Tezos-based hotel booking platform to launch public sale next month
Singapore-based GOeureka is a travel tech company that used blockchain technology from Tezos to create a hotel booking platform. They hope to reduce hotels’ financial commitments to third-party booking platforms that charge hotels up to 30% commission.
GOeureka held a successful token sale in 2018 and the tokens were initially issued as ERC-20 tokens. This has enabled GO to successfully build its platform and connect to over 500,000 hotels, which will be available upon launch in July 2021. GOeureka’s vision is to enable hotels to focus more resources on providing intrinsic value and better services to travelers worldwide.
They are now set to relaunch an updated version of their hotel booking platform using Tezos smart contracts and issuing Tezos-based tokens. They will be holding a new token sale for GOT tokens, this time on Tezos starting July 12 and ending on July 14.
They recently partnered with Crunchy, Rocket Launchpad, and Instaraise.
XTZNews recently undertook a written interview with representatives of GOeureka to learn more about the project, how it got here, and what it hopes to accomplish.
Who is the team behind GOeureka?
GOeureka’s founders and core team have strong business and technical skills with a deep understanding of market dynamics backed by a talented pool of blockchain consultants and management advisors from the hospitality and consulting industries.
What inspired you to create GOeureka?
I am very passionate about blockchain technology and was actively looking for a solution that would solve the inefficiencies faced by online hotels. Rate parity agreements and unfair listing terms are some of the main reasons why hotels end up losing control of their inventory on online listing platforms. Realizing that blockchain can provide a way to solve this problem, I founded GOeureka and developed a platform to provide transparency and a level playing field for hotels.
What is the difference between GOeureka and Travala which also accept Tezos?
GOeureka creates its tokens solely using Tezos smart contracts and aims to build and contribute to the Tezos ecosystem moving forward where Travala is focusing on the Binance Chain. GOeureka also aims to enable GOT token holders to participate in the travel economy by allowing holders to fund hotel inventory purchases and retain a portion of the profits generated on their funding.
Why should people use GOeureka instead of Travala?
Generally, the prices offered by both platforms will be considerably lower for hotel rooms in certain regions, but the advantage of using GOeureka is that in addition to booking hotel rooms, users will also be able to monetize our platform. .
Have you already launched GOeureka on Ethereum?
Yes, our tokens that we originally issued as ERC-20 tokens.
What made you switch from Ethereum to Tezos? Will it still work on Ethereum?
There were a number of reasons that led to this decision, and the one that impacts our decision the most is the high transaction fees on Ethereum.
GOT is a utility token that will benefit token holders by giving them access to discounted services on our platform. Being an erc20 token, these discounts would be negated by high gas fees, so we made the decision to switch to the Tezos blockchain. We explored alternative platforms, but felt that Tezos would allow us to scale GOeureka more efficiently.
The platform will no longer work on Ethereum and will only work on Tezos in the future.
What happens to people who have invested in GOeureka on Ethereum? Will they be supported and how?
Private contributors who held our Ethereum-based tokens will be reissued with tezos-based tokens. These tokens are subject to a 10% monthly lock and release when listed on Quipuswap.
Will Ethereum Investors Get Tezos Tokens?
Yes, they will receive Tezos-based tokens based on the same price they purchased GOT on Ethereum previously. These tokens will also be subject to monthly lock and release.
What is the price difference between the Ethereum sale and the Tezos sale?
The price of GOT on Ethereum was 0.10 USD. We pegged our GOT to XTZ where 1 XTZ = 50 GOT. At current prices, the tokens will be valued at $0.065 during our token sale which will run from June 10 to June 12.
Could you tell us more about the hotel partnerships you have entered into?
We have hotels ranging from 1 to 5 stars available on our platform. We cover most regions and countries and our outsourcing team is constantly seeking new hotel partnerships on a daily basis.
How did you manage to integrate 500,000 hotels into the GoEureka system?
We have an outsourcing team that contacts hotels to onboard them to our platform via our extranet and we also work with hotel wholesalers and bed banks to secure hotel inventory in regions we do not have covered ourselves.
What savings can GoEureka achieve for users on platforms such as http://Booking.com, etc. ?
