So.. I was studying newcoming ICOs and read about WHO - World Hotel Organization, a project aimed at simplyfing the hotel and traveling booking procedure.. All fine and interesting, but the real additional value is the
Re-Pay SystemWhat is RE-PAYImagine you want to create a simple, secure crypto based payment system.
As well, Imagine that the average service provider don't give a s*** about crypto and stuff. They want money, and they want them immediately.
Instead on trying to convince people to get to know with crypto and all related (kinda hard to understand) rules, you implement a method which allows the following:
- The service owner want to accept any kind of payment with any currency but want to receive $ in the final place. Possibly with low delay and costs.
- The tokens and want to access a service.
1)The service onwer then implements inside his website the option
"pay with WHO".
2)The
customer select it and pay with his WHO token.
3)The
Re-Pay System then, instead of sending WHO tokens to the service owner, send them to a specific burning address, permanently destroying them. As a result,
the service owner immediately receive FIAT money.All security, confidentiality, authentication and boring related stuff is permanently fixed into the blockchain.
To this point, I thought about some consequences:
- Despite this service is designed to solve some specific hotel booking industry related problems, it could easily be extended to whatever transaction based service
- Once developed what explained above, it is trivial to extend it to the level in which ALSO the customer does not give a s*** about cryptos and just want to use his whatever cryptocurrency.
In this scenario, an already existing solution could be used to transparently exchange customer money into Re-Pay accepted tokens, and then sent them to the service provider. As a result, a customer could access to whichever service paying with whatever currency and, with low delay and low costs, making the service provider receiving his fiat currency of choice.
- This process of continuously erosion of tokens, couldn't help but increasing the single token value, making it a good long term investment
Note that, being the transaction almost instantaneous, both for the customer and the service provider it is irrelevant if the price of a token is 1 or 10000$
What do you think? I personally really liked the system they are developing, it was something that I was long waiting, and I am impressed no one created it before.
I hope they will be able to deploy it and extend it also to other markets
Some WHO useful links:
WEBSITE |
TELEGRAM |
TWITTER |
REDDIT |
GITHUB |
SLACK |
BLOGMain thread:
https://bitcointalk.org/index.php?topic=2794927.0
TL:DR - Read only bold text
