Sharing with you the XLAB project and XLAB token
With many Millennials preferring experience over material wealth, the burgeoning travel industry is expected to grow even more rapidly in the future.
The travel industry itself has seen innovative solutions being implemented, introducing Online Travel Aggregators (OTA) such as Expedia where customers can book flights from different airlines. Accommodation service providers such as booking.com and AirBnB allows users to book travel accommodation within a matter of minutes.
While these solutions have made traveling easier for consumers, it has also introduced additional costs to users. Consumers are not fully aware of these extra costs, as they only see the prices quoted for these services.
However, these prices are an accumulation of several charges, such as the service charge of using an OTA, payment service charges, and Global Distribution System service charge.
XcelTrip is a project with a primary objective of decentralizing the travel industry using Blockchain technology. Read on for more on the project and details regarding the XLAB token, the native token of this platform.
Decentralizing A Trillion Dollar Industry
XcelTrip aims to build a Decentralized Travel Ecosystem (DTE) whereby companies in various travel verticals can connect directly with the consumer. Without the intermediaries involved, consumers can be charged lower prices and companies can charge higher prices as well.
Based on the XcelTrip Whitepaper, the travel verticals XcelTrip is targeting are accommodations, airlines, individual rental vehicles, restaurants and gift malls, etc. Companies in these industries will be listed on the XcelTrip platform, connecting customers directly to these companies.
Decentralization In Phases
This decentralization of the travel industry will be pushed out in phases. Firstly, customers can use XLAB token to make payment and vendors can use XLAB token for settlements. In the mid-term, smart contracts can be utilised for partnerships or to implement loyalty programs.
The ultimate goal for the project is for the ecosystem to be governed through Decentralized Autonomous Organizations (DAOs) and be completely decentralized.
IMP- XcelTrip Partnership Program
To build an ecosystem of this scale requires a strong merchant network. To expand the network, XcelTrip has implemented an Independent Marketing Partnership Program (IMP) Under this program, participants will act as ambassadors of XcelTrip and earn a commission from the referral of vendors. Implementation of IMP will have a significant impact on the success of the project.
XLAB Tokenomics and Use-cases
The XLAB token is an ERC-20 token with a total supply of 50 Billion XLAB tokens. How this was calculated was according to this formula
The project has made the assumption that GDP of the travel and hospitality industry is $7.61 Trillion USD and that XLAB would capture 0.05% of this market share to arrive at this token supply.
Consumers can use XLAB tokens for payment to receive discounts. Furthermore, vendors who use XLAB tokens for payments will receive additional XLAB tokens are a form of bonus. This creates a win-win situation for both consumers and vendors.
Cost savings for both consumers and vendors will serve as an added incentive for them to adopt XLAB tokens as the primary method of payment.
The travel industry is expected to expand rapidly despite already being a trillion dollar industry. However, this has not translated to more efficient pricing, with most users unaware of hidden charges when quoted a price.
By utilizing Blockchain technology, XLAB aims to cut these costs and partially return them to the users. If XLAB can build an extensive network of vendors and consumers to utilize XLAB tokens for payment, XLAB will be a project worth looking into.
Disclaimer: The above article is a brief overview of the XCELTrip project and is in no way an endorsement of XLAB tokens from ABCC Exchange or financial advice in any form. Users are reminded to carry out their own due diligence and execute trades based on their research and risk tolerance.
Take Part In The XLAB Challenge
To celebrate this listing, we are hosting a trading competition with a total prize pool of 200,000 XLAB up for grabs! Trade more than 20,000 XLAB from 15 May to 22 May, 15:00 (UTC+8) to be eligible for this campaign. Click here for full campaign details.
Don’t miss out!