How LockTrip is Changing The Way We Pay For Travel Using Blockchain
LockTrip was created as a way to cut out the middlemen and reduce the costs of accommodation for both sides. Seeing a growing proportion of fees being allocated to these companies which ultimately add no value for the customer, the team decided to begin developing a platform that would change this.
Current popular travel platforms are centralized and take a commission on all transactions. Thanks to the blockchain however, LockTrip is able to change this, along with the added benefits of being fast, safe, and secure.
Useful DYOR Information
Today’s Date: December 04, 2018
CoinMarketCap URL: https://coinmarketcap.com/currencies/lockchain/
Webpage: https://locktrip.com/
Coin Name: LockTrip (LOC)
Total Supply: 18,585,933 LOC
Circulating Supply: 9,292,966 LOC
Market Cap: $7,208,959 USD
Ico Price: 1 LOC = 0.55 USD
Tokens/Money Raised Through ICO: $ 4,000,000
Time Zone: GMT+2
White Paper: https://locktrip.com/whitepaper_v1.2_t.pdf
Token Type: ERC 20
The Blockchain-Based Ecosystem
LockTrip is an ecosystem and marketplace where customers can search, find, and book hotel rooms and other accommodation around the globe when they travel. It is the first platform to allow customers and property owners to deal with each other without fees. To achieve this goal, all transactions are decentralized using the blockchain.
The blockchain is therefore of vital importance to the project. The decentralized LOC engine will be completely autonomous and will not charge commission, helping to achieve the lower costs. It will be the back-end that handles payment processing, booking management, and the database.
It works by using smart contracts that are able to manage the customer/host relationship and is programmed to handle scenarios with its native utility token, LOC. The entirety of the decentralized LOC Ledger, which is built on the Ethereum VM, will be open source and free-to-use by anyone globally.
The LOC Ledger provides applications with a back-end that allows for a competitive accommodation service without them needing to invest in their own system. The only requirement is to connect to the decentralized engine with their content.
This application is just the first of many use-cases, with plans to further utilize the blockchain for other organizations that wish to build apps using the decentralized, open-source platform.
Ultimately, this allows LockTrip to bypass the payment processors and connect customers to the property owners directly. The result is reduced travel expenses for customers and more competitive pricing for property owners. Reliability and transaction speed are other areas that can be improved through the use of the blockchain to the benefit of both parties.
Behind the Project
The project makes a point to inform people that around 20% of the price paid for accommodation on traditional travel platforms is allocated for these commission-based services, with the property owners ultimately receiving the reduced amount. This is a largely unknown fact about the industry that LockTrip want to make known.
The team behind LockTrip understand the desire for reduced costs when traveling. Their combined experience within the blockchain, finance, and travel industries give them the perfect insight to build the ecosystem that fits the purpose.
The advisors backing the team also provide key information and insights that help to shape the platform. With their diverse range of backgrounds and expertise, they can ensure that LockTrip can best achieve their vision.
The LOC Token
Using blockchain technology in conjunction with LockTrip’s own LOC token, the project is able to offer these services at far less of an expense than current online travel agents.
LOC tokens, the native token for the project, are a key part of developing the ecosystem. While credit cards payments are supported on the platform, customers are heavily incentivized to make use of the LOC tokens when making their booking.
For one, it can be used as a means of payment within the platform. Most importantly, it allows them to achieve their goal of providing 0% commission to the customers. It also plays the role of a utility token, and so is required for anyone who uses the platform.
LOC tokens are available on cryptocurrency exchanges such as KuCoin and are easily obtainable. They are an ERC20 token on the Ethereum blockchain. With the incoming testnet, LockTrip has introduced burning mechanisms to control the rate of demand, providing a more sustainable solution for the long term.
LockTrip Social Media Information
URL: https://www.facebook.com/LockChainLOK/
Likes: 44,900 like — 46,882 followers
How Many Posts / Updates In The Last 7 Days: 1
URL: https://twitter.com/LockChainCo
Followers: 34.9k followers
How Many Tweets / Retweets In The Last 7 Days: 0
Telegram (English)
Users: 40 305 members
Telegram Admins
User Name: @Nevena_LockTrip
User Name: @FloSupp
User Name: @nikolaalx
URL: https://www.reddit.com/r/locktrip/
Readers: 28 subscribers
Youtube
URL: https://www.youtube.com/channel/UCKXPgotU1HYR-zSGhtF_4Qg
Subscribers: 409
Medium
URL: https://medium.com/@LockChainCo
Followers: 20k
How Many Updates In The Last 7 Days: 0
URL: https://www.linkedin.com/company/locktrip/
Followers: 209
How Many Updates In The Last 7 Days : 0
GitHub
URL: https://github.com/LockTrip
How Many Updates In The Last 7 Days: 3
Extra
Staff / Team Info :
Name: Nikola Alexandrov
Title: CEO, Founder
Bio: Co-founder of Bitcoin7 — among the first bitcoin exchanges way back in 2011, 3rd in volume worldwide at its time. 4 Years of experience in the development of travel industry meta-search aggregator (BookingSpot). Strong expertise in the field of digital marketing, e-commerce and fintech algorithmic development. Has recently been featured on the cover of the “Manager” magazine in Bulgaria.
LinkedIn : https://www.linkedin.com/in/nikola-alexandrov-12b73a9/
Extra Links : https://twitter.com/nikolaalx
Name: Hristo Tenchev
Title: COO & Founder
Bio: Co-founder of Bitcoin7 — among the first bitcoin exchanges way back in 2011, 3rd in volume worldwide at its time. Founder of XS Software (www.xs-software.com), one of the most successful gaming companies in Europe with more than 50 million registered players worldwide. Co-founder at Software University (Softuni.bg), innovative IT education center with more than 100,000 software engineering students for its 3 years history, also pioneering blockchain education in Bulgaria. Co-founder of 1Hub (www.1hub.io), co-working digital creative space, based in Sofia, Bulgaria.
LinkedIn: https://www.linkedin.com/in/hristotenchev/
Extra Links : https://twitter.com/HristoTenchev
Name: Nevena Petrova
Title: Head of Business Development
Bio: IATA certified travel specialist with 10 years of experience in the travel industry. Founder of Kalford Lane (HK) Limited — 6 years experience in Digital Marketing & Online Advertising — AdWords & Display Ads. 15 years of practice as a team leader.
LinkedIn : https://www.linkedin.com/in/nevenapetrova/
Name: Krassy Kalcheva
Title: CFO
Bio: CFO & Board member of XS Software JSC CFO in Software University Former CFO at Bitcoin7 Co-founder at Shukar Handmade, e-commerce platform for handmade apparel.
LinkedIn: https://www.linkedin.com/in/krassy-kalcheva-3a624622/detail/contact-info/
Company Address: LockChain Ltd
Tintyava 15–17, 2nd fl, 1113 Sofia, Bulgaria
