OYO coming up with a cryptocurrency or a good April fool’s joke?
OYO to launch cryptocurrency?
OYO rooms one of India’s premium startup announced on their blog and on twitter that they are adopting blockchain technology and are going to launch OYO SMART COIN (OSC) a cryptocurrency that will revolutionize the travel and hospitality industry.
They mention that OYO SMART COIN (OSC) will benefit the hotel partners, consumers and the entire ecosystem at large, consumers will be able to transact on the OYO platform with reduced prices. OSC will enable partners to directly offer benefits to the consumers and market to them. OSC will be the fuel of the brave new world of blockchain technology.
#OSC: #OYOSMARTCoin will benefit hotel partners, consumers & the entire ecosystem at large. Using OSC, consumers will be able to transact on the OYO platform with reduced prices and travel partners will be able to directly market & offer benefits to them.https://t.co/R86c4080aB pic.twitter.com/twEOxN2c8T
— OYO (@oyorooms) March 29, 2018
Here’s the catch
In the 3 page whitepaper, the first half of which is a disclaimer that the innovations and developments mentioned in the whitepaper are under development and not currently for deployment and that company makes no warranties and guarantees on this project. Any actions taken on the information provided will not be a liability of the company.
There are no details regarding the token economics and the supply and the whitepaper misses a lot of details and in my opinion set for a good prank.
In the blog, they mention that OSC will likely go up by 4% for every 100 hotels added to the OYO network and so one can expect OSC to appreciate by 20%, mom and with every transaction the value of OSC increases which seems shady (we all know what happened to the coins that promised such returns and told we will be financially independently independent 😉). The ICO Price will be set for INR 999, which is also the price at which one can get an OYO room in any city.
And guess what the pre-registration will get over in just one day until 30th March 5 PM!
We tried to contact them but did not get any response until now.As much as we would love for this to be true OYO Rooms could possibly be pulling off a really good April Fool’s prank!
We will keep updating on our website on further developments so stay tuned.
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