GOeureka: A Hotel Booking Platform Built On Tezos To Launch Public Sale Next Month (Interview)
GOeureka, a hotel booking platform that solely uses Tezos smart contracts as part of the blockchain side of its system is to launch its public sale next month starting on July 12th.
Based out of Singapore, GOeureka is a travel tech company that has utilized Tezos blockchain technology to build a hotel booking platform. They hope to reduce the financial commitments of hotels to third-party booking platforms that charge hotels up to 30% commission.
GOeureka held a successful token sale in 2018 and tokens were initially issued as ERC-20 tokens. This enabled GO to successfully build its platform and connect to over 500,000 hotels, which will be available at launch in July 2021. GOeureka’s vision is to enable hotels to focus more resources on providing better intrinsic value and services to travelers around the globe.
They are now ready to relaunch an updated version of their hotel booking platform using Tezos smart contracts and issuing Tezos-based tokens. They will hold a new token sale for GOT tokens, this time on Tezos starting on the 12th of July and ending on the 14th of July.
XTZNews recently undertook a written interview with GOeureka representatives to find out more about the project, how it got to this point and what it hopes to achieve.
The GOeureka Interview
What is the team behind GOeureka?
GOeureka founders and core team have strong commercial and technical competence with a deep understanding of market dynamics backed by a talented pool of blockchain consultants and management advisors from hotel and consultancy 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 hotels online. Rate parity agreements and unfair listing terms are some of the main reasons hotels ultimately lose control of their inventory on online listing platforms. Realising that blockchain can provide a means to solve this, I founded GOeureka and developed a platform to provide transparency and an equal playing ground for hotels.
What is the difference between GOeureka and Travala who also accept Tezos?
GOeureka is creating their tokens solely using Tezos smart contracts and aims to build and contribute to the Tezos ecosystem moving forward where else Travala focus is on the Binance Chain. GOeureka also aims to enable GOT token holders to participate in the travel economy by enabling holders to fund hotel inventory purchases and retain a portion of the profits generated on their funding.
Why should people use GOeureka over Travala?
Generally prices offered by both platforms will be substantially lower for hotels rooms in certain regions but the benefit of using GOeureka is that aside from booking hotel rooms, users will also be able to monetise our platform.
Did you previously launch GOeureka on Ethereum?
Yes our tokens we initially issued as ERC-20 tokens.
What made you switch to Tezos from Ethereum? Will it still function on Ethereum?
There were a number of reasons that led to this decision, and the one that impacts our decision most is high transaction fees on Ethereum.
GOT is a utility token that will benefit token holders by providing access to discounted services on our platform. Being an erc20 token, these discounts would be negated by high gas fees as such we have made the decision to pivot to the Tezos blockchain. We did explore alternative platforms but felt Tezos would enable us to scale GOeureka in a more efficient manner.
The platform will no longer run on Ethereum and will solely operate on Tezos moving forward.
What happens to the people who invested in GOeureka on Ethereum? Will they be looked after and how?
The private round contributors who were holding our Ethereum based tokens will be reissued with tezos based tokens. These tokens are subject to a lock-in and monthly release of 10% upon listing on Quipuswap.
Will the Ethereum investors get Tezos tokens?
Yes, they will be issued Tezos based tokens based on the same price they purchased GOT on Ethereum previously. These tokens will also be subject to a lock-in and monthly release.
What’s the difference in price from the Ethereum sale to the Tezos sale?
The price of GOT on Ethereum was USD$0.10. We pegged our GOT to XTZ where 1 XTZ = 50 GOT. At current prices, the tokens will be valued at USD$0.065 during our token sale which runs from 10th of June – 12th June.
Could you tell us more about the hotel partnerships you have secured?
We have hotels ranging from 1-5 stars available on our platform. We cover most regions and countries and our contracting team is constantly pursuing new hotel partnerships daily.
How did you manage to get 500,000 hotels in the GoEureka system?
We have a contracting team who contacts hotels to onboard them on our platform via our extranet and we also work with hotel wholesalers and bed banks to secure hotel inventory in regions we have not covered ourselves.
