GUTS is a ticketing system which uses blockchain technology to register ownership of SMART-tickets. GUTS makes ticket fraud impossible. The ticket can only be resold at a fixed price, so no more disgraceful prices for (secondary) tickets.
Ticket fraud and exorbitant secondary ticket prices are age old phenomena that have had artists and their fans worried since the times of Dickens and Shakespeare. Thirty percent of all tickets are resold with mark-ups between 30% and 700%. The event ticket market is know to be non-transparent, inexplicable transaction costs added to tickets are a common practice among ticketing services. The solution is a blockchain based event ticketing protocol used by ticking and booking companies that will make exorbitant secondary market ticket prices and ticket fraud occurrences of the past. The protocol will offer these features while providing absolute transparency for all actors involved. These features are accomplished by introducing a smart-ticketing protocol built upon the Ethereum blockchain that will facilitate as a back-end backbone to the sale and trade of event tickets by issuing smart tickets to wallet addresses. The owner of such a smart ticket is free to anonymously sell a ticket but can only do so within the decentralized and issuance price restricting infrastructure/rule-structure of the GET Protocol. This ensures that ticket trades are done safely and within a set price margin. Over the counter trade or additional off-chain fee surcharges are not possible as trade is anonymous and the tickets QR code non-static. The smart tickets QR code is dynamic and will change as a factor over time and owner of the ticket. This makes trading/selling the QR code outside of the protocol impossible by default. The token, the GET, will act as the main stable value holding asset in the protocol in each event cycle. This characteristic is necessary for this honest ticketing platform, as the token FIAT value locking attribute adds both security and price stability to the protocol during each event-cycle. The GET Protocol will be further developed, owned and operation by the GET Foundation. GUTS Tickets is a blockchain based ticketing company from Amsterdam with an operational ticketing application/business that has initiated the GET Protocol and will also serve as launching customer of the protocol. Over the past year, GUTS Tickets has facilitated numerous events with its application and has much more lined up for the future(330k tickets already secured for 2019 alone). The token’s issuance, its utility function within the GET-protocol and the role for the token holder are all explained in detail in the body of this whitepaper.