TravelCoin is a blockchain platform that aims to make it easier to buy and sell tickets. Find out how TravelCoin works today in our review.
What Is TravelCoin?
TravelCoin is a digital currency found online at TravelCoins.io. The currency is currently preparing for its upcoming ICO.
The broad goal of the platform is to provide low fee tickets across the travel industry. The company claims to be the world’s first digital currency catered specifically to the travel industry.
The core of the ecosystem is the TravelCoin ticketing platform. That platform “runs on a self sufficient ecosystem and therefore the transaction fees are low”, explains the official website.
While other ticketing platforms charge fees as high as 20 or 30%, TravelCoin charges fees as low as 4 or 5%. Fees will be paid in TravelCoin (TRV), an ERC20-compliant token built on the Ethereum blockchain.
The developers of TravelCoin envision a future where you pay for all travel-related services – including flights, hotels, car rentals, and packages – using the TravelCoin currency.
How Does TravelCoin Work?
The TravelCoin whitepaper is weirdly void of technical details regarding the TravelCoin blockchain-based platform and how it works. The company simply says sentences like, “TravelCoin is a self-sufficient blockchain and fuels itself by the fee it generates on each transaction.”
The whitepaper also broadly describes the travel industry – including how much money the travel industry generates a year, and why TravelCoin wants to capture a slice of that market.
Eventually, by the time you get to page 10 of the 23 page whitepaper, you’ll get to a basic explanation of the features on the platform. We’ll talk more about those features below.
TravelCoin claims to offer all of the following features:
Up above, we mentioned that TravelCoin will aim to offer fees of 4 to 5%. In the whitepaper, however, the company claims that it will offer a 1% fee, which is lower than any other booking platforms in the industry.
No Double Spending Or Double Booking:
The immutable, transparent nature of the blockchain helps users avoid double spending and double booking. TravelCoin uses a smart contract system and the transparent power of the blockchain to eliminate double booking and double spending in the travel industry.
Spendable Rewards Anytime:
TravelCoin will have a rewards program with a set dollar figure for each point. That rewards program will be spendable anytime, anywhere. The rewards program will also allow users to earn cash back with purchases.
TravelCoin plans to integrate “all major travel mediums” to make the platform “the best trip planner ever.” You can aggregate all your flight and hotel data in one place.
Real Time Booking:
TravelCoin smart contracts are booked in real time.
Resell A Trip:
Instead of paying hefty cancellation fees for a trip, you can sell your trip or booking to other users on the TravelCoin platform.
Multiple Transportation Options:
TravelCoin plans to offer transportation options like plane, bus, taxi, train, carpooling, and more.
Ultimately, these features are vague and not well-defined in the TravelCoin whitepaper. The whitepaper broadly explains travel-related benefits, but it doesn’t do an adequate job of how they plan to achieve those benefits.
The TravelCoin (TRV) Token
The TravelCoin platform will be based around the TRV token. TravelCoin has chosen to introduce its own currency in order to reduce transaction costs for users and ensure seamless transaction times.
A built-in cryptocurrency like TravelCoin also solves another crucial problem: TravelCoin can be used worldwide without worrying about exchange rates or fees.
The TravelCoin ICO
The TravelCoin ICO took place on July 5, 2017 and ended on August 15. The ICO put an unlimited number of tokens up for sale. For every token sold, TravelCoin created a “brother token” that was to be held by the development team.
Unlike other token sales, TravelCoin had funding targets that involved giving away different “dream vacations” to backers. For every certain number of millions of dollars raised, TravelCoin gave away luxury vacations to supporters.
TravelCoin doesn’t plan to start developing its platform until 2018, when it will start to develop the apps for iOS, Android, and the web. For the remainder of 2017, the company’s only stated goal is to develop the RESTful API to integrate TravelCoin with online travel agents (OTAs) while also developing a wallet to hold TravelCoin tokens.
Who’s Behind TravelCoin?
TravelCoin is led by Emal Safi (Director and CEO), Jason Coles (Director and CFO), and Tariq Habib (Executive Chair & CTO). The whitepaper doesn’t list any biographical details about any of the founding team aside from a brief line saying something like, “10 years of business experience.”
The company, which is officially named TravelCoin Corp., is based in Toronto.
It’s hard to understand any information about TravelCoin or its platform at this time. The company certainly has ambitious goals for the future. It wants to become the de facto currency for the entire travel industry. However, the whitepaper – which clocks in at just 23 pages – mentions few specific details about how the platform plans to achieve those objectives.
Development of the platform doesn’t appear to have started, and the company doesn’t have any major product available online today. The TravelCoin ICO took place throughout this past July and August, and development of the apps and web platform is expected to take place over the next year, reaching into Q2 2018.
Ultimately, you can learn more about TravelCoin by visiting the company online today at TravelCoins.io. However, there’s not much information about TravelCoin available online at this time.