Since KuCoin exchange is revolutionary developing, any cryptocurrency added on its list is of big help. Today, KuCoin has proven once again how the platform is growing so fast. Another potentially and promising token is now listed on KuCoin. The newly listed token is the utility currency of Locktrip-the LOC token. Transactions concerning LOC are now officially open for KuCoin users with trading pairs like LOC/BTC and LOC/ETH.
About LockTrip
LockTrip was designed and created to provide an open and decentralized source for rental bookings. It is the first system that can allow the owner of the property and the end customer to transact freely inside the platform.
The market’s current platform like Booking.com, Expedia.com, and Airbnb.com are on centralized form. They usually charge large fees to both customers and owners. They require a middleman or a third party to process the payments involved. Therefore, the creation of decentralized LockTrip can help the world. It utilizes Ethereum blockchain to eliminate all those middlemen and to guarantee a transparent execution of all transactions.
Using the website and mobile applications, customers can look for the finest property around them; LockTrip.com marketplace focuses on becoming a user-centered as possible. It will offer the most convenient user program and most comfortable experiences. LockTrip does not provide any commission at all. This is one of its encouraging features that cause the cheapest rates in the online market. Traditionally, the middleman gets up 25% of the deal. Using LOC ledger, the customer can save this and can then have a lower expense. The integration of LockTrip.com can increase the market price of LOC token and additionally, can promote a big change in our present industry.
The Decentralized LOC Ledger
It can regulate any transactions and interactions in the middle of hotel/property providers and its clients. Inside the system, there will be some guidelines and processes administrated by smart contract set in EVM. LOC Ledger keeps all the transactions and manages the execution of every transaction. Furthermore, it runs only with the LOC tokens. However, applications that wish to join the engine can have additional value services like the conversion method for their payments. It can be completed by integrating external currencies or by using internal algorithms.
LockTrip presents three opportunities to owners of hotels or properties. These are (1) direct, (2) cancelation option and (3) deposit guarantee. The first one means that owners can get the price the same as what the customer agreed on the time of booking. Strictly, there will be no cancellation and a further guarantee of pre-booked. The second opportunity is the cancelation option. Owners can permit a booking cancelation as well as the refunds. They can provide the amount allowed to return and also the deadline dates. With the application of blockchain on the LOC and conditions, users can assure the full execution of all rules on both parties. To protect the owners, deposit guarantees are applied. If there is some breach of contract issues, a property owner can request for more withhold LOC tokens as a deposit guarantee. Once the contract was successfully finished, and with no problems, the deposit can be released immediately. Everything will, of course, occur transparently in the blockchain.
