LOCKCHAIN — Decentralized Booking & Vacation Marketplace
Crypto-currencies are still in childhood phase, and blockchain technology provides a world of possibilities for practical applications that extend far beyond the financial sector.
LockChain embraces this technology to open a decentralized marketplace in the travel and tourism sector. Harnessing existing technologies and concepts — hotel and accommodation listings, online booking and purchasing, and by building the first integrated marketplace that uses the decentralized LOC ledger, LockChain.co will challenge the market dominance of online travel agents, payment processors, and metasearch aggregators.
LockChain provides a platform that charges no commission to the accommodation and property rental sector. Thought leaders in the cryptocurrency field such as William Mougayar talk about “vanity metrics” — the breaking of records at each “Next Big” ICO launch that only seem important to those in the cryptocurrency industry. In this blockchain world, a big launch party is confused with as-yet-unproven success in the field.
According to even those who embrace cryptocurrency culture, more than nine out of ten ICO-based start-ups are likely to go to the wall. Expectations of success from the experts are less optimistic than even for regular start-ups.
The Decentralized LOC Ledger
The Decentralized LOC Ledger is the engine that regulates all transactions and relationships between the hotels/property providers and the clients. In its core, there are going to be rules and operations governed by smart contracts which will be deployed in the Ethereum Virtual Machine. The LOC Ledger will keep record of all transactions and will regulate the transaction executions through client/host driven smart contract triggers.
The LOC Ledger will run solely with the native LOC token and any application that wishes to connect to the engine will have the freedom to provide added value services such as support of additional payment methods which they can convert into LOC at the time of the booking. This can be done either through integration to external exchanges or by converting the currencies themselves with an internal algorithm Some of the operations (but not limited to) the decentralized LOC ledger will run :
- booking placement
- booking confirmation policy (instant/or after review)
- deposit holding
- deposit release/refunding upon check-out
- check-in requirements & up-grade possibilities
- dispute trigger & dispute terms
- deposit withholding
- optional history/reputation requirement for customer ..and more
The LOC Token
The LOC token is an invariable part of our ecosystem and will be the utilitty token that gives access to both clients and hotel owners to the decentralized LOC ledger.
When you buy LOC, you unlock full service abilities of our decentralized booking marketplace. It will be the mean to book hotel and accommodation stays, property rentals, and associated services. The landlord or hotelier accepts this form of crypto-currency and can withdraw it from the LockChain.co marketplace or any other marketplace which is integrated with the decentralized LOC Ledger.
From a client’s perspective who browses the LockChain.co marketplace, the use of LOC tokens will not be a requirement. But in reality, what will happen at the time of any purchase is that the marketplace will use its built-in algorithm to convert any external means of payment into LOC. Use of other fiat and crypto-currencies will be provided as a service, although charges of 1–3% may apply. Over time, more functionality will be released.
By launching its own native token and decentralizing the ledger of hotels, LockChain aims to solve a long-standing problem — how to make online bookings cheaper and transparent, while retaining the speed and safety of all the processes involved. LockChain addresses a problem that has been present for many years. Perhaps it has been under-the-radar due to price-gouging, anti-competitive practices, and pernicious agreements that have been forced on hotels by those who dominate the Online Travel Agency market.
So if you’re not yet fully aware of the agent charges in the accommodation industry, it’s because the agents don’t want you to know. Until now, no one has provided an entirely successful solution to this problem. LockChain has the solution — to disrupt a closed loop. Online travel agents have more bargaining power over hotel owners due to their monopoly market shares and continuing flow of cash. LockChain offers a single worldwide marketplace with substantially lower prices for this closed loop to be disrupted by the actual service providers — the hotels.
Project Description: Lockchain is an ecosystem and marketplace for renting hotel rooms, private properties or accommodations, which allows end customers and property owners to deal with each other on a decentralized platform without any fee or commisions.
Ticket Symbol: LOC
Token Background: LOC is built as an ERC20 token on the Ethereum blockchain
Pre-Sale Target: 10.000.000 EUR Total
Target Raise: 25.000.000 EUR
Scheduled Start: 16:00 GMT on 3rd of October 2017
Planned End: 23:59 CET on 1st of December 2017
Token Sale Details
Start: 16:00 GMT on 3rd of October 2017
Ends: 23:59 CET on 29th of October 2017 or if Pre-sale hardcap reached
Hard-cap: 50.000.000 LOC
Fixed Pre-sale price: 1 ETH = 1.000 LOC
Pre-Sale Price Levels
Up to 10.000.000 LOC sold: 750 LOC for 1 ETH at Main Sale
10.000.001–20.000.000 LOC sold: 700 LOC for 1 ETH at Main Sale
20.000.001–30.000.000 LOC sold: 650 LOC for 1 ETH at Main Sale
30.000.001–40.000.000 LOC sold: 620 LOC for 1 ETH at Main Sale
40.000.001–50.000.000 LOC sold: 600 LOC for 1 ETH at Main Sale
Start: 16:00 GMT on 29th of October 2017 or upon reach of pre-sale hardcap
Ends: 23:59 CET on 1st of December 2017 or if hardcap is reached
Total Tokensale Hard-cap: 105.000.000 LOC — All unsold LOC will be destroyed
Our team has been operating in the digital space for more than a decade, with centuries of combined expertise in fields as diverse as travel, technical innovations, software engineering, politics, fintech, and crypto-currency.