Excerpt from Venture Beat
A social travel and rewards platform, Triphop has launched a cryptocurrency travel program that incentivizes hotel guests to share their experiences on social media in return for exclusive benefits such as complimentary room upgrades, in-stay benefits, and the startup's own Tripcoins.
So how does it work, and how does it benefit the traveler and the vendor?
Triphop reduces the ordinarily high commissions hotels pay to online travel agencies (OTAs) by encouraging guests to book through its platform and then promote hotel properties to their social media followers. The company is trying to create a win-win situation, driving direct traffic to hotels while rewarding guests with exclusive benefits and its Tripcoin cryptocurrency.
While it is blockchain-based, Triphop operates like a traditional rewards program.
"Rewards for social engagement will follow the same stay rewards scheme," Triphop CEO and founder Basil Elotol told me. "In addition to rewards, guests will get complimentary in-stay benefits. Reward value will differ based on the type of engagement."
While a traveler might typically open an app such as Trivago, Booking.com, or Kayak to find a local hotel option, Triphop wants to change this behavior to make its online destination first in the traveler's mind.
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