The blockchain provides
GOeureka with the required token economics needed to eliminate high commission
fees and the ability to facilitate interoperable loyalty points. GOeureka’s
platform also benefits from the distributed ledger technology that guarantees
security and transparency across its platform.
GOeureka chose the
Ethereum blockchain due to its flexible and extensible nature. The use of
Ethereum smart contracts allows for the creation of “autonomous agents” that
may be implemented throughout GOeureka’s platform to automate many processes
and remove various third-parties that usually result in a slower process and
multiple transaction fees that lead to high costs.
While moving towards a fully
decentralized platform, GOeureka will look into the adoption of key blockchain
technologies such as zero knowledge proofs, off-chain computation solutions and
recently introduced Ethereum technology like the Plasma and Raiden network.
The web application
platform will host a booking platform for travellers and a hotel inventory
system for hotels. Travellers will be able to search and book hotels. Hotels
can update room inventory and prices directly or integrate with channel
managers. A majority of hotels manage their inventories using channel managers
as a single point of management, therefore GOeureka will provide necessary APIs
(Application Programming Interface) for integration. GOeureka will also work
directly with major channel managers to automate the integration process for
hotels.
Travellers will enjoy
automatic post-booking discounts for their stays through GOeureka’s
patent-pending rebooking feature. The GOeureka rebooking algorithm detects when
a hotel rate drops, and automatically re-books an existing booking (qualified
bookings that have not passed and are within valid cancellation policies) at
the lower rate. Travellers will be notified of their discounted stay.
When hotels choose to
drop their rates on the GOeureka platform, they will receive a summary report
on the affected bookings and the total discounts provided by the rate cut. This
will allow hotels to make true informed decisions that are beneficial to
themselves and their guests.
The GO store is an in-app
exchange for token holders to purchase GO credits using GO tokens. It is a safe
and fast liquidation option for token holders to convert tokens into spendable
fiat-value credits. Users enjoy discounted products and services on the
GOeureka platform when purchasing with GO credits. GO credits are fiat-valued
in-app credits that allows for instant transactions and off-chain
settlement.
Token holders will redeem
GO credits according to the prevailing market rate at time of exchange.
GOeureka will rely on data sources from various exchanges and number of custom
oracles to retrieve the average token price on the market. Users will use the
proxy wallet detailed below to exchange GO tokens for GO credits.
Payment
Processing
GOeureka aims to provide
multiple payment methods that appeal to both traditional and crypto consumers.
Consumers will have the option to transact using fiat currency, major
cryptocurrencies, GO credits or loyalty points. Prices of goods and services
will be displayed in fiat and the cryptocurrency of user’s choice. There are
multiple available approaches for the development of GOeureka’s payment
processing.
For the traditional
checkout process where payment is made in fiat, GOeureka will implement a
third-party payment gateway. This method sees payment being processed through a
payment gateway (e.g. PayPal) that sends transaction details to a payment
processing network (typically hosted by a merchant’s bank). Once processed, the
processing network sends approved data to the credit card issuer to proceed
with the funds transfer.
INFORMATION ABOUT GOEUREKA PROJECT :
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