The cryptocurrency revolution is currently creating a truly global market free from the restrictions of physical borders. The travel and tourism industry is one of the most obvious places in which the benefits offered by blockchain technology can be applied, and is growing rapidly.
Despite the rapid growth rates of the travel economy, blockchain technology has yet to be applied to the tax-free duty shopping market. A new blockchain based platform, however, believes that distributed ledger technology can play a major role in the future of the $85 billion dollar duty free industry.
DutyCoin wants to fuse blockchain technology and tax free markets together, creating a disruptive solution that will be driven by a purpose-built cryptocurrency. In this article, we’ll take a look at the DutyCoin solution, as well as examining the details of the upcoming DutyCoin initial coin offering.
What Is DutyCoin?
DutyCoin is aiming to create a digital currency that can be used to improve the travel experience by bringing new functionality and utility to duty-free travel zones. The DutyCoin currency itself is the primary driving factor of the DutyCoin project, but it also consists of a range of different blockchain tech.
The DutyCoin platform is intended to facilitate both business to business and business to consume exchange, and is specifically designed to integrate seamlessly into the existing airline industry. The first element of the DutyCoin platform is the DutyCoin digital currency, which will be used on the DutyMarket element.
The DutyMarket is an international marketplace that facilitates peer-to-peer transactions in a server-independent manner while delivering complete user anonymity. DutyCoins will be available via the DutyExchange, which full function as the primary access point for DutyCoins.
Users will be able to exchange both Ethereum and Bitcoin as well as fiat currency for DutyCoins at the DutyExchange. In addition to the above elements, DutyCoin also plans to integrate a number of other features including a self-explanatory DutyLoyalty program, a DutyStats program that provides informed data to businesses, and a DutyAPI.
DutyCoin aim to offer each element of the DutyCoin platform separately in a modular fashion, and make it possible to integrate each element into existing systems.
How DutyCoin Works
The DutyCoin platform will operate on the DutyCoin cryptocurrency, or DTC. There will be a total of 420,000,000 DTC available, all of which will be fully pre-mined. DTC will focus on a number of key features, such as real time settlement between 2 and 5 seconds, no foreign exchange fees, and completely surveillance free transactions.
Users will store DTC on an online wallet service, which will also provide users with the ability to exchange fiat currency and other cryptocurrencies for DTC. The most interesting element of the DutyCoin platform, however, is the DutyCoin Card, which will provide users with the means of paying for duty free goods and services in duty free zones at contact-only point of sale terminals.
The DutyCoin ICO
The DutyCoin ICO will consist of two token sale periods, a pre-ICO and an ICO. The DutyCoin pre-ICO is currently underway, and will end in December. The pre-sale will make 63,000,000 DTC available for purchase.
The DutyCoin ICO itself will launch in January 2018 and will make 273,000,000 DTC available for purchase. The total revenue goal of the DutyCoin is $1,000,000 USD, of which 60% will be used for business development and expansion. A further 20% will be placed in a reserve fund, 15% for marketing, and a final 5% for the DutyCoin development team.
DutyCoin Review Summary
The DutyCoin platform is an obvious solution to the issue of duty-free shopping and international currency conversion. While replacing disparate currencies in other marketplaces may prove difficult, the consumer base of the duty free market is already accustomed to loyalty programs and systems similar to the DutyCoin platform.
If you’re interested in seeing the applications of blockchain technology in the duty free industry, the DutyCoin ICO may be worth investing in.