GOeureka (GO) ICO Review – ICO Token News
The emergence of online travel agencies (OTAs) perfectly demonstrates the value of leveraging new technologies to disrupt existing industries. OTAs have an undeniable advantage over an individual hotel’s online presence as they can capatilize on consumers’ demand for low prices and options by aggregating their room inventory from different hotel groups and partners. Today OTAs are growing and generating higher revenues than ever before and this has had a direct impact on the hotel industry.
Consumers and OTAs are reaping the benefits of this business model; however, traditional institutions that are slow to adapt digitally or resist the growth of OTAs risk being left behind. Increasingly, we are seeing the industry move toward a situation where the business of providing goods or services is significantly less profitable than a business intermediating its sale.
The GOeureka (GO) platform leverages blockchain technology to position itself as an unbiased and transparent technology partner to hotels, transforming traditional loyalty systems and delivering increasing value to all hotels and their customers. GO aims to create a new symbiosis where hotels maintain control over their brand while unlocking unprecedented value for consumers on its platform.
GO’s vision for the future of the travel industry is a supportive online ecosystem where all businesses are allowed the opportunity to thrive and benefit from providing the best goods or services to travelers.
How Reliant Are Hotels On OTAS?
The online travel agent business was a model initially adopted by hotels as a means to clear unsold inventory. However, the entry and rapid expansion of OTAs are reshaping the travel industry. Hotels now rely heavily on OTAs for online sales, and not just as a channel for clearing unsold inventory. The Expedia and Priceline duopoly continues to control the online booking sector, allowing them to out-market hotels by offering consumers more attractive offers and packages. OTAs are also able to showcase a huge range of choices to consumers in a user-friendly manner, something an individual hotel is unable to do. Hotels struggle to offer breadth of choice and do not have the same amount of resources to compete on a level playing field with the OTA.
They are beholden to working with third-party booking engines often under unfavorable terms. Increasing dependency, coupled with reducing alternatives, limit hotels’ negotiation capabilities for commissions payable. With commissions ranging from 15% to as high as 30% depending on the OTA and size of the hotel/chain, partnerships with OTAs are necessary, however at the expense of a hotel’s margin.
Blockchain And Smart Contract
All transactions on the App will operate on GO’s smart contract. The smart contract acts as a communication layer between the platform and the blockchain. All transaction data will be sent to the smart contract to execute its terms, and the transaction will be stored in the blockchain. This removes the need for a middleman and facilitates lower transaction costs throughout the platform.
The GO platform utilizes the widely-used Ethereum blockchain. Ethereum’s smart contracts provide multiple language implementations that will facilitate future integration. An audit of all transactions on the platform will be kept on the blockchain each time the smart contract is executed.
The GO Token is a digital token or virtual currency designed to facilitate transactions on the GO platform for the purchase of room nights, hotel services, and other internal processes and payments within the GO infrastructure. GO Tokens are awarded to initial investors during the ICO token sale and may be traded on exchanges in the future or spent on the GO platform.
GO Debit Card
GO Token holders can choose to order a GO Card – a physical, prepaid debit card. The GO Card allows users to spend GO Tokens (converted to Fiat currency) anywhere or withdraw cash from compatible ATMs. GO Cards are linked to user wallets on the GO app where users can manage and top up GO Card funds with GO Tokens and credits.
Funds can then be converted to other currencies at competitive exchange rates. GO Card holders also receive rewards in GO Tokens as a form of cashback for each transaction made with their GO Card. The GO Card provides an efficient and convenient solution for GO Token holders who wish to spend GO Tokens outside of the GO platform. GO will continue to expand its GO Token economy by creating accessible spending options for GO Token holders.
- Manraj RaiFounder & Chief Executive Officer
A successful entrepreneur responsible for setting up and running a string of corporations in the hospitality and automotive industries. With a passion for blockchain, Manraj Rai has been actively pursuing the development of blockchain for the past two years with aims to revolutionize the travel industry.
