Triip Protocol FAQs
- What is Triip.me?
Triip is one-of-a-kind, a unique travel platform that enables travelers to seamlessly book nearly 2,00,000 hotel rooms in 227 countries and 6,000 authentic local experiences (which we call “triips”) in 100 countries.
Not only do we have the best price in the world for hotels (which we offer with a partnership with Booking.com), we are the first travel company to return our commission as a rebate to the travelers. Those who book are returned a portion of their purchase in our cryptocurrency TIIM or Triip Miles.
Triip would be just another booking platform if not for our blockchain offering and our ability to package hotels and local experiences. This combination is a key point of competitive differentiation. There are innumerable big tour companies in the world operating at both the international and local level. Tours like ours are hard to aggregate, because — unlike hotel rooms and airline inventory — the tour space is one of the last segments of the industry to make the shift to digital distribution.
2. You’d mentioned “TIIM.” What is that?
TriipMiles or TIIM is a proprietary currency of the Triip Protocol. It’s a utility token that’s used to securely exchange data and value between Triip Protocol smart contracts, travel businesses, travellers and locals with a network of partnerships in 229 countries.
They can be used to:
- Reserve any of our nearly 29 million listings including over 5.5 million homes, apartments and other unique places to stay.
- Book at the best price with the 5% rebate we offer to travelers heading to any of our 137,678 destinations in 229 countries and territories.
- Get a spot one of 6,000 one-of-a-kind tour in 100 countries.
- Easily purchase travel amenities like a mobile hotspot available 131 countries, in-room entertainment, private transportation … and more.
3. Is there a private sale, and does it include a discount?
Outside of the public sale of Triip Miles, investors can draw from a separate pool of TIIM that we’ve allotted for select clients. It’s available by invitation only but includes a discount 30% for TIIM bought in private sale.
This pool represents 22% of all of our tokens.
4. How do I earn TIIM?
Aside from purchasing TIIM as an investor in our public sale or in the limited private sales that we offer, we offer TIIM as payment for select services. This includes:
- Submitting a travel plan and Proof of Travel (purchase verification) to get the rewards
- Using the Triip Protocol App and Lucky Wheel
- Reviewing the tour/services to get the rewards
- Investing small amounts as a Patron, a user who commits their TIIM to their account and is rewarded with dividend-like periodic returns.
5. Is it safe to share my data?
Because the value of our technology products is rooted in the secure exchange of data, we take privacy very seriously. In this, we’re not only protecting the value of our services, but also the clients who partner with us too.
Between all the users interacting with the Triip Protocol — clients, retailers, advertisers, et. al. — and the decentralized data network that holds their personal information is a data access control layer. Think of it as a wall of safes. These users can only access one specific safe at a time with a key known as a data hash. A final component is known as a private key, an individual decryption tool for each actor handling any data must be used to decrypt the data.
These tools work in conjunction with one another and potential breach of one system would not compromise another. For example, if the data access control layer were penetrated by an unauthorized actor, this actor would only be able to see encrypted data. Lacking a private key, a hacker would go no further and no personal data would be released.
6. What makes the Triip Protocol different?
We have 5 advantages:
We were first to market with premium tours: charter flights to Bhutan, the executive conference Type-A Retreat, and Global Travel Entrepreneur Challenge (GTEC 2016) to name a few.
Technology: Our backend is powered by Ruby on Rails allowing flexible upgrades and integrations to other systems
Operation Efficiency: Triip has been extremely capital efficient achieving US$1.2M in revenue in 4 years with a small team and an advertising budget that’s less than 3% of our revenues.
Lowest Fees: With Triip Protocol, our is able to pass on more revenues to parties within it, whether we’re giving 5% back to those who book with us or giving 100% of the Triip fees on to the tour provider. We only charge 3.5% service fees from the traveller. (Industry average: 8–25%)
Huge Inventory: Triip is a Booking.com-enabled travel service provider, meaning not only can we offer the site’s entire inventory — which includes 9 million accommodation listings across 145,362 destinations and 228 countries and territories — we can offer to customers in a system that offers both unprecedented security and a 5% rebate on all bookings.
Strong support: Triip has earned a US$500,000 investment from Gobi Partners/MAVCAP and the CEO of the Pacific Asia Travel Association (PATA), Dr. Mario Hardy.
7. Where do I store the TIIM Token?
Your TIIM tokens will be stored in Triip Protocol wallet app or TOMO wallet.
