Topic: [ANN] | GET Protocol | GUTS.tickets | Live Product - page 22. (Read 35097 times)

It looks like EventChain isn't even reaching it's soft cap of 2000 ETH.

Maybe people are saving their ETH to invest in GET-Protocol, the better product.

Ethereum will most probably be the only way to contribute to our ICO.

If you hold other crypto's you could use services like shapeshift https://shapeshift.io/#/coins to change your contribution into ETH. We might look into other options but due to logistics and safety these options will only be available for event organizers and other strategic partners as these are a lot less comfortable with crypto and add value to the protocol at large by having them staked.

Ask us anything this Thursday 10AM PST/6PM CET during our AMA, hosted in the @ArkEcosystem Slack: http://ark.io/slack/  See you there!

the team is very professional and this job is getting serious. for this reason it will surely be successful. I will support this project.

So in a way you are right, there is a lot of potential for this technology/protocol in literally anything that involves ownership of data objects and registering changes in ownership in an efficient and transparent way. The industries you mention are good examples where the technology can be used as well. We also have had companies that excel in online hotel registrations (really well-known ones) approach us and asking if we would be interested in doing the same for that industry. These are all great opportunities and one could dream endlessly about how great it all could work if it would be done.

But at the end of the day, it is also really important to stay realistic and focus on market segments that allow you to implement your tech and expose it to real-world consumers as soon as possible. The aim is to fail quickly and often, finetuning the technology/protocol based upon real end-user feedback as you do so. As such the event space is perfect as it has real problems that can be solved with our tech and the way the industry is structured makes it perfect to test and improve the technology in incremental steps. As you can imagine train and bus tickets is a lot harder to experiment and fine tune with. First of all it a continuous service meaning that you can't stop or pause to implement improvements, you basically have to have all the fundamentals right at the get-go this is not impossible but when you want to do that it would really help to have some gained some real-world experience first. 

I also would like to point out that apart from other industries and usecases being very interesting theoretically, GUTS/GET-protocol is first and foremost a ticketing system. It is a huge market with big problems and very little innovation (they are still selling QR codes on pieces of paper for gods sake! ) Hope this answers your question, let me know if there is anything else I can help you with.

I still don´t understand how it managed to make hardcap. GUT was looking better as it was already tested before and currently operating. I am planning to invest in this ICO but Ether is keep getting dumped in the market which is currently a problem for investors. Is Ethereum only way for buying it?

Why is the project focusing on only events such as concerts and shows. I think passenger transport like plane ticket and bus tickets would make such an impact in the market. Besides these markets have a lot bigger volumes compared to event tickets. As far as i can see, this project has potential to deal with these markets.

We certainly have plans to expand, more news about that soon! I have commented on this same question a few hours ago in this same thread, so for a more in-depth answer for this question please refer to that question. Thanks for the compliment btw

We sure intend to take our solution abroad soon, but before scaling up it is important to first fine-tune the product/solution you are scaling. As event ticketing is a highly consumer-facing solution this means that UX and ease of use should receive a lot of attention before you decide to scale up rapidly (both in event size as in other locales/regions) Consumers with wide range of backgrounds and technological knowledge will be interacting with all aspects of your application, not to mention all the different devices and browsers people use to  interact with the product. From a distance 'scaling up' might look like a linear process but in reality, it is very hairy and complex. Anyhow, thanks for your support! Soon we'll have some exciting news about this subject so stay tuned.

with the blockchain technology for ticket holdings with smart tickets ,, I think consumers will be better protected ,, I think this concept will get more attention

Liked the name GET-PROTOCOL, the development of this project until 2019, of course that is a long time for me. but it will pay off if the development of this project is very significant in the future, hopefully your project is successful.

I second this. I always love projects with real product to show. ICOs today are made up of ideas - fantasies - of collage kids. GUTS is differnet and I am sure real investors have already put it in their radar. 

