Have you ever heard of the GET Protocol? Maybe not, but it could also be that you have already used it without knowing it. It is a Dutch blockchain project that has developed an idea to sell entrance tickets to events via the blockchain. For example, think of concerts. It is already often used in the Netherlands and now the team is busy conquering the world.
In this blog, I will explain how the GET Protocol works, and also where you can buy it. I also think about who is on the team of this project. Furthermore, I am going to tell you where to buy the GET token and what the future looks like for this protocol. Ultimately you want to make money with your crypto trading .
Please note: please note that the text below about GET Protocol (GET) as well as the explanation thereof should in no way be construed as advice. The choice for whether and in what way you want to trade (crypto) and which choices you make in terms of investment is up to you and you alone. We are not financial advisors.
Before I go any further, you can already watch a short video with text and an explanation about the GET Protocol.
- 1 What is GET protocol?
- 2 Who is the team behind GET Protocol?
- 3 What is the GET token?
- 4 What is the price of the GET token?
- 5 Where can you buy the GET token?
- 6 How can you store the GET token?
- 7 The roadmap of the GET Protocol
- 8 Conclusion
What is GET protocol?
The Guaranteed Entrance Token or GET Protocol is a blockchain-inspired ticketing system to sell entrance tickets without fraud. This is done with NFTs, each entrance ticket is an NFT, and are therefore unique. The entrance tickets can then be traded in a transparent manner via the blockchain, where these NFTs reside. Vague middlemen are now excluded and the so-called ‘scalping’ or resale of tickets for a higher price is no longer possible. Not only the organizers of an event, but also the artists and the ticket companies, benefit from this. Everything is transparently tracked on the blockchain and fraud is no longer possible with the GET Protocol.
Ultimately, you as a fan or buyer also benefit from this. The moment you manage to get a ticket for an event, you’re in the right place. You no longer have to worry about fake tickets that may be in circulation, and you know that you have paid a fair price. All proceeds now go to the people who are entitled to it, such as the organizers and artists of an event, and not to profiteers. It is no longer possible to exploit the market. At the moment there is no real control over who buys the tickets or what happens to them. GET is changing that.
Applications of GET
The applications of this ticket system are almost endless. The most obvious are music concerts and festivals. However, also think of sports competitions, major events in a stadium or an event hall, train and bus tickets or plane tickets are certainly also an option.
The GET team started their project in 2017, and since then more than half a million tickets have been sold through their system. None of these cards have been used in an unfair way!
The special thing about their system is that instead of a standard QR code that a traditional ticketing company provides, you get a dynamic QR code via GET. This dynamic QR code feature changes with time and owner. You will see the code on your screen constantly changing. The moment it is scanned, your code will appear. A copy or printing of the QR code, doesn’t work and your code cannot be used for fraud.
Because the tickets are an NFT, you can easily program them. So you can also program a distribution key of the revenue in the NFT. For example, 40% goes to the organizer, 40% to the artist, 10% to the venue and 10% to the ticket company. You can customize this and program something different for each event.
They also have a ‘ Ticket explorer ‘ where you can not only look up your own ticket(s) but also see an overview of the tickets sold daily and the total number of tickets sold. This ticket explorer runs on the Polygon blockchain.
The image below is from the ticket explorer and shows a total overview of the number of tickets sold. You can also see what has happened to the tickets, for example, they have already been scanned, or have been resold or have become unusable. These quantities of tickets sold are only from the Polygon blockchain. Before that, more than 700,000 tickets have already been sold through their system.
Blockchains used by GET Protocol
The GET Protocol runs on three different blockchains. Korean Klaytn is used in South Korea and the rest of the Asian market. This is useful because they also work with a Korean partner getTicket . For the rest of the world, the Polygon blockchain is being used. Polygon was mainly chosen to be able to handle the future growth of GET in a stable way, without losing sight of the decentralized concept. This happened in June 2021. Before that, they were on the Binance Smart Chain (BSN) for a few years. On Polygon, the settlement for the sale of tickets is mainly handled. However, Ethereum is also used blockchain. This is where all liquidity, the protocol itself and all users are located.
The impact of Covid-19
Covid-19 has made a big impression on our daily lives. The festival circuit, the music industry, sporting events and other art forms have been particularly affected by this. In the first instance, these are the markets that GET Protocol should rely on. The project has not been able to develop in the desired way and speed since the onset of Covid-19. That’s understandable, given the circumstances. Still, the project is going well. In these difficult times they managed to find new partners at home and abroad. So far, the GET system is used in the Netherlands, South Korea, Italy, and Germany.
Many of the tickets purchased are for events that have yet to take place or that have been postponed. However, new events have also been added. The moment the Covid-19 situation comes under more control, and live events can take place again, the GET Protocol will also progress by leaps and bounds.
In this perspective, it is also interesting to see the development of the GET token. It has seen an upward trend this year compared to other years. That is a very interesting and positive development. We will come back to this later in this article.
The image below shows how the first and second quarters in 2021 went for GET. It is clear that there is an upward trend. Nice work and that promises a lot for the future of the GET Protocol. If they manage to make progress in these difficult times, what will it look like when live events are possible again on a large scale?
Who is the team behind GET Protocol?
The team behind GET Protocol is well put together, and they are mainly Dutch, which is no surprise.
