LockTrip claims to be the first hotels and vacation rentals marketplace with 0% commissions. Find out how it works today in our review.
What Is LockTrip?
LockTrip, found online at Locktrip.com, is a marketplace for hotels and vacation rentals – similar to Airbnb or traditional online hotel booking websites.
The marketplace claims to be the world’s first to charge 0% commissions. With LockTrip, hoteliers and independent property owners can rent their properties globally, collect money, and manage bookings without paying commissions to any middlemen. Instead of a middleman, LockTrip uses blockchain technology.
Obviously, today’s booking platforms are notorious for their high fees. Airbnb, Hotels.com, and similar websites charge enormous fees – often to both the property owner and the guest. The end result is that these companies take anywhere from 20% to 30% of each sale made on their platform.
LockTrip raised $4.5 million in a token sale in November 2017. The alpha version of their platform was launched in February 2018. Today, LockTrip provides access to over 100,000 hotels through its platform.
Let’s take a closer look at how LockTrip works.
How LockTrip Hotels & Vacation Rentals Marketplace Works
Here’s the basic process in place with LockTrip:
- Step 1) The user books a hotel with his credit card in EUR
- Step 2) A built-in LockTrip algorithm exchanges the user’s EUR payment into LockTrip tokens (LOC) via API connectivity with exchanges
- Step 3) The booking is executed using LOC at a 0% commission rate
- Step 4) LockTrip transfers the LOC tokens to a smart contract
- Step 5) After checkout, and if no disputes have been initiated by either party, the smart contract managing the booking will release payment to the hotel
- Step 6) The hotel can liquidate LOC tokens into fiat currency and pay 0% commissions, or hold onto their LOC as an investment
LockTrip claims to already have 100,000 hotels available to book within its network. You can view the alpha version of LockTrip today by visiting online at alpha.locktrip.com
Overall, LockTrip is building two projects in one, including a centralized application with immediate adoption for all users (the LockTrip marketplace) and a decentralized booking platform (the open-source LOC travel engine).
LockTrip Features And Benefits
LockTrip emphasizes all of the following features and benefits:
20% Lower Hotel Prices:
Today’s booking platforms typically charge a fee of about 20%. That fee goes entirely to a middleman. That means guests pay higher prices and hotels get less money. LockTrip aims to create a 0% commission system that leads to 20% lower hotel prices. Property owners receive the same amount of money and guests pay less. Everybody wins.
LockTrip’s core technology consists of a decentralized booking engine – the LOC ledger. This ledger is based on the Ethereum Virtual Machine (EVM).
LockTrip will integrate a marketplace with the LOC ledger, allowing users to easily browse and manage bookings through a simple UI.
LockTrip emphasizes ease of use for hotel and property owners. Anyone can add their short-term rentals or hotel rooms to the LockTrip platform using a one-click integration system. That system allows property owners to import from existing listings or via a CSV import.
LockTrip tokens, or LOC, are the main transfer method used on the LockTrip platform. Users can pay in fiat currency, and hotels can accept payments in fiat currency, but the currency will be transferred into LOC tokens to facilitate cheap and seamless exchanges. That’s how LockTrip offers 0% commissions.
LockTrip is free to use for hosts and travelers – regardless of the number of properties listed through the platform and the amount of revenue generated.
No Third Party Dependency:
LockTrip can operate without depending on a third party.
LockTrip LOC Token ICO Details
LockTrip sold LOC tokens through a token sale. The company has set a total supply of just 18.6 million LOC tokens.
A token sale took place in November 2017. LockTrip raised $4.5 million USD during the token sale.
Of the total supply of tokens, 50% were sold to the public, 25% were retained for future development, and 25% were retained for the team, advisors, the community, and early backers.
LOC tokens are ERC20 tokens on the Ethereum blockchain. The tokens are available to purchase on multiple cryptocurrency exchanges. There’s a current circulating supply of 9.3 million tokens.
Development of LockTrip began in April 2017. By February 2018, LockTrip had launched its platform with 100,000 hotels worldwide. Their alpha platform now includes wallet management tools, a check-in and check-out management process, and hotels that are 20% cheaper than other booking websites online.
LockTrip plans to officially launch their marketplace by September 30, 2018. They also plan to launch a global air travel booking platform with 0% commissions later this year.
Who’s Behind LockTrip?
LockTrip is led by CEO and Founder Nikola Alexandrov, best-known as the co-founder of Bitcoin7, a cryptocurrency exchange that was one of the first on the internet, launching all the way back in 2011. During that time, Bitcoin7 was the internet’s third-largest bitcoin exchange by trading volume.
In addition to his experience running a crypto exchange, Alexandrov has 4+ years of experience developing a travel industry search aggregator called BookingSpot.
LockTrip was also founded by Hristo Tenchev (COO and Founder), who also co-founded Bitcoin7 with Alexandrov. Tenchev previously founded XS Software, a successful Europe-based gaming company with 50 million registered players worldwide, and he also co-founded Bulgaria’s Software University (Softuni.bg) and a co-working space in Sofia called 1Hub.
LockTrip is headquartered in Sofia, Bulgaria.
LockTrip is a booking management platform catered to the global hotel and short-term rental marketplace. The goal is to create a platform with similar services to Airbnb, Hotels.com, and other websites – but with minimal fees. In fact, LockTrip claims to charge 0% commissions, which means guests can pay 20% less for hotels while property owners earn the same amount for each booking.
To learn more about LockTrip and how it works, visit online today at LockTrip.com.