TRVL

<h2 id="header-0">Introduction</h2><p>The evolution of blockchain technology has led to the emergence of Real World Assets (RWAs), a growing narrative promising to bridge decentralized finance (DeFi) with traditional finance (TradFi). With a number of success stories leading the way, growth of the RWA ecosystem appears to have only just begun. By eliminating the need for intermediaries, protocols built on top of a decentralized settlement layer will not only enable market efficiencies across traditional financial assets but also services we interact with on a daily basis. Real World Services, abbreviated as “RWSs &#39;&#39; is a completely new frontier that has the potential to capture mainstream attention, while bringing real value, lower costs and greater flexibility to our everyday lives. By now you might be wondering, what are Real World Services (RWSs)? How do they differ from RWAs and which projects are carrying the torch for this burgeoning ecosystem? In this article we provide an overview of what very well could be the bridge that brings web3 adoption to the world.</p><h2 id="header-1">The Ascendancy of Real World Assets (RWAs)</h2><p>RWAs have demonstrated blockchain&#39;s ability to transform traditional asset handling by offering enhanced security, reduced transaction costs, and increased liquidity. Assets like government and corporate bonds or real estate can be tokenized, allowing participants who were previously gated, to participate in a secure and cost-efficient way.</p><p>MakerDAO, an RWA pioneer, has been able to generate substantial revenue using excess reserves to purchase US T-Bills. Instead of relying on inflationary tokenomics to compensate lenders, MakerDAO utilizes the profits from its T-Bill strategy. Projects like Canto and Blast have promised similar storylines, undoubtedly enamored by the cash generating machine that is MakerDAO.</p><p>The RWA ecosystem isn’t just an echochamber of DeFi enthusiasts. Over the last year we’ve seen significant interest from major financial institutions, with Larry Fink of Black Rock proclaiming tokenization will be &#34;the next generation for markets&#39;&#39;. This isn’t just talk either. JP Morgan and Goldman Sachs have both recently tokenized and settled bonds using blockchain technology.</p><h2 id="header-2">RWS: The Next Frontier in Blockchain Innovation</h2><p>Building on the solid foundation laid by RWAs, Real World Services (RWSs) represent the next evolution in blockchain&#39;s integration into everyday life. RWSs bring the principles of blockchain – decentralization, transparency, and efficiency – to various sectors such as ride hailing and delivery services, ecommerce and the sharing economy. The difference between RWAs and RWSs is while RWAs focus on tangible assets such as bonds, stocks, and real estate, RWSs tokenizes the value of services.</p><p>This innovative shift could revolutionize the service sector and address many of the inefficiencies plaguing these traditional markets. By bringing services on-chain, participants can interact in an open and secure way, eliminating the need for intermediaries, while enhancing the experiences of both customers and service providers. And of course, allowing anyone to use the services we love without a traditional bank.</p><p>Here are a few interesting industry trends to consider:</p><ul><li>The global <a href="https://www.mordorintelligence.com/industry-reports/ridesharing-market" rel="noopener noreferrer nofollow">ride-sharing</a> market size in 2023 is estimated at USD 42.21 billion. The market is expected to grow at a compound annual growth rate (CAGR) of 12.81% from 2023 to 2028.</li><li>In 2023, the market for <a href="https://www.globenewswire.com/news-release/2023/08/02/2717287/0/en/Freelance-Platforms-Global-Market-Report-2023.html" rel="noopener noreferrer nofollow">freelance platforms</a> is projected to reach $6.46 billion, growing at a compound annual growth rate (CAGR) of 17.03% from $5.52 billion in 2022.</li><li>The total <a href="https://www.oberlo.com/statistics/ecommerce-sales-by-country" rel="noopener noreferrer nofollow">volume of global e-commerce sales</a> is expected to reach approximately $6.3 trillion, marking a 10.4% increase from the previous year.</li><li>For <a href="https://www.globenewswire.com/news-release/2023/02/24/2615477/0/en/Online-Food-Delivery-Services-Global-Market-Report-2023.html" rel="noopener noreferrer nofollow">food delivery services</a>, the market size is projected to be approximately $143.05 billion, reflecting a compound annual growth rate (CAGR) of 11.5% from $128.32 billion in 2022.