LockTrip is decentralized blockchain marketplace where hoteliers and property owners can rent out their properties directly to their clients eliminating unnecessary middlemen. This platform operates on smart contracts. It makes hotel bookings and renting of vacation spaces easy and cheap as it charges 0% commissions. Property owners are able to rent out their properties globally, manage all bookings easily, and collect money directly from the clients. At the moment, there are about 100,000Show more [+] hotels that are already live. Clients can enjoy a 20% discount, but the hotels still get their set profits.
Clients use their credit card to book for hotels or vacation rentals. Once they pay in fiat, it is converted to LOC tokens, the official currency on this platform. The tokens are then transferred into a smart contract once the booking has been completed. Having been no dispute between the transacting parties, the tokens are released to the property owner who can either hold them as investment of convert the same to fiat.
Loc is an erc20 token and is premined. There were about 18.6 million tokens in total, 50% of which were sold out during the token's ICO (Initial Coin Offering). The ICO which ended on November 2017 raised approximately $4.5 million. 25% of the tokens are retained for early backers, team advisors and the community and the remaining 25% are reserved for later developments.
The team behind this project hails from various fields in science, business and technology. They include Nikola Alexandrov, the CEO and founder, Hristo Tenchev, the COO and founder, Rosen Plevneliev, the chief advisor and Svetlin Nakov, the tech advisor among others.
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