By operating as a closed user group and pricing our rooms in tokens/cryptocurrencies, our platform is not subject to rate parity agreements and hotels are able to offer substantial savings through our platform because they keep a higher percentage of profits. These savings can range from 5 to 50% depending on the hotel and the season.
Do you deal only with hotels or is it also for other things such as vacation rentals ie AirBnB or full package vacations and flights?
At launch we are only focusing on hotels and in the future we will also integrate flight and travel packages.
It will be listed on Quipuswap, what liquidity will GoEureka provide?
25% of the funds raised from our token sale will be used to provide liquidity on Quipuswap. We will also incentivize token holders who provide liquidity with GOT tokens.
You mention the loyalty network on the website, could you tell us more?
Our tokens will also be used as loyalty rewards. The loyalty network we aim to build will be based on our tokens where we will incentivize travel partners on our platform to accept our tokens as a form of loyalty rewards which can in turn be redeemed for travel related services such as room nights, restaurant discounts, upgrades.
What are the funds used for?
Our funds will be used as follows, 30% on marketing related activities, 25% of funds raised will be allocated to liquidity on Quipuswap, 20% on operational expansion, 15% on further development of our platform, 5 % will be spent to improve security of our platform and 5% on legal consultation.
You mentioned accepting other Tezos-based tokens in the roadmap, do you have any examples of which these might be at the moment?
There are a few laudable projects that have been launched on Tezos recently and we have identified a few platforms on Tezos that we believe have potential synergy. The main focus right now is to complete our token sale and launch our platform, we will definitely contact them once we launch our platform to explore options.
How long have you been using Tezos?
In fact, I was attracted to Tezos by Hicetnunc (HEN) in March this year. Seeing how the community everyone came together to essentially build this platform convinced me that Tezos will be the right choice for us.
The community spirit is strong, and I believe that if enough businesses and businesses start building on Tezos, it will surpass many other chains in due course. We hope to bring some traction through our project as I strongly believe in Tezos and look forward to contributing where we can.
What partnerships do you have in the Tezos ecosystem?
We have established partnerships with Crunchy Network, Rocket and Instaraise. We will be running our token sale July 12-14, 2021 on Rocket and Instaraise and we are excited to be the first project to launch on these two Tezos-based launchpads. Crunchy will provide us with an escrow service where they will hold the proceeds of our token sale and release it to us in accordance with the milestones we reach. We will share more detailed information about this in a Medium article that we will publish soon.
Have you received other funding, for example the Tezos Foundation?
We have only secured funding through our private tower and this has allowed us to grow our platform, hire our team of experienced people and we are now able to offer some of the most attractive hotel rates to everyone. world on Tezos.
Could you give us a small indication of what the CREDIT (CRD) will be?
I can’t say much about it at this time, but we are exploring the use of CRD as a security token that can be used in the travel industry. There are some regulatory hurdles we need to overcome at the moment, but rest assured, we’ll share more information on these once we can.
We noticed that CodeCrafting is advising the project, will GO Eureka use Crunchy Services, ie. Farms, DeFi services, etc.?
Joshua aka CodeCrafting enabled the partnership between GOeureka and Crunchy to provide the escrow service. Going forward, he will assist us with further developments on Tezos, such as staking mechanisms for our GOT tokens. We will definitely explore an alternative use of Crunchy Services once we launch as well.
Will users need to understand cryptocurrency to use GO Eureka?
We like to think of GOeureka as a stepping stone to cryptocurrency for non-crypto holders. We accept both fiat and crypto as payment and the prices displayed in crypto will be lower and more attractive compared to fiat, which will encourage people who traditionally book in fiat to use crypto instead.
Does GO Eureka accept fiat currency?
Yes, this is a way for us to encourage non-crypto holders to start using cryptocurrencies instead.
What’s the best way for people to connect, interact and prepare for Go Eureka?
Please follow us on Twitter for updates, read our white paper, join our telegram where you are free to ask any questions related to our project, and visit our website for more details on our upcoming token sale.
A final thought?
We have started to see a significant upturn in domestic travel in countries where Covid is under control and we are looking forward to relaunching our platform on Tezos where we can provide cryptocurrency holders with access to a travel platform unique with which they can engage and be a part of.