The BUK Protocol

The core protocol which shall evolve and provide services to the entire suite of products and dApps built on top.

Last updated 2 years ago

The core protocol which shall evolve and provide services to the entire suite of products and dApps built on top.

The Core BUK protocol's role is limited to pre-minting, minting of NFTs, burning NFT and facilitating release of final payments.

In all cases, every unique property will be identified by its unique Wallet address. Even for properties belonging to a chain, each property shall have a separate wallet address.
The primary Wallet address will be the only one allowed to pre-mint room types into NFTs. The primary wallet may choose to delegate certain rights such as financial powers to alternate wallet addresses.
Any room-type pre-minted by the hotel's primary wallet shall be available to anyone to 'buy' and mint as an NFT.
To pre-mint room inventory on the protocol, a hotel will have to stake its tokens.
The number of rooms allowed to be pre-minted will be proportional to the value of the tokens staked, and inversely proportional to the value of the per-room-night charge.
The requirement for staking is to ensure that we keep scammers out of the protocol.

This is a planned feature to permit unverified entities to be able to register as a property and list their inventory.

To pre-mint room inventory on the protocol, a hotel will have to stake its tokens.
The number of rooms allowed to be pre-minted will be proportional to the value of the tokens staked, and inversely proportional to the value of the per-room-night charge.
The requirement for staking is to ensure that we keep scammers out of the protocol.

Once a room-night is pre-minted it will be available on the protocol to be minted.
OTAs, Travel meta search engines or hotels themselves can show these NFTs as available for minting.
The NFT will be minted only upon a user choosing to buy the NFT from any platform.
At this point, the platform will interact with the protocol and mint the NFT.

Once the NFT is created, it can be traded.
The protocol will facilitate listing of NFTs by the wallet which owns it.
Once another wallet decides to buy the NFT, the smart contract will enable transfer of NFTs and movement of funds at listing price from one wallet to another.

The protocol will render the NFT non-transferable when the last owner of the NFT uses the pre-check-in feature to consume the room night.
If the pre-check-in event is not triggered by the user, the NFT will be rendered non-transferable by the protocol automatically 48 hours prior to check-in date.

Payment will be released to the hotel (wallet address from which NFT was minted) 24 hours after the check-out date.

Last updated 2 years ago

The Core BUK protocol's role is limited to pre-minting, minting of NFTs, burning NFT and facilitating release of final payments.

In all cases, every unique property will be identified by its unique Wallet address. Even for properties belonging to a chain, each property shall have a separate wallet address.
The primary Wallet address will be the only one allowed to pre-mint room types into NFTs. The primary wallet may choose to delegate certain rights such as financial powers to alternate wallet addresses.
Any room-type pre-minted by the hotel's primary wallet shall be available to anyone to 'buy' and mint as an NFT.
To pre-mint room inventory on the protocol, a hotel will have to stake its tokens.
The number of rooms allowed to be pre-minted will be proportional to the value of the tokens staked, and inversely proportional to the value of the per-room-night charge.
The requirement for staking is to ensure that we keep scammers out of the protocol.

This is a planned feature to permit unverified entities to be able to register as a property and list their inventory.

To pre-mint room inventory on the protocol, a hotel will have to stake its tokens.
The number of rooms allowed to be pre-minted will be proportional to the value of the tokens staked, and inversely proportional to the value of the per-room-night charge.
The requirement for staking is to ensure that we keep scammers out of the protocol.

Once a room-night is pre-minted it will be available on the protocol to be minted.
OTAs, Travel meta search engines or hotels themselves can show these NFTs as available for minting.
The NFT will be minted only upon a user choosing to buy the NFT from any platform.
At this point, the platform will interact with the protocol and mint the NFT.

Once the NFT is created, it can be traded.
The protocol will facilitate listing of NFTs by the wallet which owns it.
Once another wallet decides to buy the NFT, the smart contract will enable transfer of NFTs and movement of funds at listing price from one wallet to another.

The protocol will render the NFT non-transferable when the last owner of the NFT uses the pre-check-in feature to consume the room night.
If the pre-check-in event is not triggered by the user, the NFT will be rendered non-transferable by the protocol automatically 48 hours prior to check-in date.

Payment will be released to the hotel (wallet address from which NFT was minted) 24 hours after the check-out date.