8. What are the advantages of a decentralized network?
In short, a travel ecosystem in which more actors have greater ownership and control of their presence within it yields a number of advantages, among them reducing costly overhead and providing greater security for clients.
- Removing intermediaries: Decentralized travelling system will operate in a decentralized or peer-to-peer way. This contrasts with the current way of doing business, which requires client data to be handled by a variety of intermediaries. These points of contact not only create more vulnerabilities, but they are also often unnecessary and can be eliminated with little effect on consumers.
- Reducing marketing costs: Currently, small and medium businesses pay huge costs to centralized corporations that own data for clients and firms. These are search engines and OTAs that make huge profits data that’s unwittingly harvested from travelers. In our proposed decentralized data exchange ecosystem, these actors are removed, thus returning control of personal and business data to the travel firms and customers.
8. Why blockchain?
In a word, data.
Travelers’ data is routinely lost to hacks and other security failures. One need only look at the loss of Marriot client data that exposed passport numbers of more than 5 million people. Part of the issue with conventional data security is the sheer size of these firms and their practice of effectively self-policing themselves.
Handling personal data security for a substantial share of the world’s travelers is a huge lift, and with a decentralized network, we can all contribute a little effort to helping a better system get off the ground. Get familiar with the technical details of how this would work in our whitepaper, which you can find here: bit.ly/triiptechnicalpaper
A decentralized network means the travelers and the firms that serve or hope to earn their business as clients own it. Right now, there are 100 travel companies who already understand the value of this proposition and have partnered with us.
TIIM also allows for more fluid, rapid payment transfers with reduced costs compared to paying through a traditional payments processor. Because the Triip Protocol is a global institution with destinations around the world, our currency can act as a kind of universal currency for travelers.
9. Talk more about Triip’s partnership with Booking.com and the TOMO network.
Speaking specifically about the investor-facing activities, TOMO infrastructure supports our blockchain technologies.
The relationship between our two firms is a strong partnership founded on complementary visions.
The CEO and CTO of TOMO invest in Triip personally. Additionally, our company operates a Master node on Tomochain (meaning we act as a trusted verifying agent for transactions on the blockchain ledger). And in April, our two companies will organize a Blockchain Retreat together with Government of Catalonia (http://typearetreat.com/catalonia/).
Booking.com has been our strategic partner since 2017. We have the highest level of API access, meaning travelers can browse the site’s inventory in a website infrastructure and booking process handled directly by Triip.
10. Who are the key players on your team?
100+ years of combined experience in travel and technology.
Hai Ho, Co-founder & CEO: high-impact entrepreneur and head of Triip, an unrivaled travel-cum-tech company incorporated in Singapore. He has 12 years of experience in high-growth firms building a range of tech products like payment gateway products, social networks, wearable hardware, community app, ebook apps to name a few. Through the firm, Hai has advanced a sustainability-driven business philosophy of at the core of its vision: “To pioneer forward-looking business models advancing the vision of an industry-wide transformation: sustainable travel for the world.” Hai’s work has garnered a number of awards including a commendation from the World Travel Forum Lucerne and prizes from the APEC SME O2O Forum I & II.
Forbes Asia 30 Under 30 Ha Lam, Co-founder & COO: Ha is a mother of three, a cultural explorer, and a veteran tour guide. Forbes included her in its 30 Under 30 Asia 2016 list as the co-founder of Triip. She has over a decade of experience in the travel industry and was previously a tour guide for international travelers. Her achievements can be counted from Fellowship by The Australia Vietnam Young Leadership Dialogue (AVYLD), The Celebration of the International Global Peace Award for Empowered Women in Tourism in 2017. She enjoys bringing joy and happiness to every single friend that she meets. In order to achieve her mission of bringing happiness to travelers and local experts around the globe, she sold her house to finance Triip.me. During her free time, she enjoys playing with her children to release stress and recharge.
Dr. Yap Kwong Weng, Co-founder: Principal Advisor with KPMG in Singapore. He develops the firm’s strategy in Singapore and focuses on its transformation and growth strategy, including regional M&A projects. Before joining the private sector, he trained as a US Navy SEAL and spent a 12-year military career in the Singapore Commandos. He took the leap to head to Myanmar, Laos, and Cambodia as a General Manager with Jebsen & Jessen (SEA) and helmed an energy company dealing with oil, construction, and infrastructure. In addition to private sector expertise, he is the Regional Advisor (Indochina) of the Lee Kuan Yew School of Public Policy, Asia’s leading public policy school. Kwong Weng is a Young Global Leader of the World Economic Forum and a Rotary Peace Fellow.
