What is JetSet?
JetSet is a global marketplace and ecosystem powered by the JETS token. It is an end to end network that supports the traveler in multiple ways, starting from booking flights and accommodations to helping them withdraw fiat currency in their destination country. We will be deploying a physical network of terminals called Hubs and Spokes that supports a traveler during their entire trip. We are more than just a place for travelers to book and buy things pretrip– we support the traveler from the time they book their flight to well after they’ve returnedhome and are unpacking their bags.
When a traveler is stepping off a long flight in a foreign country, they often don’t have many tools readily available to them. Cell service is dependent upon their home country’s cell plan, and services directly available to them at the airport are often overpriced. As mentioned earlier, foreign currency is one of the biggest and costliest hurdles. With the JetSet platform, we can eliminate those immediate off-the-plane hurdles.
When a user signs up for a JetSet account, they deposit money into their account in several ways.They can use an ACH transfer, use cryptocurrencies such as Bitcoin, Ethereum, or Stellar, or their credit and debit cards. Tokens are purchased and deposited immediately through the desktop app or mobile app, with a confirmation email sent to the user.
Once a traveler is in their country, they can obtain currency through two channels:
1) From a Hub station at major transportation stations and city centers
2) From a Vendor utilizing our Spoke Station
These options all give the traveler a great deal of flexibility when it comes to getting what they need on demand with a large footprint globally.
Users will be able to find locations in real-time that accept JETS tokens as well as Hub and Spoke stations via the smartphone app. Hub stations will provide access to the JetSet network, allowing travelers to withdraw cash, book travel, and get news and weather updates giving travelers information without the need for cell service. Travelers can withdraw cash at their destination with only a 1.5% transaction fee.
Furthermore, should a traveler have any leftover physical fiat currency, they can deposit it back into a Hub station and that money is put back into their JetSet account which can then be sent back to their bank account.
All of this will happen on the JetSet blockchain, a publicly available and immutable ledger. Refunds, adjustments, and credits will all be available for users to see should the need arise, with the security of knowing each account is tied to a real person or business. In the travel world, trust is everything and we want to build a global community around that.
Let’s take a deeper look into how the ecosystem functions as a whole. There are four components that operate on the network: The Traveler, The Vendor, The Hub, and The Spoke.
The Traveler is the normal user who’s using JetSet to plan their trip. They will set up an account on the JetSet network, undergo AML/KYC verification for security and transparency, and be given the option to fund their account through a bank transfer, BTC, ETH, BCH, and credit/debit card. Those funds are logged in the JetSet blockchain to be utilized iwhen they spend their moneywith vendors who accept the token like any other form of payment.
If a user signs up on location at a Hub station, or on their phone mid-trip, they can utilize the network in a limited capacity until their verification is complete. This helps a traveler in a tough or last-minute situation and gives them access to fiat currency quick, while still getting the best rates, and with minimal risk to JetSet.
User can utilize their credit or debit cards to add funds to their accounts but with an additional processing fee tacked on to their first deposit. They can continue to add funds to their accounts in this manner in the future, but we provide them with the ability to fund an account via an ACH transfer for free, as well as accept major crypto currencies. Once the AML/KYC verification has been completed on the backend, the user will have an increased withdrawal cap in their JetSet account.
The Vendor is a merchant or small business who has gone through an extended AML/KYC and identity check, so they can act as another source of exchanging currency for travelers. In small, less urbanized areas, finding a reliable ATM, bank, or currency exchange can be a tough endeavor. Allowing a small business to act as one while still offering the best exchange rates at the lowest fees gives the traveler extreme flexibility, convenience, and empowers the Vendor to accept another form of electronic payment, saving them on processing fees they would normally pay to credit card providers. This is achieved through the Spoke – a hybrid POS / ATM machine which you can read more about here.