The Marco Solution
An opportunity presents itself with the emergence of blockchain technology to truly disrupt the highly centralized travel ecosystem of data, content, and transactions, to solve the problems described in the previous chapter. Our goal is to create the Marco Protocol, a universal protocol layer for the travel industry.
Marco will provide a smart-contract-based protocol that connects all consumers and businesses in the travel industry on a decentralized travel ecosystem that incentivizes content creation, transactions, and consent-based sharing of user data.
It gives control back to the user over his/her identity, data and content IP provides businesses with a direct and transparent channel to conduct transactions and collaborations, and empowers all 3rd party travel companies to create their application logic and token economics.
To kick-start the ecosystem, we will first need to address user traffic. Some of the biggest traffic owners in today’s internet world are content websites and apps such as Facebook, Instagram, YouTube, Pinterest, and TripAdvisor. Research proves that good, relevant, and abundant content is the most effective way in attracting user traffic. Users are always in need of quality and relevant travel and lifestyle suggestions for hotels, restaurants, bars, retail, and activities. Content creators will play a vital role in the development of the Marco ecosystem.
A key aspect of the Marco ecosystem is a content platform with a decentralized incentive mechanism. Marco will use its part of the token reserve and annual supply of new tokens to incentivize content producers to generate location-based content. Content creators will be fairly rewarded for their creations, which will be determined by an up-voting mechanism. Content on other existing platforms can also be easily migrated to Marco.
Each user will have a complete user profile that includes transactional history and live purchase data across all vendors in the ecosystem, which will be stored on the blockchain. Users can securely own and control their user data and opt-in to monetize it for product recommendations and direct marketing from businesses.
Travel businesses can now pay for access to user profiles, engage in consent-based direct marketing with customers as well as promote transactions, and rewards loyalty through the use of Marco tokens. All these can be done without the middlemen. Smart Contract feature will be the means of engagement between consumers and businesses.
Marco provides a decentralized and commission-less infrastructure between vendors and consumers to engage in transactions of goods and services. Vendors can manage their inventory and pricing, and consumers can use tokens to make direct purchases. This will provide significant savings for the vendors (vendors typically pay 15-25% commission to centralized platforms) and re-align incentives in the ecosystem. Transacting with tokens will also save on the various transaction costs associated
with foreign currency conversion and cross-border bank charges, leading to a more efficient transaction economy.
The Marco Token is MRC. It is the unit of exchange in the Marco ecosystem and delivers the following utilities.
- Marco Network uses MRC from its reserve to reward content producers for creating useful and high-quality content.
- Venues can use MRC to engage and reward content producers for creating content about their venues.
- Businesses can use MRC as the base currency for their loyalty and reward program, providing customer rewards of more tangible value and the option to redeem across different vendors in the Marco ecosystem.
Customers can use MRC as a form of payment for goods and services offered by vendors/ suppliers in the ecosystem.
Marco provides base-level infrastructure including blockchain, on-chain-off-chain storage, content
API, payment gateway, channel/inventory management, and a custom contract API. This enables 3rd party developers to build innovative products and dApps on the platform. MRC will the token of exchange used by these dApps.