CryptoBnB is AirBnB, but Better.

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I am based in the beautiful city of Kota Kinabalu which is the very definition of paradise. It has ample sun all year round, beautiful beaches, awesome mountains and everything that a tropical paradise can offer. Being a tropical paradise, there are many who turn to AirBNB and other forms of Homestay as a way to accommodate the massive influx of tourists each year. Thus, when I came across cryptobnb, I was excited to study about it seeing that it addresses a real problem. A problem that has been seemingly addressed by AirBnB.

Why Reinvent The Wheel?

If you are like me, you would probably be wondering what is the point of CryptoBnB. After all, anyone can just replace a feel letters in a name and call it revolutionary, so there is not much of a difference. Thus, why use CryptoBnB and not AirBnB?

The answer is simple, competition and decentralization. AirBnB has monopolized this space for far too long. While it addresses a problem and is rather user friendly, it can be rather careless in vetting potential hosts. Personally, I have had bad experiences with AirBnB where the host would 'hack' their ad and promise all kinds of great benefits at a great price. However, once you sign the contract, you will realize that you have been lied to. Despite my feedback, nothing has been done by AirBnB to reprimand dishonest hosts.

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However, CryptoBnB solves this by having an arbitration component where the host and traveler is judged by a jury. Once the issue is resolved, the jury is paid a fee. The whole process is democratic and fair, unlike AirBnB where they have the absolute power to protect their interests instead of what is best for the host or the traveler. Aside from this really cool feature, CryptoBnB is similar in most aspects to AirBnB, thus making it easy for travelers to familiarize themselves with this platform.

The Exchange Problem

The other issue that CryptoBnB solves is the currency exchange issue. I remember travelling to the Seoul for a trip. Having booked my accommodation under AirBnB, I had to pay a sizable sum due to my country's weak currency at that time. This can be mitigated by the currency that CrpytoBnB uses which is the Ckey token.

CryptoBnB could ensure a stable currency, ensuring that no host nor traveler would lose out from any currency fluctuation. However, the biggest problem CryptoBnB would face is adoption. Customers who are familiar with the platform should have no problem adopting the use of Ckey, but those who are not familiar or who are not used to cryptocurrency may find the exchange and adoption of Ckey to be tedious.

This however can be solved by CryptoBnB offering an easy exchange solution. In addition, CryptoBnB can offer the option of travelers and hosts transacting in their local currency. If the host and traveler chooses to transact via the Ckey token, a bonus or incentive can be added to ensure adoption of the currency.

Addressing A Real Problem

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There are not enough hotels in Kota Kinabalu and because of this, AirBnB has become a thriving business. I believe that CryptoBnB can do the same too. Although it has not been released in many cities throughout the world and options are limited, it has the potential to grow into a business that can rival AirBnB.

In my opinion, I think CryptoBnB has the advantage. It wouldn't be long before AirBnB would start adopting cryptocurrency, as will many other institutions throughout the world. At least at that time, CryptoBnB would already have a head start. Furthermore, they have other cool features such as the integration of artificial intelligence that may likely render other platforms obsolete. I'm looking forward to see how CryptoBnB will perform, only time will time and I'll be keeping an eye on it.

For more information, check out their website and whitepaper

This post is written for the following contest.

CryptoBnBICO

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