The tourism and travel industry generates more than $8 trillion in revenue annually, and Ariva (ARV) wants a share of this large market. The blockchain-based project aims to enable travelers to pay for everything from flights and hotel reservations to local products with their crypto wallets. This opens the possibility of using cryptocurrency for travel payments and increases the use cases for digital currencies. The platform, which is among the young projects in the blockchain space, was established in 2021.
Despite being young, the project is progressing rapidly. Ariva has already launched a travel reservation portal, a payment gateway, and a Metaverse. However, concerns exist about the project being a scam since the team behind it is anonymous. Smaller altcoins like ARV coin can be highly profitable if successful. In this article by Zatrun.com, we will answer questions about Ariva, such as what it is and how it works.
What is Ariva (ARV) and How Does It Work?
Ariva distinguishes itself from other types of cryptocurrencies by focusing on the travel and tourism industry. Ariva.World, a decentralised travel and tourism portal, is the platform’s main product. Users can make payments for travel reservations using cryptocurrency on Ariva.World. The portal also enables users to earn rewards in the form of cryptocurrency when they make reservations and contribute content such as travel reviews. The platform utilizes its own cryptocurrency called ARV coin for all of its products.
To facilitate adoption, Ariva also has a payment gateway called Ariva.Finance. This allows tourism businesses and online merchants to accept payments in various cryptocurrencies, including ARV, Bitcoin, and Ethereum. Most of the project’s offerings are related to real-world tourism. However, a travel Metaverse platform is also part of the ecosystem. Wonderland, an NFT-based platform, allows users to lease and purchase digital lands in the form of NFTs.
Ariva was launched on May 25, 2021. The team is not transparent about “showing their identities,” which is expected to establish investor confidence in the project. Therefore, nobody knows who is managing the project. According to an article published on the project’s blog page, the core team members include a company with 20 years of global tourism experience, tourism professionals, and a research and development team. The team explains that they are hiding their identities as a precaution to not jeopardize decentralisation.
Ariva is hosted on the BNB Chain, which was launched by the Binance exchange. The platform rewards those who join and actively engage with it. For instance, when you leave a review for a business on the portal, you receive a cryptocurrency reward in return. Additionally, the platform provides a Metaverse that hosts virtual lands and acts as a bridge for cryptocurrency payments.
What is ARV Token? Is It a Good Investment?
ARV is the native cryptocurrency of the platform. This cryptocurrency works with the BEP-20 standard and is used for various purposes, such as rewarding users. ARV coin is designed as a convenient payment option for travellers and merchants. Therefore, you can pay for your trips advantageously with this cryptocurrency. If the project is widely adopted, travellers will be able to avoid the need to exchange money, thus saving on transaction fees.
Additionally, ARV coin is used to reward users within Ariva.World. For example, when you make a review about a hotel, share it or send feedback, you receive payment in the form of ARV coin. Since this cryptocurrency can be bought and sold through exchanges, it also allows you to make a profit.
Ariva is too risky to be recommended as an investment. Considering that the identity of those behind it is not disclosed, it may be a scam. Even if it is not, the project will face tough competition in the competitive tourism industry. The idea behind the project seems interesting. Travel and tourism are an exceptionally large market and cross-border payments are costly.
However, the problem is that the solutions offered by the platform are not better than what consumers already have. There are many payment cards that do not charge foreign transaction fees, and the best credit cards offer many additional benefits with travel rewards.
For most trips, all you need is a credit card without foreign transaction fees and some cash. Even if some merchants start accepting ARV coin, it is unlikely that many will accept crypto and not accept bank and credit cards. Therefore, while Ariva may be useful, it is not exactly necessary. There are many other cryptocurrency investments that do not have the disadvantages of Ariva.