3 Token Technology

JL
Last updated 9 months ago

Introduction

The Guaranteed Entrance Token (GET) will address the broken event ticketing market described in the previous chapters. The GET is an ERC20 token built on top of Ethereum blockchain. In the first phases of development the tokens role will concern as the unit of exchange for the transaction and administration costs incurred during the ticketing process. Thus, in the initial phase of protocol deployment, GET will act as a metric to represent and account for the efforts and added value of stakeholders such as event organizers, payment processors, and ticketing agencies.

The utility of GET.

Within the ticketing ecosystem of the GET Protocol, GET is required for the creation and trading of smart tickets. Without GET, event organizers cannot create events or issue smart tickets, nor can they change the state of a contract. Users of the protocol also need GET assigned to their unique user accounts in order to sell their ticket(s), because the GET pays and accounts for all transaction and processing costs incurred on the protocol.

Every actor a wallet.

In the GET Protocol every actor and user will be assigned a unique smart wallet, providing the secure storage, transfer, and processing of digital assets to everyone in the GET ecosystem. A consumer’s GET Protocol account is connected to its identity, therefore these consumers will use the same smart wallet and GET Protocol account for every event that they attend, regardless of event organizer. These features introduce several disruptive and innovative elements of crypto to the average consumer in an secure and user-friendly manner.

In this chapter we describe the development of the GET Protocol in its first two phases.