LockTrip Introduces Payments with LOC and 3 other Assets!

We are happy to announce that the LockTrip marketplace now officially accepts LOC as a payment method, along with 3 other assets from the Hydra Ecosystem!

One of the most requested features by our community has just been deployed on the marketplace! You can now pay for your hotel bookings directly with the native LOC token, with the ease of a few clicks.

For a frictionless booking experience, we got rid of the built-in wallet feature and replaced it with a convenient payment system that allows you to make the payment directly from any of your preferred Hydra-based wallets.

This eliminates several annoying steps from the previous method, such as having to create a new wallet inside the marketplace and managing both LOC as well as HYDRA balances for the transaction fees.

But this is not all! We are also introducing 3 other assets in addition to the native LOC token:

• HYDRA coin: This is the coin that powers the Hydra blockchain and is therefore the most important asset on the Hydra chain. Introducing it as a payment option will make it much easier for the Hydra community to book with LockTrip
• CHANGE token: CHANGE is the token issued by the ChangeX project, which offers a DeFi centric wallet application on the Hydra chain and gained the trust and support of many users
• GOMT token: GOMT is the token issued by the GoMeat project, which offers an on-demand delivery service for halal and kosher meat (among other items). By introducing GOMT as a payment method to their own marketplace, they already paved the way for LockTrip to follow suit!

With these new assets, we are opening up the LockTrip marketplace to the Hydra ecosystem and allow for even more synergy between the projects.

None of the newly introduced assets have any marketplace-side payment fees attached to them!

How does it work?

Paying with LOC is very simple. Once you are on the room details page of your preferred stay, you will notice a new entry in the payment options with the title “Pay with Hydra Wallet”.

There you can select your payment method among the options of LOC, HYDRA, GOMT and CHANGE.

For demonstration purposes, we will proceed with the LOC token. Once you proceed with the “Pay with LOC” button, you will be presented with a wallet address in both text and QR code form.

Please note that the wallet address is based on the Hydra chain.

You will have a time period of 1 hour to make the payment, as indicated by the timer.

Once you make the payment, the marketplace will update the user interface regarding the progress of confirmations. Only 5 confirmations are needed for the payment to be finalized, which usually takes about 2–3 minutes.

If a partial payment is detected by the marketplace, the corresponding information will also be shown on the same interface. Most importantly, it will inform the user about the exact amount missing.

Should the remaining part of the payment not be made until the expiry of the timer, the booking will be cancelled and previously made partial payments will be refunded.

As soon as the 5 confirmations are completed on-chain, the user interface will automatically close the payment model and redirect to the booking confirmation page.

It includes all the important information, including things like the status of the booking (confirmation may take a few more minutes after payment), the hotel name, check-in and check-out dates, address with a map, room details, cancellation policy and many other things.

Execution and Cancellations

All new payment flows are supported by the Hydra DEX, which will facilitate the conversions as a background process.

It is important to note that in the event of a booking cancellation, the refunds will be made with stablecoins at the fiat equivalent price level of the booking. Therefore post-payment price volatility will have no impact on the refund amount.

This is because once a payment is received, it is immediately converted into fiat in order to settle the cost of the desired stay.

We are looking forward to your bookings with the new payment methods! If you have any questions, please feel free to join the LockTrip Telegram group through the link below:

👉 Join the LockTrip Community

LockTrip is a blockchain-based travel marketplace that allows users to save up to 60% on their bookings by cutting out middlemen. Every booking burns LOC proportionally to its booking value, continuously reducing its total supply.