How Decentralized LOC Ledger works?
Cryptocurrencies or digital currencies have brought revolution in online payment system. They provide you the safest transaction option as they are secured with cryptography technique. LockChain technology has ability to extend the practical applications from financial sector to all aspects of life. LockChain technology and cryptocurrencies in synergy with each other, has helped to open a decentralized marketplace for property owners and tourists to interact directly with each other and fix the deal without involvement of any 3rd party. It not only enhances the cooperation but also cuts off extra expenditures of both parties. When a payment is sent by the end customer, it is automatically converted into the local currency of property owner’s country. The system is designed to comfort the users at maximum level.
The decentralized LOC registry is the fundamental tool which manages details of all transactions and connections between the property owners and end-customers. The system is built on the Ethereum Virtual Machine which governs some core rules for operations. The LOC ledger maintains the records of all transactions through smart built-in triggers such as client/host driven triggers. The LOC ledger works only with the LOC token and if anyone wants to get support for additional payments options, he can do so via availing added value services to convert the amount into LOC token at the booking time. The process is completed through an internal algorithm of converting the currencies into LOC tokens or incorporating to external exchanges.
Decentralized LOC runs some of the major operations including:
• Placement of Booking
• Booking Confirmation
• Holding Deposit
• Deposit Release
• Refunding upon Check out
• Check in Requirements
• Checking Up-grading Possibilities
• Dispute Triggers
• Dispute Terms
• Reputation based upon previous history for satisfaction of customer
Since we want to build a system that has entirely new and safest source of information and collaboration between customers so it is of utmost important to design an application which is fully integrated with the decentralized LOC ledger and operational to serve as a front-end. So, the use of LockChain technology is of prime important to comibe LOC ledger with LockChain.co marketplace.
LOC ledger is an open resource for everyone around the world and is free to use. We aim to take the accommodation standard to next level and it will be based on the native token of LOC. As more travel sites and organizations will connect to LOC system, synergistically the demand and value of LOC token will be increased. Our users will get benefit of direct access to decentralized LockChain technology after buying the LOC token. Moreover, one will immediately access the LockChain.co marketplace which is linked to central LOC ledger.
As we are always concerned to maximum benefit our valuable customers, our system has built-in exchange system of currencies. Users can submit the money in any form at the time of booking and it will be automatically converted into LOC token. Then system will submit it into decentralized LOC ledger. It not only saves the time of customers but also ensures them the payment safety.
Website: https://lockchain.co/
Whitepaper: https://lockchain.co/whitepaper.html
Bounty thread: https://bitcointalk.org/index.php?topic=2217092.0