The hospitality industry is one industry we have seen so much growth in recent times especially since the introduction of internet which gives people the opportunity to search for beautiful hotels around the world and get to book rooms online ahead of their arrival. This has indeed improved hotel services overtime. Though hotel services has greatly increased making the hospitality industry to experience a tremendous growth within a short period of time, it is evident it still faces some challenges which requires immediate solution to make things and services a lot easier for people. Some of the issues which the hospitality industry faces include;
• Expensive booking portals where fees up to 15-25% are being charge on the booking cost and these fees are splitted between the guest and the host.
• Foreign transaction fees charged on someone booking an international hotel and it is seen 3% is discretely charged from the guest for transaction processing.
• Double-booking where a room is double-booked or there is mishandled reservation and in an attempt to proactively prevent this kind of administrative errors, robust Property Management System (PMS) is being adopted by hotels.
• High currency conversion fees when foreign currency is used to book a room.
• Incorrect data.
• Financial and transaction fees which are fees charged by the financial institutions between the customer and hotel. Though it’s a small fee (around 1%), its considered when a room is priced in booking services.
• Platform maintenance where resources are spent on infrastructure, software and hardware maintenance so as to maintain an Over-The-Air service up and running.
Looking at the above mentioned challenges which the hospitality industry faces, you agree with me that improved solutions are indeed needed urgently that is why Empire Hotels has been setup by a team of experts with years of experience. Empire Hotels is an advanced booking platform specially built on the blockchain technology for the purpose of solving major problems which the hospitality industry faces by providing the best user experience to both guest and service providers all across the globe.
Empire Hotels will eliminate all third parties, leveraging the blockchain technology to facilitate better data management and transactions system for hotels across the globe. The Empire Hotels platform has been developed to revolutionize the way the hospitality industry runs creating an easy-to-use platform for the general public and facilitate an API for integration with other systems. Empire Hotels has been developed with a unique architecture which allows hotel bookings to be executed as crypto transactions with every transaction being executed and stored in a decentralized P2P network and with this, improved data management and reduced costs for transactions can be provided by the platform.
EMPIRE HOTELS BUSINESS MODEL
Hoteliers who use the Empire Hotels will be charged for every booking which they make through the Empire Hotels platform at a transaction cost of 2.99% if booking is made with other cryptocurrencies and 7.99% if booking is made with fiat currency transaction. A no fee charge will be gotten if EMPC tokens are used.
EMPIRE HOTELS TOKEN DETAILS
Empire Hotels platform will be issuing Empire Cash tokens which on the platform will be used for all kinds of transactions and incentive model. An Initial Coin Offering (ICO) will be carried out and EMPC will be issued for sale to the public. This ICO will start Q4 2018 and discounted rates will be offered to all buyers within this period.
ADVANTAGES OF USING THE EMPIRE HOTELS PLATFORM
• Security and reliability as there will be transparency and maximum security since blockchain will be used to process transactions. Users’ data will not be accessed by unauthorized persons as every transaction will have an ID that is associated with the user if required.
• Cheaper booking as cryptocurrency will be used for booking hotel rooms and this will reduce transaction fees drastically, ruling out international payment charges and currency conversion fees.
• Accurate reservation as blockchain will be used to resolve the double-booking challenge and these bookings will be executed as crypto transactions in Empire Hotels platform with the timetable of the room being verified on blockchain before confirmation.
HOW IT WORKS
Empire Hotels has developed cross-platform application which interfaces between hoteliers and guests and with it hotels can be listed on the platform for free by hoteliers. Guest can with ease browse through the listed hotels by the hoteliers. Blockchain technology is adopted to store all booking transactions and inventory management for effective data management. Cryptocurrency – EMPC tokens (the utility token that is powering the platform) will be used for payment by guests and will be converted to fiat and to hoteliers by the platform. Guests who constantly use the platform will get rewarded.
Empire Hotels platform has been designed to have three module and these include payments module, ratings module and decentralized arbitration module.
Payments module: where booking transactions will be completed with cryptocurrency and also fiat currency giving users all across the globe an opportunity to book hotel rooms with cryptocurrencies like Ethereum or use EMPC tokens. Extra discounts will be given to all who use EMPC tokens for service payments together with other incentives and value added services.
