General crowdsale 15 November — 13 December!

Want to know more about the GET-protocol and GUTS Tickets? In this two-page document all crucial elements needed to put a value on this proposition are summarized.

Register for the general crowdsale here.

The general crowdsale

• On Wednesday 15 November at 13:00 CET the general crowdsale of the GET-protocol will commence.
• Register for the general crowdsale here.
• In this general sale tokens will be sold in four price tiers, ranging from €0.42/GET up until €0.49/GET.
• The ETH price for the crowdsale was locked 14 November 13:00 CET at €275.44/ETH.
• How much GET can be bought per Ether is dependent on the ICO price tier that is active at that point in the sale.
• The soft cap of €2,3 million has been reached with the public presale. During this crowdsale the hard cap is €15 million.
• The ICO application will be hosted from the guts.tickets domain.

Cutting to the chase

If you don’t have time for what is going to be a somewhat long winded opus magnum style blog-post, which I personally would find unfortunate but admittedly understandable, I would suggest to only read the bare bone information of the crowdsale that is summarized in the bullet points in the segment above. While these bullet points contain the basic information needed to participate in the GET-protocol ICO, I do strongly advise to read further and understand the nuances and intention behind it all.

IMPORTANT NOTE: For the crowdsale GUTS will use an ICO Application which will communicate the contribution address to the ICO contributor. This address will be shown when it is the turn of the contributor and thus this address will be served dynamically. It is simply not possible to find/receive/ask the contribution address of the GET-protocol ICO via email, Slack, Rocket Chat or where ever else on the internet. Do not be fooled or scammed, only trust the contribution address provided to you via the the GET ICO application (which will be hosted on the guts.tickets domain).

Registration on our ICO application is necessity in order to participate and failing to do so will result in your funds being returned/rejected. If you have not yet applied for our whitelist it isn’t too late you can still do so on our website.

The WHY | We are in it for the long run

GUTS Tickets has been operational as a blockchain based ticketing company since 2016. If funding would have been the sole goal in this ICO, we would long have opened the all to familiar ICO trick box by now; a reasonable looking LaTeX whitepaper, followed by a minimal viable product that seems to work on the surface (scaling and security can’t be too hard, we’ll see as we go right?!). Topping it off with a several paid public endorsements/advisers, creating some well-timed hype with some non-binding commercial sounding deal/partnership just before that grand finale-piece: the publication of a contribution address in clear text on your website.

Making up the score

In the weeks preceding this announcement GUTS Tickets has demonstrated to the public that the team is able to handle intense ticket sales and is able to improve its application with real-word feedback. The company showed it is able to convince important industry advisers like the manager of Martin Garrix to join the advisory board and last but not least close an contractual ticketing deal that will guarantee actual real-world utility for the protocol’s GET token. How we move forward from here is partially laid out in this post detailing our roadmap.

Guaranteed protocol exchange rate

If you have studied the GET-protocol you’ll most likely be are aware of the fact that the GET token has a guaranteed exchange rate of €0.50/GET for which the protocol’s Stability Fund will buy back the token. This demand for the token comes from event organizers that are using the protocol for smart-ticketing, like for example Hekwerk, an already on-boarded event organizer that alone is responsible for 350.000 tickets on a yearly basis. And we are just getting started on that front…

If you want to know more about the mechanics of this price bottom consult this blog or of course the GET-protocol white paper itself.

Talk legal to me

If the Dutch are known for anything besides our weed policy (420 blaze itttt) or our liberal viewpoints on prostitution it is for our down to earth viewpoint on life. It is for this exact reason that we are not going to pretend here that everybody participating in this ICO is doing so with pure holistic intentions in mind or out of some religious crusade against Ticketmaster. Of course there are contributors in this ICO that are motivated by values that transcend profit maximization alone, I’ll have you know that I consider myself to be one of these enlightened individuals, just for the record.

All that aside, the legal status of the token is extremely vital for a multitude of reasons. First and foremost it should to clear that the Guaranteed Entrance Token(GET) is considered a utility. Check this blog post dedicated on this legal matter.

The HOW | The GET ICO Application

As should be apparent by now, we here at GUTS are approaching the ICO from a somewhat different angle as is common in the crypto scene. As such we have decided to use an self-built ICO application that will manage the queued up contributors for the ICO, the app will streamline and manage the flow of incoming contributions by selectively serving contribution addresses to queued up contributors. In addition it will provide users with live metrics on how the ICO is progressing.

No worries, we’ve done this before

On the surface it could seem like an unnecessary risk to use a newly developed app for your one and only ICO but when you break the ICO app and the smart ticketing app down to the bare components they deliver upon you’ll find that both apps rely on the exact same technical fundamentals the GUTS teams excels in delivering. Whether its selling smart tickets like we do in our sandbox or in real life, it technically all comes down to serving the right piece of data at the right moment to a certain web session. In addition, by showcasing this ICO application we are able to show our contributors we are more then just a nice fancy LateX whitepaper and a cool looking website. Our ticketing code base app has proven it can handle some heat and manage a queue, as well as gathering and processing data and of course dynamically informing you all how quick it sold out! ;)

How the ICO Application works

How the queuing works

The application used during the general crowdsale will use the ethereum address of the registered contributor as main identifier for the spot in the queue. Trying to skip in line by sending funds to a contribution address that was served to a contributor that is ahead of you in the queue is pointless as the crowdsale contract will reject your contribution as it will not recognize the address as registered (yet).

Your position in the queue is completely dependent on the moment you INITIALLY registered on our website. This is the only ranking criteria that will be employed by the app in assigning your spot in the queue. So changing your contribution amount will do nothing to change your spot in the queue!

In conclusion

Make sure that the ethereum contribution address with which you intend to eventually contribute to the ICO contract is correct and be sure you take the information this blog started with into account.

If this is your first ICO and you are don’t know how to go about all this, rest assured, in upcoming days we’ll publish a detailed guide on how to create a secure ethereum wallet. If you have any questions do not hesitate to contact us at ico@guts.tickets.

Secure Contract Code

The contract code that is being used for the ICO is audited by Matthew Di Ferrante (security engineer at the Ethereum Foundation). More information about Matthew’s previous audits and our reasoning behind hiring him as auditor can be found in this blogpost. If you want to audit/review the crowdsale contract yourself, you can have a look here.

More about the GET-protocol ICO

If you want know more about the GET Initial Coin Offering, read our white paper, visit ICO website, sign up for our Rocket Chat or get yourself a smart event ticket in our sandbox environment.