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1  Alternate cryptocurrencies / Announcements (Altcoins) / [ANN][ICO] BOOCASH - A True Game Changer in Hotel Booking Industry on: February 21, 2018, 06:25:58 PM

BOOCASH
A True Game Changer in Hotel Booking Industry

Official website: https://boocash.org

White Paper: https://boocash.org/wp-content/uploads/2018/02/Boocash_Whitepaper.pdf

Contact: team@boocash.org


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The $500 billion hotel booking market and cryptocurrencies


A new asset class has emerged since the invention of Bitcoin in 2009 by an anonymous founder under the pseudonym of Satoshi Nakamoto.

As a reminder, launched with a starting value of $ 0.0001, bitcoin is currently worth about $ 10,000. In December 2012, 1 Bitcoin was exchanged for $ 13.  This means that investing $ 1,000 in the end of 2012 would bring you 5 years later more than $ 1,150,000 today.

Cryptocurrencies are certainly one of the great changes that humanity is experiencing nowadays.

Built on the blockchain technology, these digital currencies offer the promise of reinventing the real economy. They are intended to disrupt many industries, including the hotel booking industry, as their decentralized nature, better secure and faster processing are vast improvements over traditional systems.

“Blockchain is a foundational technology, like electricity and the Internet”. That means it goes beyond disruption and enables a whole new range of activities that weren’t possible before.

Since its early years, it has been clearly appeared that the hospitality industry is one of the areas that will adopt blockchain technology first.

A Blockchain-powered hospitality market is for sure in the making.

Take advantage now to the huge Online Hotel Booking Industry by investing in the first decentralized and 100% independent cryptocurrency dedicated to homes and hotels reservations worldwide.

Built on the Ethereum blockchain, Boocash is an ERC20 based Token and a distributed technology tailored for the hotel booking economy.

Cryptographically secured smart contracts build a trusted investment network without the presence of middle man.

The problem

Booking a holiday has never been easier, with companies like Expedia, Airbnb, and Booking.com delivering a level of speed and range of selection that would have been unimaginable 20 years ago. But the success of these companies shows how much money there is to be made by further improvements. For example, booking a stay at online in a hotel will still usually see around 25% of the transaction being spent on booking platform and financial transaction fees. And consider that those 25% are calculated on the gross revenue, which for example in EU contains additional up to additional 20% VAT. This practically means that hotel owners pay an additional commission to Booking.com on the VAT amount that they remit to the state budget.

Given the fact that the global hotel industry is worth around $500 bln annually, this means that any new platform that eliminates these fees (like Boocash Hotel System) could deliver up to $125 bln in value to users each year.

Banks need to process payments, booking platforms need to present and verify both transactions and listings (including reviews), and of course a central currency needs to be backed by governments.

In addition, customers are also exposed to security risk when they are asked to give a copy of their credit cards to the hotel manager who usually also take a copy of the customer’s ID card or passport. So, it is not impossible that your credit card associated with your personal data could fall into the hands of malicious people.

Today,  with the advances possible with Blockchain technology, a new platform would not be another iteration of the same old business model. Much of the 25% that currently goes to the middlemen processors is a “necessary evil” of sorts.

Also, thanks to smart contracts, hoteliers won’t need your credit card to secure your booking.

The Solution




With cryptocurrencies, suddenly most of these limitations disappear. The network can be trusted to supply the currency and the ledger can serve to verify transactions.

Decentralized security and easy verification of data are what blockchains were designed to solve, after all. The accommodation providers and the customers can be allowed to interface directly without risk of double-spending, information disputes (such as fake reviews or denial of payment), or overbooking.

Boocash system
Boocash is an open-source for-profit technology dedicated to: Democratizing cryptocurrencies and bringing it to the masses by creating decentralized tools for the world to seamlessly invest and spend in the hotel booking industry.

At the core is the Boocash protocol:  A blockchain protocol defining investment transactions between users and the Boocash smart contracts. Built on the Ethereum blockchain, Boocash is an ERC20 based Token and a distributed technology tailored for the hotel booking economy.

The coin token is named BOOCASH with BOO as the symbol.

Supporting the protocol is the BHB (Boocash Hotel Booking) Marketplace. The BHB is an App and a Marketplace that empowers anyone to book a stay online in a hotel, an apartment or a villa worldwide through the Boocash token.

To do so, users register on the BHB marketplace and make their bookings. The bookings are executed with the BOO token which are sent and held in escrow by the Boocash smart contract. The BHB and smart contracts keep track of all transactions data. To make a payment, users use any Ethereum based wallet.

Upon executing the service (i.e. user stayed at hotel and made checkout), the smart contract releases the transaction and funds are sent to the hotelier’s account.  All transactions and funds are digitally automated by open-source computer code and are never touched or managed by any third-party.

