GUTS whitepaper

Whitepaper for the upcoming GUTS ICO. The source of this document is

Created by @pmn, 12 months ago

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Summary: This measure ensures that only unique users hold tickets without dealing with any crypto complexity. While we understand that bypassing all current ticketing stake- holders and starting a new and completely disruptive platform seems tempting, GUTS has learned in the last 16 months that this strategy would eliminate the chances that the GET-protocol would actually be used. Multiple power- houses in the business are helping GUTS build desired func- tionalities and preventing us from making mistakes with as- sumptions about the market.
People: Jochem Myjer
Organizations: GUTS
/business and industrial/chemicals industry/dyes and pigments /business and industrial /hobbies and interests/games/lottery
Summary: The Guaranteed Entrance Token (GET) was developed to address the broken event ticketing market described in the previous two chapters. The first phases of development concern the unit of exchange for the transaction and administration costs incurred during the ticketing process. Thus, in the initial phase of protocol deployment, the 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.
Companies: FIAT
Organizations: T O K E N T E C H N O L O G , PSMC , USTC
/business and industrial /hobbies and interests/games/lottery /society/work/contracts
Summary: Figure 4: This diagram displays the process of a consumer getting verified and buying a smart ticket on the GET-protocol. Note that the tokens the user receives after purchase of the smart ticket are partially used by different smart contracts of the GET-protocol. The diagram also displays the role of the event organizer within the protocol.
/business and industrial /technology and computing/networking/network monitoring and management /law, govt and politics/government/government contracting and procurement
Summary: Consumers thus pay in FIAT, whereafter GET is transferred to the users’ wallets and the smart ticket is linked with the users’ accounts. Besides being a fair cost allocation mechanism these GET residues ensure that the tokens are distributed and benefit users that actually use the protocol. Second, the GUTS API, which currently runs on the first version of the GET protocol, has implemented both of these essential properties in a user-friendly and intuitive manner while overcoming the temporary shortcomings of blockchain.
Companies: FIAT
Organizations: PSMC
/style and fashion/accessories/wallets /society/work/contracts /finance/bank/bank account
Summary: This is a valid question, but there are several very good reasons why the GET-protocol needs its own token to work as seamlessly and easily as the current standard with regular ticketing companies. GET provides transparency GET solves the transaction- and added-cost “black box” by using the token to “pay” for all the state changes the smart contract has to make. a The gas price needed is dynamic over the runtime of a event/contract and can change, therefore a certain comfort margin shall be added for reliability.
Companies: FIAT
/automotive and vehicles/vehicle brands/fiat /business and industrial/energy/natural gas /hobbies and interests/games/lottery
Summary: Assign ticket to buyer OPTION 1 chosen route Paying the seller the amount in FIAT a The gas price needed is dynamic over the runtime of a event/contract and can change, therefore a certain comfort margin shall be added reliability. If a user chooses a cheaper cost route, this results in a residual GET balance that stays on the user’s wallet for future use.
Companies: FIAT
/automotive and vehicles/vehicle brands/fiat /hobbies and interests/games/lottery /business and industrial/energy/natural gas
Summary: In formula 1-5 the algorithm / formalization used to calculate the Resuser on a per event basis is displayed. spreading the get Put simply, the GET-protocol subsidizes the higher cost of events ticketed by the GET-protocol for as long as the user growth fund is able to provide this subsidy. This competitive edge is quite essential as it is the goal to gain significant market share in the ticketing industry.
People: Pmin , Resuser
Organizations: UGF
/style and fashion/accessories/wallets /finance/investing/funds/hedge fund /hobbies and interests/games/lottery
Summary: In this smart contract, which is created by the GET-protocol, the organizer states the number of tokens needed. Token holders in the open market send GET to the buy contract and receive ether for the set price in return. If the stability fund would be depleted the e0.50 shown in the diagram would be replaced with the market valuation of the token.
Companies: Pmax , Pmin
Organizations: UGF
/finance/investing/funds/hedge fund /art and entertainment/shows and events/sports event /society/work/contracts
Summary: The ticket company won’t lose money paying e0.50 / GET price as these GET are just a vehicle for them to acquire the margin they make on the service they are providing to the event organizer. If needed Vickrey auction buy contracts will be used for the acquisition of large amounts of tokens in order to protect event organizers from price hikes and market manipulation by traders. By pegging the price of a token at e0.50 for the duration in which the stability fund is used we ensure that event organizers need not worry about unexpected costs for usage.
Organizations: GUTS , ICO
Crimes mentioned: market manipulation
/business and industrial/company/merger and acquisition /business and industrial /finance/investing/funds/hedge fund
Summary: The protocol is set up to ensure that the event organiser will be able to create a smart tickets without having to worry about currency fluctuations or a non liquid token market. About ensuring protocol stability and security In the first phases of development, only white-listed ticketing companies will be allowed to interact with the GET-protocol. This means that only ticketing companies that apply to standards set by GUTS are allowed to create event contracts on the protocol and thus acquire tokens via the described mechanisms.
/art and entertainment/visual art and design/design /business and industrial/company/merger and acquisition /finance/investing/funds/hedge fund
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