I think you guys have a great working product. But it needs to be promoted better. Its good to see you guys in forum. And your bounty program getting popular as I can see. Hopefully you guys achieved your goals. (aventus which is similar project hit hardcap and they are on beta phrase you guys already selling tickets)
As I can see you guys just on Holland now, when you will start to spread to all Europe?

Good luck

I think ICO is planned very professionally. The target is to 50-60 million dollars like in most useless projects. It is a realistic traget they have. I also read somewhere that it is already a funcitoning system in Netherland. If they manage to enter international market, it will make a great contribution to promote blockchain technology.

Hi Buerra,

Thanks for your question! Of the total of 90 million minted tokens, 41% will be sold during the crowdsale: 36,9M GET tokens.

The rest of the tokens will be allocated as follows:

User Growth Fund (UGF): 30% (27M GET)
Stability Fund (SF): 14% (12,6M GET)
Team & investors: 13% (11,7M GET)
Promotion and other: 2% (1,8M GET)

For detailed information about the different purposes of the funds, please refer to our white paper or just let us know here if you have any more questions.

-Sander

I have some questions ,you have 90m token. and max cap is 15m euro. so 1 token is around 16 cent. but tier starting from 42 cent and buyback is 50 cent. so how many tokens will be avaible for sale?
edit: ok I saw 41% is avaible for sale. and I think also bounty under this amount

Hey everyone! We are happy to announce that we published the details concerning our GET ICO! Straight out of our blog post:

Details of the ICO

    Date: Mid/end of November
    Duration of ICO: 14 days
    Total amount of tokens : 90 million tokens minted
    Min. cap: €2.3 million (lowered value)
    Max. cap: €15.0 million (lowered value)
Public Crowdsale | 41% |

As can the diagram shown above, 41% of the total tokens minted will be sold to contributors during the ICO period. Tokens that remain unsold after this period will be destroyed.

User growth fund | 30% |

The user growth fund promote protocol usage by rewarding both event organizers and consumers for using the GET-protocol.

GET Stability Fund | 14% |

The GET stability fund will act as an stabilizing buffer for event organizers to acquire GET so they can use the GET for their events. The stability fund acts as a siphon and will buy back GET from the market. This means that there will always be approximately 14% of the total amount of issued tokens in this fund.

Team and advisers | 13% |

Of the total amount attributed to GUTS Tickets team members 6% is distributed after the ICO, the remaining 7% is set aside for future team members. For each issuance there will always be a standard vesting period of minimally 12 months before the tokens become spendable.

Contingency | 2% |

Amount of raised funds is set aside for unexpected expenses.
ICO price tiers

The amount of tokens sold per tier will be announced at a later date. The queuing and tiering contract infrastructure will both be dynamically managed by GUTS own smart ticketing system.

Mechanics of the crowd sale

As crowd sales in the past have been riddled with chaos and uncertainty. During the GET-protocol ICO we want to prevent this type of network cluttering and general chaos from occurring. Therefore GUTS Tickets has decided to self-built queuing application.

Dynamic ICO queuing application

To manage the contributions during the ICO a custom version of the ticket queuing module will be utilized. This queuing application, which will be a customized version of our own tested and operational smart ticketing application, will serve every contributor with a unique contribution instructions at a certain time. By using this application we are able to showcase our tech while at the same ensuring that scammers can’t copy or mirror our front-end in an attempt to lure contributors.
ICO contract publication & audit

The contracts used during the ICO will be made public in the weeks preceding the ICO this will be accompanied with a bug-bounty campaign. GUTS Tickets will only use audited and tested contracts.

Details on the GET presale

A portion of tokens sold to the public have been sold to strategic partners of GUTS Tickets. These pre-sale token contributors share long term goals with GUTS Tickets and in some cases will only receive these tokens if they have delivered on a certain ticketing volume.

At the moment of publication of this blog post the GUTS Tickets advisers and partnerships have not been announced to the public yet. Subscribe to our medium blog or join our Slack channel to keep up to date with the latest developments in our quest to revolutionize the ticketing industry.

The wallet address containing the funds raised during the strategic presale will be made public.