</li><li>Finally, <a href="https://www.grandviewresearch.com/industry-analysis/short-term-vacation-rental-market-report" rel="noopener noreferrer nofollow">vacation rentals (short-term rentals)</a> are also witnessing robust growth. Its market size in 2023 is estimated at USD 121.42 billion, and it’s forecasted to reach USD 256.31 billion by 2030, growing at a CAGR of 11.2% during this period.</li></ul><p>Before we cover a few of the projects cementing their name in the RWS niche, let&#39;s look at a real example of how blockchain technology will provide greater flexibility for travelers.</p><h2 id="header-3">Vacation Rental Bookings: A Prime Example of RWS</h2><p>Vacation rental bookings exemplify an ideal use case for RWSs. Traditional booking systems are often rigid, especially regarding cancellation policies. The tokenization of bookings, using standards like ERC721, will soon offer unprecedented flexibility.</p><p>Consider the times you’ve decided to book an Airbnb. Knowing travel plans are never 100% certain, has the cancellation policy ever caused you to take pause? What if, as an alternative to strict cancellation policies, you had the optionality to securely sell or transfer your reservation to another guest through a peer-to-peer marketplace, recouping your initial investment. Would that increase your likelihood to book?</p><p>Now, what if the original payment was also peer-to-peer, eliminating the need for a centralized marketplace and bringing down the cost of your stay in the first place?</p><p>For the majority of travelers, this would be a tempting alternative to the status quo, especially if the user experience is streamlined and the blockchain infrastructure was kept hidden under the hood and felt the same as a web2 experience.</p><p>As a publicly traded company, Airbnb has a fiduciary duty to maximize profits for its shareholders. Inevitably, this results in the expansion of fees, of which both hosts and guests bear the burden. Unsurprisingly, this has already led to a growing dissatisfaction for bookings made through traditional marketplaces.</p><p>Bringing vacation rental bookings on-chain solves the misaligned incentives created by centralized marketplaces, leading to an optimal experience for participants on both sides of the transaction. Bookings, represented by non-fungible tokens (NFTs), in concert with a permissionless secondary market, allow for secure and potentially feeless transactions, enhancing the adaptability and efficiency of the vacation rental industry. The tokenization of vacation rental bookings may even afford new opportunities in DeFi, resulting in new industries with revolutionary market dynamics and revenue streams to flourish.</p><h2 id="header-4">RWS Projects Making Waves Today</h2><p>Several RWS projects are already showcasing the practical applications of this concept:</p><h3 id="a-href-https-www-dtravel-com-rel-noopener-noreferrer-nofollow-dtravel-a"><a href="https://www.dtravel.com/" rel="noopener noreferrer nofollow">Dtravel</a></h3><p>Dtravel is a community-owned travel ecosystem focused on enabling peer-to-peer vacation rental bookings. Spearheading the development of the Nite Protocol, the world’s first open standard booking protocol, Dtravel is bringing vacation rental bookings on-chain to solve many of the problems persisting in travel. Dtravel’s flagship product, Dtravel Direct, is already live and used by vacation rental operators across the globe who favour direct bookings over centralized marketplaces. In Q1 2024, Dtravel will be releasing the first AI-powered recommendation engine, saving travellers time and money discovering properties they can book directly with owners. The Dtravel ecosystem is powered by <a href="https://coinmarketcap.com/currencies/trvl/" rel="noopener noreferrer nofollow">$TRVL</a>, Dtravel’s native token used to reward growth, unlock utility and participate in governance.