[LOC] A Token That Reduces Hotel Tariffs
Did you know that when you go on a holiday to a tourist destination the largest amount of money that you spend is usually on your hotel bill? It is no wonder that if you save on your hotel tariff you would have made significant savings in your overall holiday spending.
Consider another scenario. Like most people you may also be having a budget for travel expenses and boarding. When you look at sites like Booking.com for good hotels and you like a certain hotel you find that you can't afford it. So you go ahead and book the next best hotel which may not be your favorite but then it suits your wallet.
Under these circumstances you would think that it would be great if something comes along that saves you money on hotels. That is exactly what Lockchain.co is going to do. It is based on the blockchain and promises to cut out the middlemen from the equation. Typical middlemen today are online portals like Booking.com and Airbnb. These sites take a huge cut on every booking, along with credit card companies, and software firms that enable the bookings and payments.
In other words with these middlemen out of the way you will instantly save at least about 20 per cent of your hotel bill! All that needs to be done is bring about a direct touch point between hotels and you. This can be done now thanks to the blockchain where there will no intermediaries when you book your hotel using the blockchain.
Lockchain is Ethereum based and is uses LOC for its sign. They have a partnership with 1000 hotels right now and will increase the number by the end of this month by which time it will also fully launch after an alpha launch earlier.
Whether you book hotels through Booking.com or others your payment will include a commission that can even be 50 per cent of the total amount in some cases, to the middlemen in totality. In exchange the middlemen do nothing to enhance value in terms of your hotel experience. They are basically charging for nothing. This seems set to change finally with the LOC token.
Lockchain.com will show you the availability of rooms at the location that you intend to go and also book your room for you. It will also facilitate payment for the room using the blockchain, with zero fees. The LOC tokens will be a form of payment although you can also pay with Bitcoin and other cryptocurrencies, or even through a credit card(which may involve a fee).
The founders of Lockchain.co are expecting a surge of popularity for LOC by presenting the value proposition which is created by its service and by a reduction in hotel expenses due to its direct model.
The hotel tariffs will be listed on fiat currency like US Dollars but the equivalent value in LOC will be shown automatically with an interface linking to current crypto prices on Coinmarketcap.com.
The present value of LOC is 1.44 USD with a market cap of 13.4 million US, as per Coinmarketcap.com. Total supply is 18.5 LOC and the present circulation is 9.2 LOC.
Nikola Alexandrov and Hristo Tenchev who were co-founders of the Bitcoin7 exchange are the founders of Lockchain.co. Both have extensive IT as well as other diverse experiences. Rosen Plevneliev, the former president of Bulgaria is the Chief Adviser. There are several other members in the large team all with good IT, software and crypto experience. It seems like a team with a well rounded experience and also equipped to handle the challenges in a crowded crypto market.
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Image sources: Lockchain.co, Booking.com
So they are thinking they can compete with Air BnB? Do they have a website or an iPhone app that works yet? If they can save money that's one thing, getting adoption around the world would be the next step.
True, the proof of the pudding, in this case lies in adoption and implementation. They do have a website which is lockchain.co as mentioned in the post.
This place s an interesting new development thanks for sharing
Thanks for commenting!
always a pleasure to see your post
I'm a heavy user of booking.com and hotels.com... And you're right, the commission fees are high but so far I found no other alternative. What you just shared here is revolutionary... I had no idea lockchain existed... Now I wanna try it on my next hotel booking.. I wanted to ask you @maxabit, do they have their own wallet which I need to download or sing in to or can I buy lock on jaxx or any other widely used hot wallet? Thank you very much for this... I needed i t:)
You can contact them on their Facebook page, where they seem to be quite active, for any queries.
Here's the link to the page: https://www.facebook.com/LockChainLOK
The About section of the page records their response rate as, "Typically replies within a few hours" so you will get a reply soon if you send them a message, or you could post your query on their page.
Hope it helps.:-)
Thanks a lot my friend... I'll do just that :) You're amazing
I always said that cryptocurrency is the future and this is another example of that! Excellent app!
Thanks for your quick comment. What do you like most about it, if you don't mind my asking?
For me the best feature is that through this app we won't have to leave commissions to any "middlemen", like you said, those websites take a big piece of the cake doing practically nothing.. Besides, using this application we could take advantage of the cryptomarket and make our reservation when the altcoin is at its maximum point in coinmarketcap before our trip!
That is an excellent point!
When the value of the coin increases you will indeed get more bang for your buck. That will be over and above the saving created by the elimination of middlemen from the transaction.
that's what I mean! Respects!
Thanks for replying!
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