LockChain, found online at LockChain.co, is a hotel booking and vacation rental marketplace that offers 0% commissions. Find out how it works today in our review.
What Is LockChain?
LockChain is a blockchain-powered marketplace where hotels and property owners can rent their property globally. The platform has an all-in-one payment platform and property management solution. The overall goal is to make it easy for property owners to rent their places worldwide – similar to how AirBnB works.
The LockChain pre-sale started on September 29. The project aims to launch by the end of Q1 2018 (it’s currently running on a testnet).
LockChain Features And Benefits
Obviously, there are plenty of hotel and accommodation booking websites out there – including several that are being built on blockchain technology. How does LockChain plan to separate itself from the crowd? Here are some of the features and benefits advertised by the platform:
20% Lower Hotel Prices Than Any Other Website:
One of the core benefits of LockChain is that it will have lower prices than any other hotel booking website. Blockchain technology leads to significantly lower overhead costs. It cuts out the middlemen (or, more accurately, replaces the middleman with a blockchain). LockChain claims property owners can list properties on their platform at 20% lower prices without affecting their profits. Guests pay lower prices, owners charge the same rates, and LockChain charges 0% commission.
Decentralized Booking Engine:
LockChain’s platform consists of two parts, including a decentralized booking engine (the LOC ledger based on the Ethereum virtual machine) and a decentralized marketplace that will be fully integrated with the ledger.
Seamless Integration For Property Owners:
LockChain allows property owners and hoteliers to add their short-term rentals and hotel rooms to the decentralized LOC ledger with a one-click interface. Owners can import from existing listings or do a CSV import of their rentable properties.
No Commissions On Revenue:
LockChain doesn’t charge commissions on the revenue of property owners. Property owners won’t need to pay a fee every time their accommodation is booked. Instead, LockChain will have a single fixed subscription fee for property owners, ranging from $29 to $99 per month, depending on the number and size of properties.
Security And Liquidity:
LockChain’s official website describes how “blockchain technology provides a perfect environment for affordable, instant, safe, non-disputable transmission of information.”
The LockChain Token Sale
The LockChain pre-sale begins on September 29 at 16:00 GMT. 50% of the total supply of tokens will be sold to the public throughout the pre-ICO and ICO, while 25% will be retained for the team, advisors, community, and early backers, and another 25% will be retained for future development.
The company is aiming to raise 10 million EUR through the sale. The tokens are fixed at a price of 1 ETH = 1,000 LOC. There’s a maximum hard cap of 50,000,000 LOC tokens during the pre-sale.
The pre-sale will end automatically on October 29, or when a hard cap of 50 million tokens has been sold during the pre-sale.
Meanwhile, the main token sale begins October 29 at 16:00 GMT, during which the company is expecting to raise 15 million EUR with a maximum hard cap of 105 million LOC tokens.
The price of tokens during the ICO will vary based on how many tokens are sold during the pre-sale. If 50 million LOC tokens are sold, for example, the ICO price will be 1 ETH = 600 LOC. If fewer than 10 million LOC tokens are sold, the price will be 1 ETH = 750 LOC.
Any unsold LOC from either the pre-ICO or ICO will be destroyed.
Who’s Behind LockChain?
LockChain is led by CEO and Founder Nikola Alexandrov, COO and Founder Hristo Tenchev, Chief Advisor Rosen Plevneliev, and Tech Advisor Svetlin Nakov.
Alexandrov is the co-founder of Bitcoin7, which was one of the first bitcoin exchanges all the way back in 2011. Bitcoin7 was once the third-biggest bitcoin exchange in terms of worldwide trading volume. Alexandrov also has 4 years of experience in the development of BookingSpot, a travel industry meta-search aggregator. He also founded TheSEO.com, a search engine optimization agency, and has strong experience in digital marketing, e-commerce, and fintech.
Tenchov, meanwhile, co-founded Bitcoin 7. He also founded XS Software, one of Europe’s most successful gaming companies with 50 million registered players worldwide.
The development team started working on LockChain in April 2017, with a testnet launch occurring in September 2017. By Q1 2018, they aim to launch their global booking system worldwide.
LockChain, Ltd. is based in Sofia, Bulgaria.
LockChain is a blockchain-based marketplace where hotel owners and property owners can rent property around the world while enjoying lower fees, better security, and greater transparency. LockChain claims that property owners can charge the same rates, while guests can pay 20% less than they do on other websites.
Another unique thing about LockChain is that the platform charges absolutely no commission. Instead of commission, they charge a subscription fee.
The token sale for LOC tokens starts on September 29 and takes place throughout October and November. You can learn more about the platform, or participate in the token sale today, by visiting the Sofia-based company online at LockChain.co.