EzyStayz is the first Australian-based global holiday rental platform based on blockchain technologies. Its main goal is to provide people with affordable accommodation on a global scale. Implementing the core principles of the blockchain such as immutability and decentralization, EzyStayz provides:
- Property owners — with a seamless and low-cost way to rent their accommodation.
- Travelers — with a quick way to find a place to stay on a holiday without paying to numerous intermediaries.
The core innovation of the project implies connecting these two global sides of the market directly eliminating the need for third parties and thus reducing operational costs.
EzyStayz has over 155,000 property listings and covers 34,000 cities in 190 countries where it has received regulatory approval for business operations. The project has raised 1.5 million USD in the private funding and now aims to conduct a public token sale.
Why blockchain integration in EzyStayz?
EzyStayz is the first among online travel agencies (OTA) to make us of the blockchain technologies in order to drastically improve the business process performance.
Moving the business operations to the blockchain provides the market with the following benefits:
- Transparency, traceability and security of all operations
- Trustless verification of online data
- Tamper-proof and irreversible transactions
- Instant transactions with low fees
- Reduction of third-parties to govern the deals
The benefits of EzyStayz smart contract
The smart contract developed by EzyStayz specifically for its platform will govern the relations between travelers and property owners. It will cover such user actions as:
- Agreements between the hotels, property owners and tenants
- Authentication and identification of smart-phones, other devices & users
- Virtual contract execution and verification
- Processing secure payments
Since all the operations will be verified on the public blockchain, the participants will get the benefit of transparency and the immutability of money transfers. At the same time, they will remain private as only authorized parties will be able to monitor the deals.
Why paying with cryptocurrency?
Digital cryptocurrencies are the new trend that has quickly gained popularity over the last few years, and there’s a good reason behind it.
Cryptocurrencies have made it possible to send payments instantly to any part of the world at low fees bypassing banks and government regulations. On the other hand, the irreversibility of such transactions without the receiver’s consent reduce the risk of fraud and chargebacks. This is what makes the blockchain technologies a real gem for B2C eCommerce.
Here are some facts proving that cryptocurrencies are becoming a new standard for eCommerce payments:
- A survey from HBUS revealed that 20% of the US citizens have invested into cryptocurrency as of April 2019.
- According to numerous reports, more and more industries start implementing the blockchain technologies into their operations: healthcare & medicine, content delivery networks, education and many more.
- Microsoft, Newegg, and Dish Network accept payments in Bitcoin
- Intuit offers “Pay by Bitcoin” service for its QuickBooks Online customers.
- The global market Overstock.Com accepts payments in crypto
- You can pay with bitcoins at Subway and Starbucks
- Expedia accepts Bitcoin payments for travel
- PayPal currently accepts Bitcoin and is considering adding Ethereum as a method of payment.
EzyStayz implementing cryptocurrencies
Since cryptocurrencies have become a new standard of digital payments, EzyStayz implements them into its business model.
The platform will be fueled by the native EzyStayz token that participants will use to conduct the deals. Payments in other cryptocurrencies such as Bitcoin and Ether will be available as well. Each user will be provided with a multi-currency crypto wallet where they will be able to store different cryptocurrencies.
The security of users’ funds will be provided by the multi-signature technology and multiple hot and cold backups. Users will benefit from direct payments in multiple cryptocurrencies and immediate payment confirmation.
Based on the blockchain technologies, EzyStays aims to revolutionize the traveling industry. With EzyStayz, property owners and travelers will no longer depend on centralized traveling platforms and pay extortionate fees. Both sides of the deal will be able to connect directly without having to rely on third-parties.
The public token sale is to be announced soon, so stay tuned!
Originally published at https://io-blog.ezystayz.com.