- Maarten Bloemers is the CEO. He is also a blockchain lawyer, so that comes in handy. He has been active in the crypto world since 2012.
- Tom Roetgering is the CCO. He is the sales and operations lead and has a banking background at Rabobank.
- Ivo van der Wijk is the CTO. He is the senior developer with over 20 years of experience building scalable web applications.
Furthermore, Frans Twist works as a front-end developer and designer, Stavros Champilomatis has back-end development under control and Kasper Keunen is a blockchain/protocol developer. Stavros and Kasper also have a BsC in physics.
As you can see, this team brings a lot of experience and looks solid.
What is the GET token?
The GET token is a utility token that fuels the GET Protocol and allows ticketing firms to sell their tickets. Buying and selling the tickets, with all their functions, requires fuel, and GET takes care of it. Every transaction must be paid for, such as scanning or reselling tickets. It is also a means of payment for event organizers to the GET Protocol. When the event is over, and all tickets have been scanned and processed, GET is burned by the protocol. This in turn entails scarcity of the token. You can compare it with the gas fees on the Ethereum network.
As an event organizer using the GET system, based on the total number of tickets you can sell, including all features, you will receive a fixed amount of GET before the event starts. This way, during an event, there is no waiting time to wait for the blockchain that suddenly has a large amount of information to process. This makes life a lot easier for the organizer and users of the tickets.
It is an ERC-20 token and there are a total of 23,368,773.4 GET minted according to CoinMarketCap, however, 33 million are mined according to their whitepaper. In total there are 11,388,257,651 GET in circulation. The whitepaper also states that a total of 90 million GET tokens can be mined.
During the ICO (initial coin offering) the price of 1 GET was: 0.00102483 ETH / GET. On this December 13, 2017, a total of 10,935 ETH was collected, which was then 6,253,185 euros.
The following image shows various benefits of the GET ticket.
What is the price of the GET token?
If you are planning to invest in GET, it is a good idea to keep an eye on the price of the GET token. This gives you a better understanding of when the best time has come to buy or sell.
After this token was launched in 2017, the token started well with a price around $6. Within a short time, however, this dropped to less than $0.5 and lingered there for a while until early 2021. Along with Bitcoin’s ATH (all time high) , the GET token also reached its ATH at $9.1 in early April 2021. After that, it slumped again a bit, and at the time of writing, August 2021, the price is $4.77. That’s not bad at all, when you consider the problems the events industry is facing due to Covid.
Once you know the price of the GET token, you can also make a technical analysis. Of course, you want to make as much profit as possible, but you have to do your own research.
Where can you buy the GET token?
You can buy the GET token on several exchanges at the moment. The best known are Uniswap V2 and V3 and you can also go to Bittrex. You can also buy crypto with fiat money or a credit card on Bittrex.
Other DEXs (decentralized exchanges) where you can buy the GET token are Ox Protocol, 1inch Exchange, Bilaxy, Hotbit, Coinone, Liquid, Bamboo Relay and STEX. There will probably be more exchanges, where the GET token will be offered.
It is easiest to buy the GET token on Bittrex, because it is possible there with fiat. On all other DEXs you can only trade with crypto, and you have to go through several steps before you can get started there. This makes it more difficult and the chance of making mistakes is therefore greater. This is especially not recommended for beginners.
How can you store the GET token?
You can store the GET token in several ways. The safest thing is on a hard wallet. This looks like some kind of USB stick and your crypto is now stored in the most secure way. You have the private keys for this hard wallet, such as a Ledger NanoS or X or you can use a Trezor wallet, and with this private key you get access to your crypto coins. Make sure you don’t lose this private key or keys, because then you can’t get to your coins. Your private key is a series of 8 or 12 random words. Write these down on several pieces of paper and keep them in different, safe places. If someone gets their hands on these private keys, you can just lose all your crypto to this person. This is also known as a cold wallet.
Another option is to leave the GET token in the wallet of an exchange. This is also known as a hot wallet. The problem with this is that you do not manage the private keys of this wallet, the exchange where you have your coins on manages these keys. Another problem is that a stock exchange or exchange can be hacked, and then you just lose all your crypto.
Yet another option is to use a paper wallet, but that’s not really a secure option either.
The roadmap of the GET Protocol
Since 2016, when the GET Protocol was still in the very early stages of their existence, they have already achieved a lot. However, it is good to see that they are still working on their roadmap. For the future, they have a few more fun and exciting ideas planned:
- getNFT Ticket Explorer V0 , which is 90% ready. GetNFT ticket owners can look up and review their ticket online.
- DeFI event financing , 65% ready. Ticket firms can sell their NFT tickets in a DeFi investor pool. In this way liquidity can be obtained.
- Binance Smart Chain – Testnet experiment, 95% ready. Here, among other things, experiments are carried out with oracles to keep an eye on the prices of the NFT tickets.
The following image shows the roadmap for Q1 and Q2 2021.
We have looked extensively at the GET Protocol and the associated GET token. It is a well-run project, with a lot of future prospects!Especially if Covid allows it to organize more live events, the GET Protocol can prove its worth.
It is certainly not excluded that this project will be heard a lot more. We told you where to buy the GET token and what its current price is. Don’t be surprised if this rate improves in the future. If you want to invest in this token, do your own research!
If you have any questions about the GET Protocol, feel free to drop by our Cryptokopen Facebook group. We will be happy to answer your questions. See you there!
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com