Boocash will develop an API to enable other platforms or hotels owners to propose the BOO token on their websites.

Boocash is creating a future where users have one platform and one token (BOO), that enables anyone to create make a hotel booking worldwide. Thereby reducing the cost, risk, confirmation delay and complexity associated with traditional OTAs (Online Travel Agencies).  Centralized third parties that are often needed in traditional hotel booking use cases are replaced with smart contracts that act as autonomous agents and programmatically compensate all users and owners within the entire Boocash ecosystem.

Boocash revenue model
BHB will charge a single fixed commission of 1% on all bookings made through its marketplace. In the hotel booking industry, 3 types of business model are used: Agency, Merchant or Advertising business model.


HOW IT WORKS

Boocash represents a new means of booking a room worldwide with cryptocurrency. Boocash’s protocol and App (BHB) employs a simple two-step process for users while handling the rest.


Process of making a reservation

- User performs a search on the BHB platform to find the hotel suitable for his needs. Then, he initiates the booking of the room(s) through the Boocash Hotel Booking (BHB) App.
- BHB approves and executes the booking (if there are sufficient funds in the user account and if the room is currently available to avoid double bookings issues).
- BHB sends BOO tokens to the smart contract to execute the transaction.
- Smart Contract receives funds, records booking agreement to blockchain, and holds funds in escrow.
- BHB updates the user’s account and balances.
- The property owner receives confirmation of the booking and waits to welcome the user.
- The user enjoys his stay hassle-free at the hotel.
- The property owner receives his BOOs from the smart contract once the user made his checkout to the hotel.
 

The booking feature of the BHB App guides the user through the reservation process with a friendly user interface. Upon selecting a room with the dates and other details about his needs, the user makes the payment by sending funds to the smart contract. The smart contract creates the digital index containing the virtual booking. The smart contract also creates a booking agreement while funds are held in escrow until both of the user and property owner confirm the stay at the hotel and the checkout. All booking activity is executed by the smart contract directly offering complete decentralization in the process.


GOVERNANCE



Founders
Around this project, our goal is to:

– Federate the best technical, financial and managerial profiles of the world without distinction of country, culture, religion, or race

– Create a global service (BHB) accepted by all and backed by a universal currency (BOO) which is only driven by the market and out of the control of any individual, entity or nation

– Create a totally independent system governed solely by the laws of the market and by smart contracts.

To guarantee this, we chose to adopt the same strategy as Satoshi Nakamoto (the founder of Bitcoin) to stay anonymous.

We are then an anonymous network composed of various profiles (IT developers, cryptocurrency primo-fans, developers, financiers, investors, hoteliers, entrepreneurs, etc.) sometimes leaders in their industries and from all continents.

The upcoming Boocash World Holding will be created and run by other people as indicated below. The Boocash World Holding is the future management entity of BHB (Boocash Hotel Booking) App.

 

Volunteers and independent consultants


They are different from the founders, constitute the 1st circle of volunteers and play a decisive role in the establishment of the Boocash Ecosystem.

They are of different profiles: Technical sales, Marketers, bloggers, Speakers, communicators, Computer Developers, Financials, etc.

They are rewarded with bounties according to their contribution judged on the result. Recruitment and intervention between February 20 and April 15, 2018.

 

Launch team
Chargée de mettre en place le premier réseau d’IMD et d’IBD à travers le monde dans les principales destinations touristiques. Equipe dirigée par des Directeurs recrutés par les fondateurs.

Les rémunérations des membres de cette équipe ainsi que les frais de gestion des missions occasionnées seront financés sur les fonds collectés lors de l’ICO (15%). Cette équipe est dissoute le jour de la mise en place du conseil d’administration et de la direction générale.

 

Responsible for setting up the first IMD (Independent Master Developers) and IBD (Independent Business Developers) network in the main tourists destinations around the world, this Team is managed by Directors recruited by the founders.

The remuneration of the members of this team as well as the expenses of management of the missions will be financed from the funds collected during the ICO. This team is dissolved the day after the establishment of the board members and the management team of Boocash World Holding.

 

Shareholders
Access to the shareholding of Boocash World Holding (BWH) is on a voluntary basis and after deposit on a shareholder vault account of at least 5000 BOO.

The distribution of capital is based on the number of BOO held by the shareholder in his shareholder vault account.

To maintain their status, any already admitted shareholder must lock in his shareholder vault account the desired amount of BOO corresponding to his participation in the share capital. The BOOs on this vault account belong to the shareholder and can be unlocked at any time.

The right to dividends is calculated and to vote in the decisions of the general meeting corresponds to 1 BOO = 1 voice. The shareholder is therefore required to have blocked at least 1 BOO to keep their shareholder status of the Boocash World Holding (BWH).

