April 4th, 2018 – Singapore: LetsGO International is excited to announce the upcoming release of its new blockchain vacation property platform, powered by the soon-to-be-released ‘LGO’ token. Established with the aim of eradicating annual subscription fees and exchange fees entirely, LetsGO is bringing liquidity to vacation property members all over the world.
This is a press release provided by LetsGO International
As anyone who has purchased fractional vacation ownership packages knows, the current system for trading these ownerships is outmoded, difficult to use, and with high transaction friction.
LetsGO aims to change the way vacation properties are shared. CEO of LetsGO International Fadi Chaaban said:
“We believe that you should have the freedom to change your vacation spots without difficulty or exorbitant fees. The current industry has not changed its methods in over 40 years and we believe it is time to put vacation spots on the blockchain.”
Tokenizing Vacation Property Ownership
LGO tokens are packets of simply data that customers of LetsGO International receive in exchange for transfering their vacation property ownership to LetsGO.
Unlike the vast majority of blockchain projects, LGO will be distributed without the use of an ICO or AirDrop. Instead, LetsGO will be released to the public via a series of in-person sales centers, with the first opening next week in Singapore, to be followed by Kuala Lumpur, Hong Kong, Taipei, Seoul, Tokyo and other Asian markets with a high penetration of fractional vacation property ownership.
Initially, LGO tokens will be priced at $0.20, but after hitting the market they will be traded according to current market prices. LGO tokens are based on the ERC20 blockchain industry standard, and run on the most popular distributed block chain in the world, Ethereum.
Incentivizing Membership Rewards
Because LGO tokens can be used as payment for any listed property on the LetsGO platform, members are incentivised to keep their tokens on the platform, benefiting from the increased liquidity and ease-of-transfer.
Kenneth Howe, VP Business Development at LetsGO International, added:
“At present the total vacation Ownership market totals roughly 10,000 properties globally, with an average annual membership cost of USD$5000-20,000 and average maintenance fees of of USD$500. Compounding these recurring fees, the current model used by the world’s largest vacation ownership exchanges mandates an average exchange fee of USD$100 per booking request, thereby creating liquidity friction, and causing many owners to simply never transfer their contracts.”
How LetsGO Uses the LGO Token
Vacation property owners will be able to trade ownership rights to their vacation usage for a number of LetsGO tokens.
In the beginning, the tokens will be converted at $0.20 per token, therefore a $5,000 timeshare would get the user 250,000 LGO tokens. Token holders can then use their tokens to stay in other properties anywhere in the world with no fees or commissions.
The value of LGO tokens follows the current market price. If there is more demand for LGO, the holders can save fiat value on their next vacation while still retaining all the benefits of using LGO to book vacation rentals.
LetsGO is building a global platform of hotels and resorts where LGO can also be redeemed as vacation rentals. This B2B2C model integrates user-generated listings to bring the best of both worlds to customers on our platform. Join us, and LetsGO!
Image via https://www.lgocoin.io/
This is a sponsored press release, provided by LetsGO International. Bitsonline is not responsible for the products and or services of this company and its clients. This article contains links to third-party websites. Bitsonline is not responsible for the content on those websites.