How LockTrip takes advantage of the Network Effect: Marketplace search speed
The network effect is a key element of the sharing economy. The more people take part in a system, the higher its value becomes. This effect is so strong, that it will greatly shape the core value of our project: The decentralized database (Read more about this in our Whitepaper on page 12).
But this is only part of the story:
Sometimes, when you do a hotel search on our marketplace, it takes a bit longer than expected:
This is because our servers are searching through more than 100.000 hotels to find your next stay. Of course we are aware that search speed is critical to every online activity. That’s why we are using dynamic caching to tackle this issue.
If you e.g. search for hotels in Istanbul, it will initially take a few seconds to load all of them. At the same time, this search will be stored in our dynamic cache for the next 20 minutes. Now, if someone else searches for the same location within this timeframe, search results will be displayed instantly.
What does this mean for us? The more people use the marketplace, the better the search quality will get. Every user will add value to the system and at the same time benefit from the value added by others, creating a strong network effect.
LockTrip is the first marketplace with 0% commission where you can save on average 20% on your hotel and rental bookings compared to anywhere else. Learn how to buy LOC tokens to enable access to our marketplace and its lower prices here!
