Electroneum has become the first cryptocurrency startup to partner directly with LockTrip, the European blockchain-based travel website offering discounts of up to 60% at over 2.1 million holiday accommodations in more than 190 countries.
LockTrip will list ETN as a direct payment option on 13 November when Electroneum’s 4.1 million registered users can start booking flights and accommodation worldwide. Electroneum and LockTrip have agreed on a $1,000 giveaway on the day of the launch. More details on that date.
“We are thrilled to provide our Electroneum community with more use cases for ETN,” said Electroneum CEO Richard Ells. “We are particularly excited to expand our ETN ecosystem to include flights and accommodation at very low costs.”
LockTrip is an ecosystem and marketplace where customers can search, find, and book hotel rooms and other accommodation worldwide. It is the first platform to allow customers and property owners to deal with each other without fees.
Payment with ETN on LockTrip is easier than using a credit or debit card. Simply go to checkout and click on the ETN icon, and it will immediately prompt you with a QR code that is compatible with the Electroneum wallet. LockTrip allows for payments with credit or debit cards as well as with several cryptocurrencies, including Bitcoin, Litecoin and Ethereum.
"Today, we are excited to announce a major partnership with Electroneum — a leading project for empowering people in emerging countries and the builders of the freelancer platform AnyTask.com," the LockTrip team said.
An example of the savings
Electroneum staff went on to LockTrip to explore how it works and the potential savings for users paying with cryptocurrency.
The image below shows how much you would pay with LockTrip for a 14-day stay at an airport hotel from 1 November to 15 November. The total when paying with cryptocurrency comes to £533.77 or $696.32. If you pay with a credit or debit card, you pay an additional £11.48 or $14.98 in fees.
The image below shows how much that same hotel would cost you if you were to reserve via Hotels.com during the same dates. And already you can observe that it costs just over £40 ($52.18) more than on LockTrip.
That same hotel on the very exact dates would cost you the same on Skyscanner than on Hotels.com, in other words, more expensive than on LockTrip.
How does LockTrip do it?
The travel firm explained they could offer discounted prices on accommodations "by significantly cutting down on intermediary commissions and by working with leading suppliers around the world. Organic growth, fueled by our competitive prices allows us to bypass expensive marketing budgets."
According to a 2019 Cointelegraph article, LockTrip helped "users save up to 17% when booking hotels in Europe and more than 23 percent in the United States. LockTrip noted that popular websites like Airbnb or Booking.com charge hotels a 15 to 30% commission, which later affects guests' final price.
LockTrip said various travel websites use sales pressure tactics that are dishonest. "We don't pressure-sell with warnings like 'only one room left' or present our members' special deals' that are not special. We believe that respect starts with honesty."
Their "Refer and Earn" scheme
LockTrip has an affiliate system that can earn those who register an income for life. "Everyone you refer will be accredited as your referral for life and will generate you a 3% passive income on all of the bookings he/she makes with LockTrip."
DAOs, a new breed of businesses
As noted by the Financial Times, LockTrip is part of a "new breed of businesses known as DAOs (decentralised autonomous organisations). They are paving the way for an alternative 'trust-based' business model that has the potential to disrupt some of today's dominant disrupter."
The news outlet explained that DAOs are built on the recent movement principles to create the next-generation internet dubbed the internet of people (IoP), which calls for individuals to have control over their personal information and for a drastic reduction in the role of intermediaries. As a result, DAOs are laying the foundation for new trust-based business models that return data control to users and share profits more equitably.