Exceptionally, from April 30, 2018 to April 30, 2019, each shareholder must have blocked at least 5,000 BOO. After April 30, 2019, 1 BOO is enough to maintain the status assuming that the shareholder was already admitted beforehand.

After April 30, 2018, any new shareholder must meet one of the following three criteria:

Being a new IMD (Independent Master Developer)
Agree to block 5,000 BOO for a minimum of 1 year. The number of 5,000 BOO will decrease to 500 BOO from January 1st, 2022.
A new Board member elected by the general assembly.
 

 

Board members
The Board members are proposed by the IMD and elected by the general assembly. Each IMD can propose a maximum of two (2) persons for the election.

The Board members are elected by the shareholders. There are eleven (11) Board members, including at least one representative from each continent. The mandate of Board member is valid for 3 years renewable.

Non-shareholders elected as Board members are entitled to shareholder status. But hey are required to hold at least one deliberative vote at the general meeting.

The Board members elect among them the Top positions of the Management Team: Chairman, CEO, Deputy CEO and CFO.

 

Management team
The Management team is run by a Chairman, a CEO, a Deputy CEO and a CFO, all elected by the Board members. Executive mandates are renewable for 3 years.

The other management positions and staff are recruited by the Management Team.

The functioning of the Board as well as the executive is defined by the Board members and approved by the General Assembly of shareholders.

No decision of the Board can concern the operation or the management of the BOO Token which basic rules remain fixed and unchangeable.

The Board’s decisions therefore concern the Boocash Word Holding (BWH) and the Boocash Hotel Booking (BHB) platform and the bodies that manage this platform.

BOOCASH DISTRIBUTION NETWORK



BWH – Boocash World Holding
Incorporated in Switzerland or Singapour.
100% Owned by shareholders and IMD as stated above.
Creation date: May 02, 2018
BWH will charge a commission of 1% on bookings made through the BHB platform and will redistribute them in the distribution network as follows:

BWH retains 20% of the 1%
The IMD involved in the transaction receives 30% of the 1%
The IBD involved in the transaction receives 50% of the 1%.
 

IMD – The Independent Master Developers

The Independent Developers (Masters and Business) are the key players of the Boocash Distribution Nerwork. Mainly, the IMD is responsible for the Customer Relation Management (CRM) while the IDB is mandated to prospect and list properties in their area.

Area of intervention: markets of 50 million to 100 million

For example: 3 masters for the USA, 1 for France, 1 for Germany and 12 for China.

Missions of the IMD:

Legally registered company that will employ staff to carry out its tasks.
Customer relationship management on the platform for the bookings of their area
Recruitment, supervision and management of the IBD network in their area
IMD selection criteria:

Minimum investment of 50,000 USD in business unit
Incorporation of a local business dedicated to the BHB business
Ability and experience in business management
Criteria for maintaining status:

Each IMD is evaluated each year on i) the size and quality of its portfolio, ii) the market share won, iii) the evolution of turnover, iv) customer evaluations of its after-sales service and v) customer service. The final grade must be greater than or equal to 5/10. A rating <5/10 over 2 consecutive years leads to delisting from the IMD.
Each IMD is a shareholder of the BHS holding company and must have at all times a shareholder vault account of at least 5000 BOOs.
For serious misconduct or in the event of a breach of an important operating rule, an IMD may be written off by decision of the Board of Directors and approved by an Extraordinary General Meeting or a General Meeting of the shareholders.
In case of deletion of an IMD, a new IMD is constituted. The choice of the majority of the IBDs concerned is retained. If no majority is released during the first vote, the BWH then takes part in a second vote with a preeminence vote of 25%.

IMDs are remunerated as follows:

Between 96 and 6 BOO per hotel referenced according to the moment and quality of the property
Commission on hotel reservations of its area: 30% of the 1% charged by the system.
It should be noted that IMD commissions apply to hotels in all IBDs in its geographical area.

 

IBD – The Independent Business Developers
Area of intervention: Markets up to 5 million people

Legal form:  Independent consultant or legal local incorporated structure.

IBD are remunerated as follows:

Between 224 and 14 BOO per hotel referenced according to the moment and quality of the property
Commission on hotel reservations of its area: 50% of the 1% charged by the system.
 

It should be noted that IBD commissions apply only to the hotels of its portfolio, ie those referenced directly by it.

The criteria for selection and delisting of IBDs are defined by the IMD they belong to.

 

Hotels
Hotels constitute the last but not the least link in the chain. Accommodation is the reason for a client to pay on the system. So BHB will set strict quality criteria for the selection of the hotels to list.

In addition to the IBDs’ services, Hoteliers and home properties owner are able to list their properties directly on the platform.

Our goal is to list at least 50,000 properties by the end of 2018.

 

Fird-party partners
Partnerships will be made with hotels chains and other hotel contractors. Also, with the API’s Boocash will be accessible to many partners in the large travel industry.
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