Below we've compiled a list of the popular questions that we get asked but don't worry, if you don't see your question in the popular list then make sure to check out the other parts of the FAQ. You can also utilise the search feature in the top-right hand corner to make your browsing experience easier!
GET stands for ‘Guaranteed Entrance Token’. This is an ERC20 token, and it’s a crucial component of the GET Protocol. It’s a utility token, which means that it serves a specific goal within our ticketing solution.
GET is a crucial part of the GET protocol. The token fuels all the blockchain related transactions. The properties of the GET token allows for a transparent and stable value equivalence as utility on a ticket this is locked in every event cycle. Ensuring that the protocol remain usable regardless of swings in price on the open market.
The GET token is currently available to trade on the following exchanges:
Bittrex Global: GET/USDT
Bittrex Global: GET/BTC
If you would like to learn a bit more about the exchanges GET is listed on, or need a guide on how to buy from the different exchanges, you can check out the page below.
The goal of the GET Protocol and the ticketing systems built on top of it, is to be as easy to use for any person no matter their age or background. In order to achieve this goal, we believe that blockchain and cryptocurrencies need to be implemented in a non-intrusive manner, so that event goers don't need to learn new technology or payments systems in order to attend an event with their ticket.
When an event goer wishes to buy a ticket, they make the payment in their native FIAT currency through the ticketing website or app. In the background, GET is used as the fuel for each ticket running through the GET Protocol. This system results in event goers having no knowledge that a cryptocurrency is being used to power their tickets.
By utiltising this methodology, we can be confident that every attendee of an event is able to understand and use the ticketing system, whilst still benefiting unknowlingly from the power of the blockchain and cryptocurrencies. This type of blockchain implementation can be thought of like an engine in a car, it's performing its job very effectively, but it doesn't need to be on display or understood by the driver in order to drive. This reduces complexity and lowers barrier of entry to make our ticketing system as seamless as possible for every single person attending the event.
The amount of GET that is needed to fuel each ticket, is tied to a FIAT value. This value is decided upon at the beginning of the event cycle by the event organisers along with the ticketing company using the GET Protocol. Essentially, the more complex the ticket features (such as ticket sharing, reselling and other elements) the more FIAT value of GET is required for the ticket.
With this in mind, in order to understand why the price of GET rising won't effect ticket prices, it is important to know that GET is divisible to 18 decimal places, meaning that it is possible to split a single GET down into:
This means that if 1 GET is more expensive than the FIAT value needed for each ticket, instead of requiring a whole GET, the ticket just needs enough parts of a GET to match the FIAT needed. To understand this further, let's take an example:
Imagine that an event requires $0.30 worth of GET for each ticket that will be sold and that the price of GET in this example is $1.50. Instead of having to acquire 1 GET for $1.50, the ticketing company can instead acquire: $0.3 [USD Value Of GET Needed] / $1.5 [Price Of GET] = 0.2 GET for $0.30
USD Value Of GET Needed Per Ticket
Price Of GET
Amount Of GET Acquired
The current circulating and total supply figures are:
GET Protocol DAO Treasury
User Growth Fund
If you'd like to learn more about how the total supply is distributed and how it has changed over time then this page below goes into detail:
When GET is aquired from the open market and burnt, the circulating supply of GET effectively decreases - hence this is a deflationary mechanism. When a supply of a good is reduced, yet the demand remains constant, then in theory each remaining part of the supply has increased in value. It is the fact of an open market that people will have different price ranges assumptions that they look for with an asset, therefore it is a safe assumption that there will never be a point in which all circulating GET will be sold on the open market at one price range.
When combined with the fact that GET is divisble up to 18 decimal places, as the price of GET increases it will always be possible to acquire parts of 1 GET from the open market so that the protocol doesn't run out of GET to fuel the smart tickets.
We absolutely believe that the technology behind the GET Protocol could be implemented into other industries, for example the game console, sneaker, and limited accessory drop markets are all rife with scalping middle men. However, we believe in targeting the problems in the ticketing industry first, making the best solution possible and ensuring it works and is battle tested time and time again.
Projects that set themselves up with a wide goal of disrupting many markets at once, often find themselves in a position where it becomes very difficult to understand the real problems and solutions that each industry needs and subsequently fail because of it. By focusing on one problem and tackling it at its core, we can solve this problem hands on. In the future, if we have achieved our goal and have found the magic bottle that can help other industries, then there is potential to think about branching to other industries.