name and identifier, and add those reserved tickets that, before this, would be floating in a big and unorganized list.

Better ticket invalidation
This was a tricky one and I’m sure we’ll keep working on it, but it is a massive improvement!

With the new flow, event organizers now have way more control on how they do ticket invalidations:

  • Type of invalidation: with automatic refund (our system will handle it), manual refund (in case they want to refund cash or the automatic is not available) or no refund at all.
  • What happens to the tickets: They could keep them blocked or put them back up for sale.
  • Who pays the fee: Either the organizer or the customer.

We’re preparing for international events

We already support multiple languages in our apps, but now we took the next step when it comes to internationalisation: multiple currencies.

From now on, event organizers can decide in which currency they want their event to be sold. Once this is set, all our apps (dashboard, ticket shop, ticket wallet and mobile app) will automatically show the correct currency for that event.

We support all the currencies (yes, all) but the available payment methods will vary depending on the organization and the PSP (Payment Service Provider) they use. For example, if you select Icelandic Krona (fact: one of the few currencies that doesn’t have decimals) and your PSP only allows credit card payment for that currency, that’s what the consumer will see when they’re buying tickets for your event.

More marketing possibilities for event organizers

Until now our events were either available, sold-out or nearly sold-out. But because we have control over the primary and secondary market, we are able to easily provide better insights on these states.

With this advantage we added another state to our events:
‘Primary sold-out with secondary available.’

Meaning an event is sold-out but some people have put some tickets up for sale. This will enable event organizers market their events in a new way and make more informed decisions. How cool is that?

Improved web-based ticket wallet

We take good care of our codebase, that’s why it’s been a goal of ours to get rid of our old web-based ticket wallet (written in Ember for the tech-savvy ones) and convert it into a brand new good-looking-amazing-slick one (written in Vue).

We believe we can give the best services to our customers when they’re using our mobile app. For this reason the web version will, from now on, be a simple ticket wallet that will allow those who don’t own a smartphone to enter their events. Extra functionality (like reselling, sharing, etc.) will only be available through our mobile app.

Quite a list, right? I believe we’re on the right track with our internal processes and this is allowing us to develop stuff better, faster and more consistently. I can’t imagine what’s yet to come! (Kidding, I can, and it’s amazing. So stay put ;))


More about the GET Protocol

Any questions or want to know more about what we do? Join our active Telegram community for any questions you might have, read our whitepaper, visit the website, join the discussion on the GET Protocol Reddit. Or get yourself a smart event ticket in our sandbox environment. Download the GUTS Tickets app on iOS or Android.

GET Protocol

GET Protocol updates and announcements

Olivier Biggs

Written by

GET Protocol Foundation

GET Protocol

GET Protocol updates and announcements

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