XcelTrip XcelToken is a blockchain utility token that aims to be the preferred currency for the hospitality and tourism industry. Find out how it works today in our review.
What is the Xcel Token?
Xcel Token is a digital currency that can be used to pay for flight tickets, hotels, restaurants, bars, and spas. The token is designed for use within the hospitality and tourism industry.
By paying with Xcel Token, travelers can get a discount when booking with certain partner providers.
The Xcel Token team has already launched mobile apps for iOS and Android. The app is called Xceltrip. It’s designed as a full service online travel platform, letting you book accommodations, buy flights, and secure rides through one convenient mobile app.
Obviously, there are already plenty of “online travel agency” (OTA) platforms available today that let you book flights, hotels, and car rentals. Xcel Token, however, believes there are several major problems within that industry. Xcel Token plans to solve these problems using a digital currency and blockchain technology.
What Problems Does Xcel Token Seek to Solve?
Xcel Token seeks to solve several major problems in today’s online travel agent (OTA) ecosystem. Here are some of the problems mentioned in the Xcel Token whitepaper:
- There are too many intermediaries that raise costs for consumers. There are several layers standing between consumers and travel service companies. Consumers need to pay added expenses for aggregator platforms, online travel agencies, and payment gateway providers, for example. This raises costs unnecessarily. Consumers pay more while travel service providers get paid less.
- There’s a lack of efficiency in today’s model, as multiple layers increase the time and costs of providing service to consumers.
How Does Xcel Token Work?
Xcel Token is the preferred digital currency for use within an online travel ecosystem called Xceltrip. You can access that travel ecosystem through the mobile app for iOS and Android.
The goal, according to the Xcel Token team, is “to make travel services decentralized by empowering travel partners, like hotels and consumers and pass down the savings from middlemen to our partners.”
Awkward grammar aside, Xcel Token wants to reduce costs in the travel industry by eliminating middlemen. Xcel Token will allow travel and hospitality services to interact directly with travelers through the Xceltrip mobile app.
How does blockchain technology fit into all this? The company plans to use blockchain technology to protect user information. We assume Xcel Token will also be built on blockchain technology, although we’re not totally clear how it will use blockchain.
In any case, Xcel Token sees itself as an “earning-added” model instead of a “cost-added” model. Today’s online travel agencies work on a cost-added model because there’s no potential for added income: they just increase fees and costs across the board. Meanwhile, Xcel Token is an earning-added model where users have the opportunity to earn more money.
Some of the key participants in the Xcel Token ecosystem include:
- Accommodation providers (hotels and smaller providers like AirBnB hosts)
- User-owned rental vehicles
- Tour operators and other travel service providers
These users will interact with travelers through a booking engine. The booking engine is designed to be free and decentralized. However, vendors will be able to access additional services like payment systems, travel insurance, prepaid vouchers, and more, for added fees.
The Xcel Token whitepaper also mentions adding “AR/VR solutions” to their platform in the future.
The XcelTrip XcelToken ICO
There’s a maximum supply of 50 billion Xcel Tokens. The price of each token is fixed at $0.11 USD apiece.
Of the total supply of tokens, just 10% is going to the public crowdsale. The remaining tokens are allocated to the Xcel Token team (15%), the foundation (10%), the loyalty program (5%), a reserve fund (10%), and a public escrow fund (50%).
The public escrow fund will be used to build partnerships with various travel service providers.
The ICO began on March 20 and will continue until May 19, 2018. You can pay using a wide range of cryptocurrencies as well as payment platforms like PayPal, Payza, and credit cards.
How Do Xcel Tokens Work?
Xcel Tokens, or XCEL, are used for all transactions on the Xcel Token platform. Some of the specific uses include:
- Consumers can pay with XCEL tokens to receive discounts on various travel services
- Consumers will be rewarded at the rate of 1 XCEL token per $1 USD spent on the platform for the first 100,000 transactions
- Independent market providers will be paid in XCEL tokens to increase circulation of tokens
- Vendors can spend XCEL tokens on additional services on the Xceltrip platform, including paid priority listings and search results
The Xcel Token team also plans to list their token on at least one exchange within 60 days of issuing the token.
Who’s Behind XcelTrip XcelToken?
The concept for Xcel Token and the Xceltrip ecosystem was formed in November 2015. The product was developed throughout 2017, with the iOS and Android app launching in November 2017.
Xcel Token was founded by Hob Khadka (Founder and CEO), a bitcoin evangelist and serial entrepreneur based in Silicon Valley, California.
The company was co-founded by Jaimini (Jai) Dwivedi (Co-Founder and COO), an accountant and ISO-certified MIS internal auditor who has been involved in international business development for the past two decades. Dwivedi has been based in Thailand since 1982. Jaimini co-founded the company with Roger Adhikhari (Co-Founder and CFO), an entrepreneur with 25+ years of business management experience, including consulting work for United Airlines, Cisco, and Hewlett Packard.
Xcel Token’s global headquarters are in San Jose, California, where the company is registered under the name XcelTrip LLC. The company also has its Asian headquarters in Singapore.
XcelTrip XcelToken ICO Conclusion
Xcel Token and Xceltrip aim to disrupt the global hospitality and tourism industry by launching a digital token catered specifically to businesses serving the space. The goal is to offer superior service and lower costs compared to traditional online travel agencies, or OTAs.
To learn more about Xcel Token and how it works, visit online today at XcelToken.com.