At the start of this week, GET Protocol has launched their on-chain economics, getting an important step closer to becoming a DAO. You can find their full post here, below I’ll highlight a few points.
GET Protocol in short
GET Protocol is a ticketing protocol that aims to provide a global ticketing standard for transparant ticketing. They’ve build a protocol that solves certain issues in the ticketing industry, think about ticket scalping or lack of insight in resold tickets for example.
$GET is the utility token that is used as fuel to process every ticket state, like selling, reselling, scanning & claiming of a ticket.
On-chain vs off-chain
$GET is used as fuel for the protocol, that means an integrator of the protocol (a ticketeer wishing to sell tickets) needs $GET when issuing tickets.
Before the move to on-chain, integrators paid for the amount of $GET needed after an event was ticketed. Investors needed to have trust in the team behind GET Protocol to ask for the payment from the integrator, get paid, use that payment to buy $GET from the open market, send the $GET to the DAO address.After the move to on-chain, integrators must now top-up on $GET before they can issue tickets to an event. Whenever a ticket is sold, resold, scanned or claimed, the necessary amount of $GET is directly taken and send to the DAO address. Thus, investors don’t need to have trust in the team anymore, they can verify this process themselves on the blockchain.
Which leads me to the second part of the announced news. When announcing the launch to on-chain economics, they also announced the launch of the GET Protocol Subgraph that makes use of The Graph for you to query all kinds of information on the usage of the GET Protocol and fuel statistics of the $GET token.
Besides an explorer where you can easily click queries together and execute them yourself, this also gives way for an API to use to show custom charts. While not part of the news GET Protocol released themselves, a community initiative is underway to use this API to show custom charts on a community website (in progress).
To quote the news on the kinds of information you can find on this subgraph;
In slightly less developer-speak you have Event Metadata that gets updated continually to its latest info, and you also have access Usage Data that is aggregated all-time and per-day.