- Tejvinder SinghCo-Founder & Chief Operations Officer
Tej Bhuller started his career in the hospitality industry close to 30 years ago. He has extensive experience in developing savvy sales and marketing strategies, managing clients and territorial accounts for large companies such as Hwang-DBS, TNT Express, and Thomson Reuters. Over the span of his career, Tej has worked in the hospitality, finance, logistics, and research industries, with his passion for travel and the hotel sector taking him to more than 30 countries.
- Justin LimCo-Founder & Chief Growth Officer
Justin has more than a decade’s experience in digital advertising and media, with a particular focus on advertising & sponsorship, programmatic and social. His digital media career started in London, UK where he held various operations and commercial positions at PERFORM, on of the UK’s biggest digital success stories. Justin then joined video ad tech company Unruly and was part of an initial 4 man commercial team tasked with building out the company's APAC business. Unruly was later acquired by News Corp in 2015 for $176m.
- Chan Huan GeeChief Visionary Officer Ex-Country Director, Agoda
Previously the ex-Country Director at Agoda Malaysia and Brunei, Chan Huan Gee was also responsible for overseeing its operations in Jakarta, Indonesia as well as serving as a senior advisor to its Japan office.
- Shuk Huay KohChief Product Officer
Shuk Huay is the co-founder of Ocean Nexus, a boutique software development firm. She possesses a strong business and leadership record with a deep understanding of the technological landscape in the Asian region.
- Ray LeeBlockchain Developer
Ray Lee is the co-founder of Ocean Nexus, a boutique software development firm. A graduate of Monash University, Ray co-founded Ocean Nexus while earning his degree in Computer Science. He has extensive experience with Python, Django, JS, Angular, and Solidity.
- Amarpreet SinghBlockchain Consultant & ICO Advisor
Amar is one of the leading advocates and contributing member of Global Blockchain community, Senior Advisor of Global Blockchain Foundation, Head of Strategy & Business Development of TokenAsia, ICOBench rated top 'Expert' and is Advisory Board Member of many Blockchain projects around the world.
- Lisa YeohProject Manager
As the primary Project Manager of GOeureka, Lisa Yeoh oversees the development of each project from conceptualization to execution ensuring effective development of the project. Her Accounting background and meticulous attention to detail complement her ability to carefully analyze business processes and recommend solutions to businesses.
- Louise Daley(Advisor)
Deputy Chief Executive Officer Asia Pacific, AccorHotels
Louise Daley, Deputy CEO of AccorHotels Asia Pacific, has over 29 years’ experience in the Hospitality and Tourism industry in the region. In her current role, Louise is responsible for the financial oversight and management of over 830 hotels with turnover in excess of €4.5b, as well as the non-hotel businesses encompassing vacation ownership, lounge management and subscription loyalty.
- Maria Nakpil(Advisor)
Ex-VP Regional Marketing and eCommerce, Hilton Asia-Pacific
Maria is a proven senior commercial leader with over 15 years experience in the hospitality industry. She has a stellar track record of building high performance Asia Pacific teams into a powerful revenue-driving force and a hotbed for innovation.
- Subhajit Mandal(Advisor)
CFA-Director, LumenLab–MetLife Innovation Centre
Subhajit Mandal is a fintech entrepreneur and has been a keynote speaker at numerous blockchain events in Singapore. He holds an MBA from NUS and earned his CFA charter in 2012.
- Rhenu Bhuller(Advisor)
Partner and SVP, Frost & Sullivan
Rhenu has more than 15 years of strategy consulting experience, having worked with companies globally on market growth strategy, industry convergence opportunities, digital transformation and business model innovation.
- 1Dec 2017 – Feb 2018
Development of MVP
and smart contract.
Presale of GO Tokens.
- 2Mar 2018 – Aug 2018
Launch of GO Token Sale.
Development of App and
Marketing and connecting
with potential partners.
Build key partnerships with
Develop loyalty network for
interoperable points spending
Development of multiple
Launch of augmented
- 4Sep 2018 – Dec 2018
Launch of product Beta test with partner
Product market launch.
Development of loyalty points.
GO platform to launch and accept bookings.
Launch of digital marketing campaign
and customer acquisition program.
Expand loyalty network across industries.
Have global market reach.
Develop loyalty network blockchain.
Exploration of customer big data and analytics.
Launch of entertainment feature.
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