KuCoin’s promising cryptocurrency exchange platform has once again proven its extended success as they have listed another unique blockchain based project token, the LOC. LOC is the transaction token of Locktrain, the first and one of its kind decentralized system that aims to solve the issues of rental bookings.
Transactions are processed utilizing KuCoin’s Android and iOS apps, or through their official website, www.kucoin.com.
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 platforms like Booking.com, Expedia.com, and Airbnb.com are on centralized form. They usually charge substantial fees to both customers and owners. They require an intermediary 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
All the property owners must present a user-friendly interface to modify their lists within the LOC Ledger. For further comfort, there will be a single-click solution to transfer the present listings from other platforms easily. Still, the usual mode of payments such as PayPal and credit card are supported in this kind of system. The LockTrip.com has an integral algorithm that can automatically perform a conversion of all types of currencies into the form of LOC token. The interaction concerning LOC Ledger and LockTrip.com marketplace can provide a solid and self-sufficient place which is ready to compete with other huge platforms.
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.
The LOC Token and its Usages
It is the unchanging part of LockTrip. As the utility token, it provides access to the LOC Ledger. If anyone purchases LOC token, they open the complete service capabilities of the decentralized booking marketplace. It will help customers to reserve accommodation and hotels, rental properties or have other related services. Owners can accept this form of the token as the client’s payment. They can perform withdrawal of those on the LockTrip.com marketplace and other platform associated to it. Other currencies in the form of fiat and crypto are accepted but may have 1% – 3% charges. Last year, LOC token sale was held.
For more information about LockTrip, please visit Locktrip.com
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Images courtesy of KuCoin