LockChain - ICO - Decentralized Booking & Vacation Marketplace
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From to time an ICO is recommended to me and I'm trying to analyse it, dissect it, do some research. You should do your own research, do not trust random guys on the internet - there are sharks out there!
Sharing economy
While the term ‘sharing economy’ can be misleading, it’s clear that blockchain developers are increasingly seeking to create more opportunities for peer to peer exchange. New platforms have been constantly emerging with disruptive consequences for traditional markets. Beyond the scope of services Airbnb, Hostel world and others, new services like Lockchain appears with global accommodation set in their sights.
Creating an open source booking technology with its own cryptocurrency seems ambitious, but makes perfect sense with the capabilities of blockchain. One of the biggest challenges to consumers will be adopting a new model. When you last travelled, which platforms did you consider using? On top of Airbnb there are hostel bookers, last-minute deal aggregators and other platforms that link property owners to travellers. A centralized booking technology that cuts through all the decision-making holds appeal, but the greatest value can be seen in bypassing commission fees; Lockchain’s website states that exchanges using the LOC token have 0% commission fees.
No commission
No commission fees ensures there will be a significant discount compared to other booking services. The appeal to both property owners and customers is notable in this regard. The first steps need to feel intuitive so travellers and accommodation providers can make a seamless transition to this new technology. Additionally, the adoption rate is where the value lies, so it will be interesting to chart the success of the initial buy into LOC tokens. LOC tokens are currently in pre-sale with a significant discount until the 29th of October 2017, or until the pre-sale target is reached. The fixed pre-sale price is 1 ETH to 1 LOC.
The decentralized LOC ledger is built on Ethereum VM and is open source. This gives a competitive edge that is intrinsic to blockchain technologies; it should operate quickly, effectively and with low risk of outages while supported by the peer-to-peer network.
User friendly
How easy is it to adopt the new system for lay users? User friendliness and a low barrier to entry seems to be a priority to Lockchain, understanding that many blockchain startups need consumers to move fast. It’s worth noting that the Lockchain.co’s marketplace supports other methods of maybe in addition to LOC tokens, such as Paypal and credit cards. Once travellers have engaged with the system there is a familiarity to the concept of customer rewards that demystifies blockchain to the uninitiated.
The accommodation market has already been deeply disrupted by the emergency of sharing economy platforms and the increased adoption of blockchain technologies. The persistance and rise of blockchain supported services bodes well for companies aiming for ambitious disruption of existing marketplaces like travel and accommodation. If Lockchain can gather the essential critical mass we might be hearing a lot more from them in the coming years.
As always educating public about Bitcoin, Ethereum, crypto, ICOs... Sometimes my language is generic, sometimes very specific - explaining hashing functions and PoW (proof of work) algorithm. I've read many books and lost many pounds (GBP, not weight) making various trades. There is always someone with faster fingers, more information, better connection. Not a chance to win in the long run, the odds are stacked against you.
Buy the dip, HODL... Stay safe out there. Do research. Read more. Independent sources. Reliable sources. Peace.
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0x0000000ed9aa4172a16c4f8178961ea6dcb6aac9