Kent Nguyen, CTO: Former CTO, Silicon Straits; Head Engineer, Grab Vietnam. Kent lived in Singapore for 17 years before returning to Vietnam in 2011. Kent has co-founded two successful businesses and forged strong technical teams in the past ten years, beginning from the early days of college. Kent is gifted with programming skills and has carried a passion for technology since young, and he has leveraged these skills to build one-of-a-kind team culture and working relationships within organisations. Kent wants to help fellow developers maximize their potential by connecting the right people to businesses in need.
Paul Wee, CFO: Paul has been in the financial industry for more than 20 years. Paul started as an auditor in the biggest firm in Singapore. He later focused in the financial industry, taking the lead in auditing listed stockbroking firms over a few years. Paul switched over to Mortgage Sales at HSBC Singapore in 2004. He was promoted to Senior Vice President of Mortgage Sales Department at HSBC in 2007 before joining ANZ as a Director (Head of Acquisition). Paul finally left banking in January 2014, having built a very successful business
Stacey Lee, CSO: Stacey is a Malaysian-born Chinese with a Master’s Degree in International Marketing Management from the University of Leeds in the UK. She is a serial entrepreneur and angel investor with over 16 years of extensive experience in regional market expansion especially in Southeast Asia, strategic planning and sales & marketing. She is an experienced startup professional as a co-founder of 2 companies: Nuren Group, which has raised their Series A, and Malaysian social commerce website everyday.com.my, which was eventually acquired by LivingSocial. She is currently working on implementing blockchain policies and the marketing of the TRIIPMILES Token Sale.
Phuong Huynh, CCO: Phuong is an experienced, hands-on marketing professional with more than 8 years in digital marketing. Ahead of Triip’s initial coin offering, she is leading its marketing strategy.
Jun Ishikawa, East Asia Director: Director at Gaiax Global Marketing & Ventures
11. Triip’s US$2.5m ICO hard cap seems low compared to other initial coin offerings. What’s the catch?
Our Southeast Asia location helps us operate on payroll and overhead cost substantially smaller than peer firms located in other countries. That, plus our capital efficiency, has created an “only as much as needed” financial philosophy. Simply put, we have not asked for more funding in our initial offering because we can’t reasonably justify the additional revenue.
Triip has made a deliberate decision to stay small to build a long-lasting company. After the ICO is completed, we intend to double the team size from 17 to 36. At that size, we expect to remain solvent for at least 5 years.
A comparable firm in our industry would normally plan for solvency to just 4 months ahead.
By being strategic, we’ve been able to move like a big company at just a fraction of the cost. For example, we’ve spent US$34,000 and used that to create a revenue-positive firm that has generated more than US$1 million ahead of our ICO. We see this as an early success and a confirmation that our decentralized philosophy will ultimately prevail within the travel industry.
In the four years ahead of the ICO, our company has worked to foster the networks and connections that are prerequisites to building a lasting firm in our industry. Let’s look at the partnerships we brought with us to the ICO:
- Triip is a board member of the Pacific Asia Travel Association ( 2nd largest travel association after UN World Travel Organization)
- A member of Amadeus Next ( Amadeus empowered many airlines booking engine)
- A key partner with Booking.com
- A member of Visa accelerator, NTT Docomo Japan accelerator, and Appworks Taiwan accelerator.
Since we don’t have the high advertising and overhead costs of other travel firms, we can focus on what we do best: creating a blockchain-enabled travel economy for smarter tourism. It’s a system designed on the contributions of users rather than created and maintained by a single player. The Triip Protocol’s decentralized model is cheaper, safer and more democratic than what we have had in the past.
12. How Did You Get Into this? What Were You Doing Before Hand?
Triip.me platform launched in 2014. Since then, we have created a profitable business and active travel platform operating 229 countries. We’ve earned certification from the Singapore Tourism Board and taken in $835,000 in venture capital funding. Our investors and our firm have reaped the rewards of our successes many times over with our 400 percent in year-over-year growth. Triip has grown into a global brand that travelers and respected publishers like The Wall Street Journal, CNN, TheNextWeb, Forbes, Al Jazeera, and Thomson Reuters all love. Triip is also a member of the World Committee on Tourism Ethics, a program by the United Nation World Tourism Organization.
Triip has also worked to develop a sustainability project, SaveYourOcean.com. Through it, we aim to reduce waste arriving in the world’s oceans by replacing plastic bottles with a smart water network and reusable bottles. We were participants in the U.N.’s Sustainable Development Goal Challenge 2017.