HomeCoinsGET Protocol (GET)GET Update December ’20 — Ready for the (re)launch | by Olivier...

GET Update December ’20 — Ready for the (re)launch | by Olivier Biggs | GET Protocol | Dec, 2020

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Don’t worry if these diagrams seem daunting or confusing. All will become clear soon enough.

So when can we expect this to take place?

Here’s the best part: We’re almost there.

The first decentrally financed event is expected to take place in the first half of 2021.

Pending the results and some potential finetuning of the first run-through, we expect to quickly pick up steam. Following this first event, we will reach out to relevant parties and outlets to spread the word.

Our sales team’s pitch for event organizers.

Now more than ever, event organizers are both strapped for cash and looking for a way to put their next event on the calendar.

GET DeFi’s approach solves both those issues. We’ve shared our plans with veterans in the entertainment industry on many levels (organizers, ticketing companies and some other very big players), every single one of them has not only grasped the concept, but confirmed our suspicions that this might be a massive feature for the industry as a whole.

Stay tuned, we will (loudly!) share any advancements on this front.

Tokenomics update

If you didn’t know, now you do! With the protocol in perpetual evolution thanks to topics such as DeFi, liquidity, burning and more, the $GET tokenomics are due for an update.

We will release the new and improved token economics for the $GET utility token in all its glory before the end of the first quarter of 2021.

This will be a refreshing, all-inclusive take on the workings of the protocol and the token for at least the foreseeable future. (Can’t promise we won’t keep innovating!)

Aimed at providing clarity and as wide a scope as possible in one place; it will also include clear insights on the state of token allocation and purpose moving forward with regards to the Stability Fund and User Growth Fund.

Post-Covid event capabilities

As Maarten alluded to in his part of the blog, the team has actively been developing tools that make it easy for event organizers to set up their events, even with the lingering COVID restrictions that will undoubtedly be among us for a while.

The Token Stamp is one feature that was launched a few months ago:

Just a few weeks ago, it was announced that GET Protocol is one of the partners of the newly released ‘Corona Toolkit’.

To get the event industry back on its feet, Unlimited Productions is partnering with specialists from several fields to offer a variety of unique tools that enable the safe and speedy return of live events.

Our digital ticketing technology brings some interesting opportunities to the table within this context and we look forward to what this partnership might bring.

Check out the (Dutch) Coronatoolkit website here.

With all these new features and growing client list that we are no longer the new kid on the block. We are the annoying techie on the corner that’s constantly wanting to show everyone his new gadgets and ideas.

Various partnerships & integrations

Alongside our own developments and made progress, a variety of not-yet-public or wrapped up deals for both GUTS and GET are in the works. These will be made public at the moment they are cleared to share.

Note on liquidity mining

One of the big plusses of the past year has been the rise in popularity and usability of decentralized liquidity tools, most notably of course Uniswap.

It has been great to see the way the liquidity of $GET on Uniswap has held steady, allowing for larger transactions of GET, as well as a welcome change of focus from centralized marketmakers (who are expensive and deliver mildly satisfying results at best), to a for-the-community-by-the-community process.

We feel this approach is far more in line with our philosophy and business strategy, that’s why:

We will be continuing GET Liquidity Mining Program on Uniswap throughout Q1 of 2021.

Let it flow, bro.

Liquidity Providers for the GET-ETH pair on Uniswap V2 receive periodic rewards in $GET. Want to know how to participate in the liquidity mining program? Check out this explainer:

The STRAW Lottery

Don’t think we forgot! The straw lottery will be conducted a little later than planned; on Thursday January 7th we will publish the 5 winning addresses through the GET Protocol announcement channel.

The 5 winners will be determined according to a shuffle of the participants using the ETH blockheight at 12.00 noon CET, January 7th.

(We’ll share the code used for the shuffle at that point as well.)

Don’t have a STRAW? Don’t worry, there might be something new on the horizon for liquidity providers on top of the current rewards.

Quick note on the GET whitepaper

In line with the upcoming tokenomics update and the innovations to the protocol, we have made the GET whitepaper a little less prominently featured.

We regularly receive questions from newcomers about details of the white paper that are no longer relevant. So we thought it better to avoid confusion about things written in 2017 that have since long been phased out or updated.

Question from the community

Q: When do you think GET can become fully decentralized (with governance by the token holders)? Once it’s decentralised and open source, what stops others from just copying everything and lowering the price / statechange?

Kasper: In the long run the GET Protocol aims to be fully open source and decentralized in its governance. However the road to this end state will likely take several years. The reason that this process is so lengthy is the answer on the second concern/question posed.

Open sourcing only makes sense when moats are established that ensure that the majority of the value isn’t in the code but in the ecosystem and network.

Ethereum for example is fully open source and can be forked by anyone however all the Ethereum forks have been far less valuable and useful as the real network. Only when the GET Protocol is certain that there is more value in its users, liquidity of its native asset and the protocols reputation with end users should full open sourcing be considered.

Fully decentral governance over all issues and pricing will only work when the token holders (those that will be voting) are properly diversified. At the moment the token is mainly held by open market actors — who have an important view on policy in regards to liquidity (so price, demand, usage). For governance to work the opinion of the users (ticketeers) must be represented as well. These users will want a native asset that is liquid, but they do not want to overpay for this liquidity. It is our aim to introduce the users of the protocol to governance in the years to come. One should not expect this to be a fast or swift process. Decentralized goverance is very hard, only a handful of crypto projects can make a case that they have the process figured out (and in all cases where it is working, the protocol is crypto-meta, meaning that those that govern are crypto-native — a luxury we do not have). TLDR: Soon but not too soon.

Question for the community
As you will hopefully see from this blog, the team is working overtime on all fronts to improve and expand the scope of everything GET Protocol does.

A lot of news, features and developments will be released in the months to come, all hopefully increasing the appeal of the protocol. We can use all the help we can get in spreading the word.

Every tweet, Reddit post, Telegram message contributes to the visibility of GET and is very much appreciated. We honestly feel that with everything we have in the works; this upcoming year should be when GET receives the recognition it deserves.

With your continued support it’s sure to happen!

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