Buy-back guarantee

We believe that the GET-protocol ICO contributors deserve a certain level of certainty for their investment in the development and roll-out of the GET-protocol. This certainty is provided by the buy-back mechanism, this mechanism enables token holders to sell their GET back to the event organizer when so that the tokens can be used in the protocol as a store of value for the event ticket value during the event cycle.
The GET-Protocol buy-back mechanism

The protocols token, the GET, has to be acquired by event organizers in order to use the protocols smart ticketing contracts that are able to transact with the consumers smart wallets. The event organizer(EO) is not able to directly acquire GET from the open market, the EO purchases the GET needed to ticket a certain event from the stability fund(SF). The price the EO will pay per GET to the SF is dependent on the market GET price average provided by the GET price Oracle (GPO). The SFs programming dictates that the price per GET will not be lower than €0.50 per GET (even if the GPO indicates that the GET price on exchanges is lower). As the EO will pay at least €0.50 per GET it buys from the stability fund, the SF will always offer the open market token holder with at least that same price.

If the average price on the exchanges listing GET is for example €2.50, the EO will have to pay the same amount in FIAT but will receive less GET in return from the SF. A higher GET price thus won't hurt the competitiveness of the ticketing protocol as the net costs (in FIAT) for the EO aren't effected by the price inflation of the token. This mechanism provides the EO with a stable protocol price while providing the token holder on the open market with a certain level of investment security.
GET price on the open market

It is important to note that the €0.50 price pegging is only internal and arbitrage between the internal GET and the open market is not possible. The GET price on the exchanges is allowed to valued in anyway the market sees fit.

The GET price oracle (GPO)

The function of the GPO is to assess for the stability fund what a fair value
for the GET is at the moment a EO needs GET to run an event. The oracle makes this price evaluation on the basis of data input of a set of curated exchanges that list GET.

Making sense of the buy-back mechanism

From an ICO investor point of view a case can be made that this guaranteed minimal buy-back price of €0.50 ”is too good to be true”. At face value this seems like a logical conclusion as the guarantee of the GET-protocol basically promises that there is little to no risk of monetary loss. Since the investor will always be able to recoup his initial investment with profits by means of a buy back mechanism of the stability fund. This mechanism will buy GET back for a price minimal price of €0.50 / GET.

This buy-back promise doesn’t seem to make any economic sense from the perspective of the protocol itself as the buy-back price is higher that the price the protocol received for a GET at the ICO. Thus creating a net-loss from the perspective of the protocol. From this assessment one could come to the conclusion that this buy-back promise of the protocol must be simply untrue or at least unsustainable in the long run. However, this conclusion would be false, as one would have failed to distinguish the difference between the GET-protocol and the actor using the protocol; the ticketing company. This company is using the GET-protocol to serve their customers (event organizers / venue owners etc.) The ticketing company only uses the GET-protocol as a back bone/infrastructure cost to add the convenient features of smart tickets to the service they provide. The margins of the ticketing company lie in offering this full-service package to its clients, not in speculating in crypto tokens. The ticketing company, at the moment that they acquire GET, has already landed a client and thus ensured event specific revenue. As such the company won’t lose money paying €0.50/GET price as minimum fee as this base fee is just a vehicle for company to acquire the margin they make on the service they are providing.

Allocation of the raised funds
All of the funds raised during the ICO will be managed by the GET foundation. In future blogs further information will be published about the legal structuring of this foundation and how this entity will be managed and held accountable for the progress that is made in the realization of the road map targets.



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 Slack or get yourself a smart event ticket in our sandbox environment.

-the GUTS team

Good to hear you like what we are doing idoycodet! Everybody is more than welcom to join our slack group https://guts.tickets/slack to stay up to date with our updates and announcements as well as to have the opportunity to ask us questions!

I would like to reserve Hindi translation

Hi dieselmeister! I would suggest checking out our white paper and looking around on our website. Our proposed solution and team is different in so many ways I am not sure where to begin   I would also advise just googling 'Eventchain ICO reddit' and see what you get. Always research your investments with care and consider multiple sources along the way.