On 20 October (Tuesday) we were honored to be joined by Hai Ho, the Co-founder & CEO of TriipMiles, to our latest AMA session at TomoDEX Telegram channel, sharing their approach to challenging the traditional travel industry by providing a fairer market place for holiday-goers on blockchain.
Triip is one of the earliest partners of TomoChain and launched the first ICO on TomoChain. TIIM is the utility token of TriipMiles that empowers more locals to participate in the travel industry. TIIM is so far the only native TRC21 token that’s been listed on TomoDEX.
Below is a summary of the AMA.
Hai Ho - Co-Founder/ CEO, TriipMiles
Hai Ho is a high-impact entrepreneur, Board member of the Pacific Asia Travel Association (PATA) and head of Triip. He has 14 years of experience in high-growth firms building a range of tech products like payment gateway products, social networks, wearable hardware, community app, e-book apps.
Host: Could you please share a brief intro on TriipMiles?
Hai: TriipMiles is proudly built on Tomochain blockchain. We are the first TRC-21 token to be listed natively on TomoDEX, and the #1 decentralised travel platform with 270,000 users in 131 countries. You can check our performance on Dapp.com or find more about us on www.triipmiles.com.
Host: Could you tell us a bit about yourself? How did you get into crypto and start Triip in the first place?
Hai: I started my first company when I was in university in Singapore from 2006. So far, I have spent my 14 years building different startups. To name a few: Misfit Wearable (acquired by Fossil), Tiki.vn - Amazon for Vietnam market, Webtretho.com - largest women community in Vietnam, Truongxua.vn - Classmate.com for Vietnam. I built different things but my passion is always using Tech to empower community. That’s why I started Triip in 2014 as a Uber for local tour guides. Triip grew from 0 to 20 countries, 6000 tour guides from 2014 to 2015. From 2015-2018, we hit 1M USD revenue a year
But that’s when we realised a bigger problem. That’s the problem of User Acquisition Cost in the travel industry. Travel companies, big or small, are paying 60-70% of the marketing fee to Data monopolies like Google, Facebook or OTA like Hotels, Klook. That’s why travelers have to pay more than the original price. So we decided to challenge the big boys because your data should make money for you, not the data monopolies.
Host: Could you share your approach to onboarding the travel companies, accommodation providers and building your partnership network?
Hai: I spent my time in the travel space before starting TriipMiles. We got featured on CNN, The Wall Street Journal for building an Uber for local tours. That’s how we started to get noticed by travel partners. I was lucky enough to become a Board Member at The Pacific Asia Travel Association - www.pata.org. Hence we have been able to share our ideas to many big companies in the travel industry. Luckily enough, last week I got elected to become one of the youngest Vice Chairmain of PATA for pushing the industry towards decentralisation.
Q: How Triip managed to give cheaper price rates than major ota like booking.com and agoda? (Twitter user @mayank98574049)
Hai: Firstly, our business model is not based on transaction. We don’t depend on commission per booking. We are a decentralised data marketplace hence we can just take minimum profit like 1% out of accommodation, activities price.
However, in order to get the best price on Triip, you need to hold TriipMiles.
We have 3 sources of Revenue:
- 1% booking fees
- 0.05% transaction fees when using TIIM
- Advertising fee. Businesses will pay us every time they want to send a message to travelers
We report our revenue monthly at share.triip.me
Q: Every project has a special thing that their competitors don’t have. What is the special thing that you have compared to your competitors like Travala? (Twitter user @ArmadaJaya6)
Hai: We are the only travel economy that Pay for Your Data.
- Other travel projects: You pay them to travel
- Triip: We pay you so you can travel cheaper
Last but not least, 1% of all bookings on Triip is reserved for Sustainable Fund.
Q: As a community driven project, how can I contribute my quota to your success? Does TriipMiles have a Global ambassadorial Program or Referral Reward System? (Twitter user @NaufalRf6)
Hai: Yes we do have Referral Reward System. We have grown from 0 to 270,000+ users via Referral System. Right now, we are upgrading our referral system to the better one. Please download the app to get notified www.triip.app
Q: Apparently, many projects are not solving any real problem, they just exist to sell their tokens. What problems exactly is TriipMiles solving, and solutions are you providing? (Twitter user @suhitashetty)
Hai: As a founder who have been building tech startups for 14 years, I truly don’t understand why we start a project without solving real world problem. What are we solving? We are challenging the data monopolies in the travel industry to create A fairer travel economy. A fairer place for travellers where you get paid for your travel data and better price by cutting out middlemen
A fairer place for travel businesses to acquire users 70% cheaper at normal.
A fairer place for tourism boards, governments to access travel data belong to them
Q: What’s your vision ultimately? What is TriipMiles trying to achieve in the longer term and how do you plan to get there? How will your ultimate vision and mission make a difference in the world? (Twitter user @paytm_earning)
Hai: A truly decentralised and sustainble travel economy run on smart-contracts. And TriipMiles becomes the world largest digital currency for travel industry. I’d like to show you this video which I think best explains our vision: https://youtu.be/7Xsw9BMcLmA
Q: Where did you get the inspiration for this unique project idea? And what influence will we have on the crypto industry due to the project? (Telegram user @Joenstronger)
Hai: I saw the pain in other travel companies. And I wanted to help them
Q: Why did you choose TRC-21 to support TriipMiles actually this Network is not popular than ERC-20 high gas fee for transactions, doesn’t it a limitation for TriipMiles? Are there plans to develop your own network? （Telegram user @elrio3s)
Hai: We are truly happy with TomoChain.
Q: Besides working on solving the problems involved in the traveling system, do you have plans to add DeFi, Dex and NFTs to your platform? (Telegram user @jpsarmah)
Hai: We will have Financial services inside Triip app. Travellers can grow their money before travelling
Q: What are your biggest goals and projects for 2020? Do you plan to expand your Brand and Marketing Department at TriipMiles? (Telegram user @justatee)
Hai: To survive is to Grow. We have achieved break-even point last month. We want to be Profitable at the end of this year
Q: Revenue and adoption are the main points of all projects, can you tell us your Business model and how you generate revenue? (Telegram user @Adam_Binnie)
Hai: To answer your question, I’d like to show you this video: https://youtu.be/bSWpVY1fEKo