Whitepaper
A Global Platform Powered by Crypto
Janex Technology
The decentralized system that constitutes the Janex ecosystem will be comprised primarily of a Binance Smart Chain backend that connects token holders and brands. Janex will be open to all users who satisfy the requirements established by token holders, fully secure and protected by cryptography.
Janex Platform 1.0
The Janex platform will provide JNX token holders with the opportunity to:
Vote on developments for the platform
Vote on potential new functions
Stake JNX tokens and receive interest
Pay for services and make bookings with JNX tokens
Opportunities for hotel and property owners
Hotels rely on booking sites for their survival. But now they can connect directly to the Janex distributed database and set their prices according to their own needs. This allows us to eliminate the need to periodically re-negotiate prices with middlemen and gives back the control to hotels and property owners.
Hotels and property owners can also choose from a great variety of smart contracts, which are all designed to support different payment scenarios, some of them not being available on traditional booking sites. The use of blockchain creates a trustless environment, where there is no need to secure dozens of partners in order to guarantee constancy (both from the perspective of hotels and property owners and the end user).
Incentives for travelers
Did you know that 80% of all bookings placed online go through only two booking sites (Booking.com and Expedia)?
Due to a multitude of distributors, as the end consumer, you end up paying absurdly high commissions (15 to 30%) taken by booking sites. Booking sites can take advantage of their monopolistic position and couple it with rate parity agreements to secure themselves unfair commissions without providing any added value to the end customer.
This means that if you pay $100 for a hotel, you are likely paying another $20 to the booking site and an extra $3 to $5 to a distributor. You are not getting a room with a better view or bigger size for those charges.
Our distributed database will be hosted on a blockchain, incurring no operational expenses. Because the blockchain is accessible and transparent for everyone, this allows us to eliminate all costs arising from the chain of distributors between the hotel and the booking site. This means lower commissions paid on bookings.
Janex Interface
Janex token holders will be able to access the full functionality of the Janex platform. The accompanying app will have an intuitive and client-centric interface, which will allow for customization to personalize and enhance the user experience.
User experience is an integral aspect of the vision for the Janex app. We will provide a feature-rich app that relies on a secure backend infrastructure and a highly intuitive front-end interface. Simple registration, instant access, direct payment processing, transaction mobility, and fast KYC are the defining features of the app.
Usage of the Janex Token
To create a strong economy that ensures the value of JNX, we will rely on three elements: high demand, low velocity and value-added features.
Generation of constant demand Our existing website is surely one of the most important elements of Janex and is the fundamental driver of the JNX economy. Any booking on the website automatically generates demand for JNX tokens, regardless of whether it is paid for with JNX, fixed-value cryptocurrencies or fiat currencies. Since travel related bookings are generally high volume transactions, this can quickly create a solid base of utility demand.
Reduction of JNX velocity The key element of the JNX economy is the lockup period of JNX tokens. Whenever a booking is made, the payment currency is automatically converted into JNX and stored in the booking smart contract. The JNX remains there, in escrow, until the customer completes the booking (e.g. checks out from a hotel). This lockup function reduces the circulating supply of JNX for the period between booking and checkout. The higher the booking rate, the more JNX are escrowed in the smart contract at a given time, and the higher the demand on JNX will become.
Value-added features All value-added features on the website will be paid for in JNX. While users will generate constant demand on JNX through bookings, hotels and property owners will also likely keep JNX reserves in order to pay for accessing premium features such as increased visibility or volatility protection. More information on Janex premium features will be updated on our site as they get released.
Pay with Janex Token
The user buys a pair of shoes using crypto-currency e.g. Bitcoin
The 2-of-3 Bitcoin Multi-Signature account would be used for escrow functionality
A Multi-Sig account can be created by any party (Buyer, Seller or Arbitrator) while the multi sig account will not be able to create any transactions, it will be able to approve the transactions if any of the two parties sign it.
Any party can initiate the transaction, so if both parties are pleased with the sale both can sign the transaction.
In case of any problems, buyers or sellers may approach the arbitrator who can decide to support the deserving party.
The final transaction is sent to the blockchain for execution.
Transaction Flow Example
A Janex user wishes to make a 100$ purchase using Bitcoins
The Exchange will charge Bitcoins based on Janex’s buying rate
The Bitcoins are received by the Janex app
The app’s conversion algorithm scouts in real-time third party exchange rates in order to determine the best option (ex:Bitfinex) where BTC will be converted to USD
99USD will be sent to the merchant
1USD will be received by Janex and converted to JNX tokens
Revenue Sources
The business model of Janex purely relies on simple and efficient transactions. The profit acquired through business operations is categorized as follows:
Commissions from buying, selling or exchanging operations
Charges through merchant payments
Token Sale
Janex is running a Token Generation Event in multiple phases to accelerate the establishment of the Janex app as the premier payment gateway for real property rentals and to help Janex deliver the best service and product offerings possible.
The maximum Janex tokens that can be in circulation at any point in time is capped at 1,000,000,000.
Last updated