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The mainnet of the web3 travel ecosystem Camino Network has officially launched, as reported by Chain4Travel, a Swiss firm focused on creating a blockchain-based framework for the travel sector, backed by several key industry players.
The Camino Network is a public and permissioned Web3 blockchain designed for the global travel industry, allowing anyone to develop on its platform. By enabling users to create and implement decentralized applications powered by smart contracts, it aims to transform the travel industry and initiate a new era of travel-related products and services. This initiative seeks to deliver tangible advantages to the broader web3 ecosystem. Camino Network operates as a consortium blockchain governed, managed, and overseen by a decentralized autonomous organization (DAO), comprising numerous prominent stakeholders in the travel sector, including pioneering companies such as Lufthansa, Eurowings, Hahn Air, TUI, DER Touristik, and Sunnycars.
Prior to the COVID-19 pandemic, travel was one of the largest industries globally, contributing over 10% to the world’s GDP. However, the sector is often criticized for its slow pace of innovation, largely due to its dependence on numerous bilateral licensing agreements and outdated proprietary technology platforms. A comprehensive technological overhaul is essential for the travel industry to accelerate its digital transformation, necessitating next-generation decentralized applications and services built on a shared, open, and global infrastructure that benefits all stakeholders equally. Camino Network will provide the travel industry with a blockchain that is owned by its participants, facilitating peer-to-peer transactions while fostering greater collaboration and innovation. Numerous dApps are currently under development on the network to streamline processes such as payment and reconciliation or to introduce entirely new offerings like loyalty programs and retradeable rates.
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“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,” stated Peter Stilwell, Head of Business Operations & Strategy, Coinbase EMEA.
Since the second quarter of 2022, Camino Network has been functioning on the testnet as part of a comprehensive testing process prior to its launch. This process included an external audit of its source code, smart contracts, and infrastructure components by the cybersecurity firm Hexens, which has also evaluated several other projects, including the Polygon network, 1inch, and TON.
“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,” remarked Vahe Karapetyan, CTO and Co-Founder of Hexens.
Over 80 reputable companies from the travel industry, including airlines, IT firms, and operators, have pledged to act as trusted validators for Camino Network. In return for staking 100,000 CAM, validators receive equal voting rights on governance matters. A preliminary group of these validators is participating in the soft launch of the mainnet to test and validate the network and the initial dApps it supports in a real-world environment. The remaining validators will be onboarded promptly after this testing phase concludes, ensuring that the network is ready for full operation by June 2023.
