Hotels and the hospitality industry are an ever-booming business. In India, Oyo Rooms is one of the biggest names in this sector. The company has now announced that they are planning to launch an ‘Oyo Smart Coin’ cryptocurrency of their own. Oyo has introduced a dedicated webpage and has released the whitepaper of the currency.
The Oyo Smart Coin cryptocurrency has benefits for customers, vendors as well as for hotels. Oyo intends to make these cryptocurrencies as their primary token for payments. Basically, Oyo’s concept is to standardize the hotel experience across India. For this, however, they need people from across the country who can visit hotels in their locality and check everything that they need to become a standard Oyo Room. These people are being termed as ‘auditors’.
The auditors will have the power to order for material that is required for converting a hotel room into an Oyo Room. Payments to vendors will be made in the form of Oyo Smart Coin cryptocurrency tokens. The Oyo whitepaper explains that Vendors will automatically be chosen by a smart contract which decides the best vendor based on their history and pricing.
The whitepaper talks about how it will benefit the consumers, the vendors and the hotel partners. Customers will be able to book Oyo Rooms using the Oyo Smart Coins at discounted prices. Oyo claims that if the experience that the user gets is optimum and the ratings are good, every member involved in the process would be incentivized with Oyo Smart Coins.
Moreover, the price of Oyo Smart Coins starts at Rs. 999 per coin, considering that standard Oyo Rooms are usually available at Rs. 999 per night.
Sounds Too Good To Be True? It Probably Is!
However, there are a number of details which are missing from the larger picture. Oyo claims that the supply of the Oyo Smart Coins is limited in number. It does not specify how much. Oyo claims that with every 100 hotels added to the list, the coin would appreciate by 4% which means a month-on-month appreciation rate of the coin would be 20%.
If this doesn’t sound outlandish enough, Oyo also claims that with every transaction, the price of the currency may appreciate. In addition to this, the pre-registration period ends tomorrow, in just a day after it was announced!
Oyo has set up a link for pre-registration and ICO details, however, all information is limited! Could this possibly be the greatest April Fool’s Prank ever pulled off? As much as we’d love it to be true, this could possibly be Oyo pulling off a really smart April Fool’s prank. We’ll find out more details on this over the next couple of days.
https://cryptocrimson.com/news/oyo-rooms-launches-oyo-smart-coin-osc-cryptocurrency
