Camino Network, The Web3 Travel Ecosystem Blockchain, Launches Its Mainnet
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Zug, Switzerland, May 4, 2023, Chainwire
Chain4Travel, the Swiss startup building a blockchain-based infrastructure for the travel sector, has announced that the mainnet of the web3 travel ecosystem Camino Network is now live, supported by a number of major industry brands.
The Camino Network is a public and permissioned Web3 blockchain for the global travel industry that anyone can build upon. 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 poised to create real value for the web3 area as a whole. Operated, maintained and governed by a Decentralized Autonomous Organization (DAO), the Camino Network is a consortium blockchain made up of dozens of major tourism 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 before 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 serve all participants equally. With the Camino Network, participants in the travel sector 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 to streamline processes such as payment and reconciliation, or completely new products including loyalty programs and exchangeable prices.
“The Camino Network will revolutionize the global travel industry by providing both travel businesses and travelers with the full potential of web3 technology. 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 and strategy, Coinbase EMEA.
The Camino Network has been up and running in the testnet since the 2nd quarter of 2022 as part of an extensive testing process before it was put into operation. The process included an external audit of the source code, smart contracts and infrastructure components by cybersecurity specialist Hexens, which previously audited the Polygon network, 1inch and TON among many other projects.
“Together with the released bug bounty program, we support the comprehensive security approach of the Camino team on their way to deliver a fast and secure solution for their users,” said Vahe Karapetyan, CTO and co-founder of Hexens.
More than 80 prestigious names in the travel industry, including for example airlines, technology providers and operators, have signed up to act as trusted validators for the Camino Network. Each validator is required to stake 100,000 CAM to participate, and receive equal voting rights over governance matters. An initial group of these validators are participating in the mainnet soft launch to test and validate the network and the first dApps it supports in the real world. Once this testing phase is complete, the remaining validators will be rapidly onboarded, 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’s blockchain and is supported by more than 120 industry supporters and SFR 10 million in funding. Camino Network is powered by the Camino token, it provides the global travel industry with a versatile network to expand current business models and to create new tourism products that will delight travelers and business partners.
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Contact
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