Camino Network, The Web3 Travel Ecosystem Blockchain, Launches Its Mainnet
Zug, Switzerland, May 4th, 2023, Chainwire
Chain4Travel, the Swiss startup building a blockchain-based infrastructure for the travel sector, has announced the mainnet of its web3 travel ecosystem Camino Network is now live, backed by a host of major industry brands.
The Camino Network is a public and permissioned Web3 blockchain for the global travel industry that anyone can build on. It will transform the travel industry by enabling participants to build and deploy decentralized applications powered by smart contracts, ushering in a new era of travel-related products and services. With this approach, Camino Network is posed to create real-world value for the web3 space as a whole. Operated, maintained and governed by a decentralized autonomous organization (DAO), Camino Network is a consortium blockchain that’s made up of dozens of major travel industry players, including pioneering brands such as Lufthansa, Eurowings, Hahn Air, TUI, DER Touristik, and Sunnycars.
The global travel industry is one of the largest in the world, accounting for more than 10% of global GDP prior to the COVID-19 pandemic. Yet the industry is notorious for a slow pace of innovation stemming from its reliance on decades-old, proprietary technology platforms and a myriad of bilateral licensing agreements. To accelerate digital transformation in the travel sector, the industry requires a complete technological overhaul, with next-generation decentralized applications and services built on global, open and shared infrastructure that serves every participant equally. With Camino Network, travel sector participants will have access to an industry-owned blockchain that empowers peer-to-peer business while fostering greater collaboration and innovation. Many dApps are already being built on the network in order to streamline processes such as payment and reconciliation, or completely new products including loyalty programs and retradeable rates.
“Camino Network will revolutionize the global travel industry by empowering both travel businesses and travelers with the full potential of web3 technologies. This approach could also bring significant additional interest to the overall web3 space, as it demonstrates new, real-world use cases that go beyond financial services,” said Peter Stilwell, Head of Business Operations & Strategy, Coinbase EMEA.
Camino Network has been up and running in testnet since Q2 of 2022 as part of an extensive testing process prior to its go-live. The process included an external audit of its source code, smart contracts and infrastructure components by the cybersecurity specialist Hexens, which previously audited the Polygon network, 1inch, and TON among many other projects.
“Along with the released bug bounty program, we firmly support the comprehensive security approach of the Camino team on its way to delivering a fast and secure solution for its users” said Vahe Karapetyan, CTO and Co-Founder Hexens.
More than 80 prestigious names in the travel industry, including, for instance, airlines, technology providers and operators have signed up to act as trusted validators for Camino Network. Each validator is required to stake 100,000 CAM to participate, receiving equal voting rights over governance matters. An initial group of these validators is taking part in the soft launch of the mainnet in order to test and validate the network and the initial dApps it supports in a real-world setting. Once this testing phase is complete, the remaining validators will be onboarded rapidly, ensuring the network is ready for prime-time by June 2023.
About Chain4Travel and Camino Network
Chain4Travel is the initiator of the Camino Network, the travel industry blockchain and is backed by more than 120 industry supporters and SFR 10 million in funding. Camino Network is fueled by the Camino token, it provides the global travel industry with a versatile network to expand current business models and to create new touristic products that will delight travelers and business partners.
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