Dtravel
[Credit: Dtravel]

Dtravel tokenises bookings on Polygon PoS with new upgrade

Hong Kong: Dtravel, a community-owned peer-to-peer vacation rental ecosystem, is bringing real-world services on-chain to Polygon PoS by tokenising vacation rental bookings with its latest v3 smart contract upgrade.

The recent move is a revolutionary innovation to Dtravel Direct, Dtravel’s direct booking product suite for vacation rental operators. As a result of the upgrade, Nite Tokens, an ERC-721 representation of a property night, are transferred from the operator’s smart contract to the guest’s wallet using the Polygon PoS network, a highly scalable, EVM [Ethereum Virtual Machine] compatible chain with fast transactions at near-zero gas fees. 

The tokenisation of vacation rental bookings brings “unparalleled flexibility” to the booking process, according to Dtravel.

For travellers, it means the possibility to securely sell or transfer their reservation through a peer-to-peer marketplace, in the event that a booking can no longer be fulfilled, offering a level of adaptability that traditional booking systems have traditionally not been able to match. For operators, Nite Tokens ensure cash flow security and the potential for new revenue streams via secondary sales.

Finally, Nite Tokens open up the possibility for new DeFi markets and innovative business models, including collateralised arbitrage. 

Introducing Nite Tokens to the Dtravel ecosystem is one component of a much larger initiative. Dtravel is currently spearheading the development of the Nite Protocol, the world’s first open standard booking protocol for the vacation rental industry.

Designed to solve the costly, inefficient and fragmented infrastructure “plaguing” the vacation rental industry, the Nite Protocol will act as a single API connection that anyone can read and write listing and booking data to, eliminating the need for duplicative data and expensive API connections. It aims to effectively dismantle isolated data silos, thus creating a cohesive system where data is transparent, accurate, and accessible to all industry participants, significantly reducing costs of building within the industry.

As part of that solution, the Nite Protocol will utilise Nite Tokens as a single-source of truth for bookings, allowing anyone to verifiably prove who holds the right to stay at a given property. 

Cynthia Huang, CEO of Dtravel, said: “The Polygon ecosystem is a clear leader when it comes to working with brands and bringing non web3 natives on-chain. Dtravel is very much aligned with this ethos and so building on Polygon PoS was a natural fit.

“Furthermore, with tokenising both fiat and crypto bookings, we need a highly scalable and low cost solution to support our high booking transaction volume, and this is another area where the Polygon ecosystem shines,” she added.

Aishwary Gupta, ecosystem BD head at Polygon Labs, said: “The Polygon ecosystem has been the ground for innovation and that is only possible with high quality builders contributing to the ecosystem. With the Polygon ecosystem laying out the foundational infrastructure, protocols like Dtravel are making them go mainstream.

“With its ability to tokenise booking value on-chain for vacation rentals, Dtravel is set out to disrupt the vacation rental industry. We look forward to supporting Dtravel’s success story as they continue to deliver such innovative solutions,” added Gupta.

Dtravel officially launched its home-sharing booking platform in November 2021.

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