Unethical market practices cause a change in Tratok’s distribution philosophy

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The Tratok project exists to make travel more accessible. The project aims to address shortcomings in the industry by leveraging blockchain technology to eliminate fraud, hidden transaction costs, excessive commissions from financial service providers and online middle mean, and ensure a transparent marketplace with fast booking times and efficient approaches to amendments and refunds.

The world-renowned team behind the project believe in the power of blockchain technology to revolutionise the existing sector models and have demonstrated that they can increase service provider profitability by more than 30% while at the same time resulting in lower costs for consumers. However, the same feasibility studies also demonstrated that in order to impact the industry with the desired effect, widespread adoption of the token was required. It was under this philosophy that the original strategy was formulated to partner with a notable exchange and distribute tokens at fixed intervals over a two year period to prevent hoarding and ensure widespread adoption and availability to all.

Due to the irresponsible practices of many of the exchanges, this policy has been abandoned. Rather than back viable projects and doing proper due diligence on projects before exposing their users, exchanges are instead hunting project team members on social media and contacting them guaranteeing listing for a fee.

Over the last month, Tratok Ltd has been contacted by a few exchanges offering guaranteed listings for a single upfront payment. Conversations with these exchanges have made it obvious that they have not done due diligence with regards to project team profiles,  partners, media coverage or even legal set up. The team are Tratok is concerned that they are mainly focused on making fast gains and less concerned with the long-term health of the industry. This is behaviour that can neither be supported nor sponsored by those who believe in the disruptive capability of blockchain and the long-term benefits it can bring to the world.

Blockchain remains in its infancy and still has large obstacles to overcome, mainly being embraced by the majority public. Such careless practices by exchanges have led to members of the public being taken advantage of by fraudulent ICOs, investing in “magic beans” and losing their money and confidence. This outcome is harmful to the future of blockchain and viable projects like Tratok. As such more ethical approaches have been discussed.

Instead the previous allocated 7.5 billion free tokens that were to be provided to the exchanges to distribute to their users, A significant amount of this holding will now be airdropped directly to wallets free of charge. This will ensure widespread distribution, raise awareness and prevent the endorsement of practices that are harmful to blockchain.

The time and date of these airdrops will be announced via Tratok Ltd’s media partners in the coming weeks. As always, the team behind the Tratok Project want to confirm our commitment to all stakeholders to seeing this project through and focusing our efforts on achieving all the project’s goals.