What savings can GoEureka achieve for users over platforms like 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 a substantial savings via our platform because they retain a higher percentage of profits. These saving can range from 5-50% depending on the hotel and the season.
Is it just hotels you deal with or is this also for other things such as holiday lets i.e. AirBnB or full package holidays and flights?
At launch, our focus is solely on hotels and in the future, we will incorporate flight and travel packages as well.
It will list on Quipuswap, what liquidity will be provided by GoEureka?
25% of the funds raised in our token sale will be utilised to provide liquidity on Quipuswap. We will also be incentivising token holders who provide liquidity with GOT tokens.
You mention loyalty network on the website, could you expand more on this?
Our tokens will also be utilised as a loyalty rewards. The loyalty network we aim to create will be based on our tokens where we will incentivise travel partners on our platform to accept our tokens as a form of loyalty rewards which can be in turn exchanged for travel related services such as room nights, dining discounts, upgrades.
What is the use of the funds for?
Our funds will be utilised as follows, 30% on Marketing related activities, 25% of funds raised will be allocated towards liquidity on Quipuswap, 20% on Operational expansion, 15% on further development of our platform, 5% will be spent to enhance security of our platform and 5% on Legal consultation.
You mentioned acceptance of other Tezos based tokens in the roadmap, do you have any examples of which these could be as of yet?
There are some commendable projects that have launched on Tezos recently and we have identified a few platforms on Tezos that we feel have potential synergy. The main focus right now is to complete our token sale and launch our platform, we will definitely be reaching out to them once we have launched our platform to explore options.
How long have you been using Tezos?
I was actually drawn to Tezos by Hicetnunc (HEN) in March this year. Seeing how the community everyone came together to essentially build out that platform convinced me that the Tezos will be the right choice for us.
The community spirit is strong, and I believe if enough corporations and companies start building on Tezos, it will outdo a lot of other chains in due time. We hope to bring some traction via 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 partnered with Crunchy Network, Rocket and Instaraise. We will be carrying out our token sale from 12th to 14th of July 2021 on both Rocket and Instaraise and we are delighted to be the first project to launch on both of these Tezos based launchpads. Crunchy will be providing us with an escrow service where they will hold proceeds from our token sale and release it to us in accordance with milestones we achieve. We will be sharing more detailed information around this in a Medium article that we will publish soon.
Have you received any other funding i.e. the Tezos Foundation?
We have only secured funding via our private round and that enabled us to build out our platform, hire out our team of experienced individuals and we are now in a position to offer some of the most attractive hotel rates to everyone on Tezos.
Could you give us a little indication of what CREDIT (CRD) will be?
I cannot say much about it at this point in time but we are exploring the usage of CRD as a security token which can be utilised within the travel industry. There are regulatory hurdles we have to overcome at the moment but rest assured, we will share more information around this once we are able to.
We noticed that CodeCrafting is advising the project, will GO Eureka be making use of Crunchy Services ie. Farms, DeFi services etc?
Joshua aka CodeCrafting enabled the partnership between GOeureka and Crunchy to provide the escrow service. Moving forward, he will be assisting us with further developments on Tezos such as the staking mechanisms for our GOT tokens. We will definitely be exploring alternative usage of Crunchy services once we have launched as well.
Will users have to understand cryptocurrency in order to use GO Eureka?
We like to think of GOeureka as a stepping stone into cryptocurrency for non crypto holders. We accept both fiat and crypto as a means of payment and prices displayed in crypto will be lower and more attractive compared to fiat so will encourage individuals who traditionally book using fiat to use crypto instead.
Does GO Eureka accept fiat currency?
Yes we do, this is one 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 whitepaper, join our telegram where you are free to ask any questions related to our project and visit our website for details on our upcoming token sale.
Any final thoughts?
We have started seeing domestic travel pick-up in a big way in countries where Covid is under control and we look forward to re-launching our platform on Tezos where we can provide cryptocurrency holders with access to a unique travel platform they can engage with and be a part of.
Any content found on this website named xtz.news is an opinion of the author who produced the content and is for information purposes only. Any information, or content found within the website xtz.news is not intended to be investment or financial advice. Find our full disclaimer here.