Currently, large companies like Expedia and Booking.com control 80% of the online hotel booking market. These companies have been accused of charging up to 20% more on the price per room, as well as commissions of 15-25%.
Hotel owners’ hands are tied as these agencies retain advertising rights to list the rooms as ‘the cheapest available’ and can set their own prices – which turn out to be much higher in most cases than if customers were to contact the hotel directly.
Coze – a new project, we have been keeping our eye on, aims to put the power back in the Hotel Owners hands. Using blockchain technology, Coze removes the need for a middle man by connecting hotel owners directly with their customers. This way Coze can offer zero commissions on transactions – lowering the price by over 20% per room.
“Coze is built with a vision of providing the end user with a completely decentralized ecosystem of Hotel Booking and Rewards. We’ve created a gateway for the customer and hotels to deal directly, cutting out high commissions and fees,” reads the company’s blog post.
User-Friendly Native Token
Coze has introduced what they have dubbed the ‘Coze Coin’; the platforms native utility token. Users can book hotels with all major coins and currencies, which are then converted to Coze and used to secure the room.
This enables customers with no knowledge of blockchain or crypto to still take advantage of the platform, opening it up to a worldwide market. Additionally, Coze users receive rewards for every booking, get an opportunity to trade in the market for cash, or redeem for items in the rewards store.
Co-Founder Jay Jenkins says: “In our previous endeavours, we provided our customers with low price travel deals. But securing these deals didn’t fix the inherent problem – these prices were inflated in the first place due to the industry monopolising of these large online travel agencies.”
The company’s blogpost reads:
“Coze is built with a vision of providing the end user with a completely decentralized ecosystem of Hotel Booking and Rewards. We’ve created a gateway for the customer and hotels to deal directly, cutting out high commissions and fees”.
Coze aspires to have their project ‘go to war’ with the big guns, and fight them directly on price and customer experience. With an experienced team, a previous successful company rooted in the travel industry under their belt, and 1M USD in seed funding – they have all the elements to do it. The team is putting their seed funding to good use, pushing to have an Alpha release before the Public ICO.
Coze have an upcoming pre-sale as well as crowd sale, and urge investors to sign up to their whitelist as they are only accepting 5000 registrants for their Pre-Sale, which includes coin bonuses.
“To take on the best, we need funding. But not only that – all investors will have a real world use for their tokens. We are giving everyone the opportunity to travel cheaper, and simultaneously building a community for the launch of Coze,” states Coze’s team.