</p><h3 id="a-href-https-www-hyve-works-rel-noopener-noreferrer-nofollow-hyve-a"><a href="https://www.hyve.works/" rel="noopener noreferrer nofollow">Hyve</a></h3><p>Hyve is a decentralized autonomous ecosystem designed to address current challenges in the freelance and workforce market. Utilizing blockchain technology, Hyve significantly reduces costs, eliminates intermediaries, includes unbanked individuals, ensures transparency, and maintains safety, all within a decentralized framework. The <a href="https://coinmarketcap.com/currencies/hyve/" rel="noopener noreferrer nofollow">$Hyve</a> token plays a central role in this ecosystem, serving various functions including payment and governance. By leveraging blockchain, Hyve provides a community-governed platform that offers greater flexibility and efficiency compared to traditional freelance marketplaces.</p><h3 id="a-href-https-www-nride-com-rel-noopener-noreferrer-nofollow-nride-a"><a href="https://www.nride.com/" rel="noopener noreferrer nofollow">nRide</a></h3><p>nRide is a peer-to-peer ride-hailing protocol designed to connect riders directly with drivers, eliminating the need for a centralized company like Uber. By removing intermediaries, nRide can reduce fees, creating a more equitable platform for drivers and riders. Additionally, nRide is standardizing the way other ride-hailing applications connect with each other, creating a larger user base and fostering a more open and competitive marketplace.</p><h3 id="a-href-https-devourgo-io-rel-noopener-noreferrer-nofollow-devourgo-a"><a href="https://devourgo.io/" rel="noopener noreferrer nofollow">DevourGO</a></h3><p>DevourGO is emerging as a prominent player in the restaurant industry through their token-gated engagement technology. Transforming food ordering experiences and the way restaurants connect with guests, DevourGo allows users to unlock experiences through their native token, DevourPAY (<a href="https://coinmarketcap.com/currencies/devour-token-v2/" rel="noopener noreferrer nofollow">$DPAY</a>) and enables community-focused delivery and pick-up ordering services for restaurant brands of all sizes.</p><h3 id="a-href-https-drife-taxi-rel-noopener-noreferrer-nofollow-drife-a"><a href="https://drife.taxi/" rel="noopener noreferrer nofollow">DRIFE</a></h3><p>DRIFE is another decentralized ride-hailing service built on top of a blockchain-enabled auction protocol, empowering drivers and riders with more control over their rides. DRIFE is shifting ride-hailing from a commission-based structure to subscription model and enables the community to earn <a href="https://coinmarketcap.com/currencies/drife/" rel="noopener noreferrer nofollow">$DRF</a> for rides and claim franchise rewards through staking.</p><h3 id="the-promising-future-of-rws">The Promising Future of RWS</h3><p>The potential of RWSs and decentralized marketplaces is immense, particularly when considering the expansive and growing possibilities within DeFi. As blockchain technologies continue to mature, onboarding friction is eliminated and the legal frameworks around tokenization evolve, RWSs with their mainstream marketability are poised to expand significantly, potentially surpassing the achievements of the greater RWA ecosystem.</p><p>If you’re still not convinced, consider that many of the projects listed above are already making this a reality today with customers and revenue. For example, Dtravel has vacation rental operators all over the globe already using their infrastructure to process peer-to-peer bookings. One of the founding contributors to the Nite Protocol is a traditional PMS (property management system) who understands the need to embrace blockchain technology in order to get a leg up on competition. DRIFE has already completed more than 250,000 rides and DevourGO has a website and app where you can order any food you want in the United States.</p><p>The times are changing quickly. Don’t ignore this sector, because you’ll be using these tokenized and blockchain-based services much sooner than you think.</p><h2 id="header-5">Conclusion</h2><p>Real World Services (RWS) are not just an extension of the RWA narrative, but a significant leap forward in the way every single person in the world could interact with blockchain technology. By addressing real-world challenges in service sectors like vacation rental bookings and ride-hailing, RWSs demonstrates the potential for mainstream adoption. The future of RWS, riding on the success of RWAs, signals a new era of synergy between DeFi and traditional finance, promising greater efficiency, flexibility, and inclusivity.</p>

The Potential of Real World Services (RWS) in Blockchain: A New Era Beyond Real World Assets (RWAs)

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Dtravel

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