The wait is over, lets fuel up for 50 000 blockchain powered tickets

Carré is one of the Netherlands most prestigious and oldest (built in 1887) theaters with a capacity of 1756 people. On 22nd the sale of 36 shows of Jochem Myjer in Carré will embark, all shows sales will start at the same time. Due to the popularity of the artist that will be performing hundreds of thousands of people are expected to visit the ticketing application in a time span of a few minutes. The ultimate stress test of our ticketing application. Not to worry, this is not our first rodeo, but it is our first and largest sale on the Ethereum main-net.

This is not a speculative or even slightly overstatement milestone. We have sold tickets for Jochem Myjer before and learned a lot from it.

Blogs about some of our previous sales can be found here and here.

Buying from the open market with the reverse Dutch auction method

The buy-back method is a completely public and transparent progressive open auction in order for a ticketing company to acquire GET for a certain set of event cycles. The auction form will be the reverse Dutch auction. All information about the auction; the total demanded amount by the EO, the GET/ETH swap rates, how long a swap rate is available for the open market and more is going to be made public before the buy-back auction starts.

Why use the reverse Dutch Auction to buy GET?

Carré needs GET to ensure that 36 theater shows are going to be executed flawlessly; meaning: no scalping, fake tickets or empty seats. As most of you are aware, the crypto markets are rather turbulent and order books on exchanges can be thin. So how would a traditional venue as Carré get their hands on a volatile crypto asset as GET? With an auction!

The reverse dutch auction is commonly used to price commodities. The method is particularly efficient if there is one source of demand(event organizer) and a group set of possible sellers that can supply a commodity that always is of the same quality (a utility ERC20 token GET can be considered a commodity).

The reverse Dutch auction is a buy-back method that will be completely public. Allowing a ticketing company to acquire GET for a certain set of event cycles in an economically efficient manner.

As soon as the auction starts (according to the published, very specific time schedule) people that are willing to swap their GET for a certain GET/ETH rate can do so by sending the GET to the tranche address (this address will be made public on the get-protocol.io website). As such details about the upcoming auction(Q3 2018) will follow shortly after the publication of this blog. The general template and thinking behind the auction is the subject of this blog.

Why purchasing with an reverse auction?

The buy-back method in its current form is designed to be as transparent and verifiable for the open market as possible. While at the same time being easy to use for open market holders. The method aims to acquire GET from the open market for the most accurate and efficient price. As set by the open market holders all acting on the same information(i.e. conduct dynamic price discovery). As exchanges offer extremely non-liquid order-books and generally suffer from price manipulating practices. To close this attack vector we are taking this crucial component into our own hands by means of a decentralized and transparent auction.