Rating module: records every user rating with the use of blockchain network since it offers a great transparency ensuring posted reviews and ratings cannot be altered.
Decentralized Arbitration Module: a decentralized and democratic support in case of dispute or claims by counting on random and impartial arbitrators thereby adding considerable credibility to the process. Below are the processes on how the arbitration works;
• Dispute is started by guest or hotel owner by sending all information in their possession to justify their complaint and the desired refund (full or partial).
• Two days is given to the counterpart for the acceptance of the dispute or present their counter arguments with all available data.
• On the case counterpart decides to keep the dispute, 5% of the transaction is reserved as an arbitrary fee and five random arbitrators are then selected from the community with information provided by both sides and ratings and dispute-winning-rate for both sides if applicable give to them.
• Arbitrators are then given two days to choose from 0% to 100% - in 20% increments to carefully determine if the dispute is fair or not and incase of an impasse, new arbitrators are selected.
• On the condition the dispute is determined to be not fair by majority of arbitrators, the complainer gets marked as dispute winner and counterpart is marked as dispute loser. Otherwise, the counterpart is refunded and status marked accordingly.
• If an arbitrator (a) suggests a percentage which is below average of all other arbitrators (b), arbitrator (a) will not be counted in the arbitration fee splitting and the fee will be split among others.
EMPIRE HOTELS APPLICATION
A Minimum Viable Product (MVP) of the Empire Hotels platform has already been completed and it was built with all require unique features which includes APIs, host module and guest module with all modules being integrated with easy-to-use and fully functional crypto wallet.
The Host Module where an account gets created by the host and then login to create and manage their properties, rooms, amenities, bookings and other entities in the process.
The Guest Module where all iOS and Android users have access to fully functional app where they have the ability to create an account, navigate the properties, create bookings, manage their wallets and access other details. An easy yet secured ID check process will be undertaken before they can start using the platform and their phone number will also be validated. Both fiat and EmpireCash can be used to pay for the booking.
APIs provides an easy to use interface for all hotels giving them access to initiate transactions and also query platform data without any human action needed.
EMPIRE HOTELS TOKENOMICS
A total supply of 1, 350, 000, 000 EMPCs will be made available. There will be an Initial Coin Offering (ICO) during which $36, 000, 000 will be raised through the panned phases shown below;
Total supply of token: 1, 350, 000, 000
Total token for sale: 900, 000, 000
Token base price: $0.1
Total token sale reserve: 250, 000, 000
Token for team, advisors: 200, 000, 000
EMPIRE HOTELS USE OF FUNDS
Here is a breakdown of how funds generated will be spent;
Project development: 30%
Recruitment: 5%
EmpireCash Network: 5%
Support: 5%
Accounting: 2%
Research: 8%
Legal services: 15%
Marketing investment: 30%
EMPIRE HOTELS ROADMAP
November 2017: first draft of the idea
March 2018: Smart-Contract Design
March 2018: Whitepaper Development
June 2018: Website + Dashboard Development
February 2019: Exchange Listing
April 2019: App Launch for Android and iOS
July 2019: EMPIRECASH Pay Launch
TEAM MEMBERS
Renato Dimaezio: Co-founder, CEO
Siraj Sayed: CTO
Raquel Milreu: Chief Marketing Officer
Bruno Mezencio: Co-founder, COO
Luis Aguilar: VP, Corporate Development
Website: https://www.empirehotels.io/
Whitepaper: https://www.empirehotels.io/docs/en/whitepaper-en.pdf
Linkedin: https://www.linkedin.com/company/empire-hotels-app
Telegram: https://t.me/empirecash
Facebook: https://www.facebook.com/empirehotelsapp
Instagram: https://www.instagram.com/empirehotelsapp
Twitter: https://twitter.com/empirehotelsapp
Youtube: https://www.youtube.com/channel/UCsSnBBk4StaGk1hsu-SQeVw
Authored by: thankyoulord
Bitcointalk link: https://bitcointalk.org/index.php?action=profile;u=2076086
Wallet address: 0x2859DD117e5E186B2dec97b50012C66D0E7597Ad