Colibra is a global innovative travel mobile application, which has over 100,000 installations (Android and Apple), that is entering the blockchain space. The company has been around for four years, offering a compensation-based business model with many happy customers. These compensations for flight delays have been offered in fiat as well as Bitcoin (BTC) as outlined in a Cointelegraph article.
Recently, Colibra launched its new “Fly now, Pay if okay” business model where the company offers flight tickets (and soon hotel rooms) that the customer books with no upfront costs and pays only after and if the flight is “Okay.” However, if the flight lands with a delay of over three hours, the passenger flies for free. If the flight is canceled and no meaningful alternative is provided, the passenger does not pay for the flight at all.
The company is launching an Ethereum-based ERC-20 utility token economy. This will help the company finance the flights and gain travel and crypto-friendly users. Colibra app users will be able to stake their COL tokens for long periods of time to obtain different levels of exciting discounts on flights and hotels. Colibra will use 25% of its operating profit to buy back and burn its tokens.
The travel space
The travel industry, unlike other service industries, requires its customers to prepay the service they are going to use, leaving them without bargaining power when the service is of appalling quality. This became apparent during the COVID-19 pandemic where airlines would quite often knowingly list flights for sale that they would later cancel in order to gain temporary financing and lock in their customers. Colibra has decided to solve this injustice by becoming the fair intermediary.
“Fly now, Pay if okay” provides peace of mind to travelers by providing a unique combination between insurance and banking service to the end customer by being an independent booking agent, an intermediary between the airline and the passenger. The best part is that this service is at no extra cost compared to alternative ticket vendors.
Colibra essentially provides financing by prepaying for a ticket that will later be paid and provides security by taking on the risk of low airline service — at no extra cost.
Deflationary token economy
Colibra is developing a token-staking mechanism. This mechanism will be available on our website and our application. Tokenholders will be able to stake different amounts in order to unlock a discount. Users have to stake different amounts ($1,000, $10,000 or $20,000) of Colibra tokens and lock them for at least a month in order to use the “Genius” type of discount, which could be in the form of levels: 1, 2 or 3, with each level unlocking specific types of discount — e.g., a discount when booking a hotel, renting a car, etc. This will have several benefits:
- The user will benefit from cheaper travel services as a Colibra token holder.
- This will benefit user retention by providing easily accessible higher-level discounts.
- This will take large amounts of tokens out of circulation, benefiting the tokenomics.
A total amount of 40 million Colibra tokens (4% of the total supply) will be available for sale and will be distributed in three different stages:
- Private Sale Round 1 was held on Dec. 8, with 1 COL selling for $0.05 (sold out in two hours).
- Private Sale Round 2 starts on Dec. 17, with 1 COL selling for $0.08 (whitelist is already open). Round 2 sale mechanism: First come, first served.
- The initial launchpad offering on YFDAI.finance will be held on Jan. 14, 2022.
Colibra is pleased to inform its current and future adopters that we have signed a contract with a Tier 1 centralized exchange, and the COL listing date is planned for Jan. 17, 2022.
The Colibra token private sale round two whitelist is open
Users can be early adopters of the COL tokens by participating in the private sale round two, which starts on Dec. 17, 2021. Visit our website and click on the “Join the whitelist” link to participate in the second private sale round.
Since its launch in 2019, Colibra has gained users from over 170 countries and is recognized as one of the go-to apps for European travelers. The app has been installed over 100,000; it has 40,000 active users and registered 50,000 trips. Colibra was also rated as the #1 Travel App in the Czech Republic, Bulgaria and Cyprus as well as in the top 10 in Greece, Romania and Poland.
Colibra users can secure compensation for any journey that is canceled or delayed by more than one hour by simply logging their flight details into the app before take-off, no matter the reason for the disruption.
For further information, please visit:
- Ivan Belomorski (Co-founder & COO)