Hello bro and sis... do you still remember Camino Network? now they have released their new whitepaper.Let's review together what the contents are like so we know how things are going and what's new in their project. let's Go..According to UNWTO, tourism is "a social, cultural and economic phenomenon which entails the movement of people to countries or places outside their usual environment for personal or business/ professional purposes." (UNWTO, n.d.) This industry is a global employer, with approximately 300 million jobs in 2022 and nearly 10% of global GDP in 2023, moving, serving, or accommodating billions of people annually. (Statista, 2023)Digital technology like blockchain, which is built on social (community), cultural (shared infrastructure), and economic (decentralized digital ledger) pillars can empower the travel industry, smart destinations and the connected traveller with shared digital infrastructure, seamless connectivity, enhanced security, unified data standards, efficient transactions, and as a result, a transparent and collaborative environment on a global scale.The Current State of TravelCentralized & fragmented supply chain Today's travel industry is characterized by a centralized and fragmented supply chain (Dawes, 2022), where multiple bilateral written contracts and proprietary APIs govern the relationships within. (Waldron, n.d.) This significantly reduces efficiency, speed, and security, with technical and legal barriers separating end customers from service providers. This complicates the creation of innovative business models, technologies, and products, slowing the industry's pace of innovation and its ability to adapt to evolving customer needs.Slow time-to-market The highly complex process of going to market, which includes pricing, terms and conditions, liability, and compliance, traditionally takes a long time in the travel industry. It further involves evaluating potential business partners, negotiating terms, obtaining legal advice, drafting contracts, exchanging sizeable escrow deposits or surety bonds, and implementing the technical connection. Thus, streamlining the agreement phase is critical for the travel industry to increase efficiency, accelerate business growth, and respond quickly to market demands. (SaMa, 2021; Pajorska, 2022)High transaction costs High transaction costs, as imposed by gatekeeping aggregation platforms, are pressuring players in the travel industry, especially given its low-margin nature. In the hotel industry, for example, commissions charged to hotels range from 15% to 45% of the booking value. Credit card fees additionally take up to 3% of the booking margin (Mondoux, 2019; Iacurci, 2023). As a result, microtransactions and services become less distributable, and these high transaction costs hinder the industry's profitability (Jaehning, 2021).Staff shortagesWorkforce shortages have become a pressing challenge in the travel industry, especially in the post-Covid era. As one of the largest employers in the world, the industry is facing a shortage of skilled personnel across all verticals. In the European Union, 11 percent of tourism jobs are likely to go unfilled, with some verticals like travel agencies or hotels more severely hit than others. In order to efficiently address the workforce shortage, it is necessary to implement cutting-edge technologies such as smart contracts and Artificial Intelligence (AI) to enhance automation in serving the customer. (WTTC, 2022a)Siloed, old tech systemsThe travel industry today is organized into separate technology systems (Stoffelen, 2019). Different service providers operate independently, each speaking their own technical language. A travel distribution company, for example, must maintain a multitude of clients to different APIs, with a variety of message formats, different data fields, conflicting workflows, and repeated mapping of data for each provider. The result is the maintenance of hundreds of suppliers, information, services, and payment APIs. Currently, there is no common standard to improve the efficiency of integrated communication across or within travel verticals to reduce implementation and maintenance costs. To create seamless collaboration within the travel industry, all market participants will benefit from interoperable systems, using a mutually agreed and efficient data standards for each travel vertical in a single network structure. (Škorić, 2022; Balasubramanian et al., 2022)Fraud and counterfeitingFraud and scams in the tourism industry have multiplied in recent years, largely due to the opening up of businesses via the Internet (TransUnion, 2021). For example, stolen credit cards are a serious problem, with online and chargeback cases exceeding $25 billion annually, accounting for 1-2% of total transaction volume (Juniper Research, 2020). Other types of scams, such as fake travel websites and account takeovers, are also on the rise. According to a report from the World Economic Forum in 2021, the direct influence of fake online reviews on global online spending is $152 billion (Marciano, 2021). Blockchain technology is emerging as a secure and reliable form of digital verification and authentication that increases the accuracy of identity verification processes by ensuring that all data is securely stored and up-to-date. As a result, blockchain technology reduces the risk of fraud and identity theft and increases overall cyber security. SustainabilityTourism contributed roughly 11 percent of global greenhouse gas emissions (WTTC, 2021). Consumers are also increasingly sensitive to environmental issues. Yet many travel companies are not transparent about their environmental impact or are not strengthening their sustainability efforts. While some are making individual efforts to create more sustainable travel, the industry as a whole needs to improve its sustainability record. Blockchain technology could help improve transparency, traceability, and confidence in data management (Webb, 2023).Introducing Tomorrow’s TravelThe vision To address contemporary and future challenges of digitalization, the travel industry embraces the vision of an ecosystem and global shared infrastructure called Camino Network, designed to meet today's and tomorrow's challenges. This infrastructure – a global future-proof travel operating system - fosters collaboration among travel stakeholders and removes the barriers of disparate data standards and processes. This evolution towards a more unified and dynamic B2B ecosystem represents an immense progression of the entire travel industry and helps the companies meet new evolving market demands.Challenges At the Camino Network Foundation, we aim to equip travel companies of all sizes worldwide, from industry giants to local tour guides, with equal access to advanced digital technologies like peer-to-peer messaging, seamless connectivity, data encryption, cross-border transactions, micropayments, and many others. We are committed to turning a highly fragmented travel industry into a united, community-driven ecosystem powered by a shared technological foundation of Camino Network.Layer 1 blockchain For the travel industryProject backgroundRalf Usbeck (CEO of Chain4Travel AG), Thomas Stirnimann (Council Chairman of the Camino Network Foundation), and Pablo Castillo (CTO of Chain4Travel AG) collectively have decades of experience as serial founders and high-level executives in the travel and tech sector.They have identified key challenges facing the industry and the emergence of new technologies, such as Web3/blockchain, that have been transformative in other industries. Travel is a $9 trillion global industry (WTTC 2022b). This size led them to create a vision to build a collaborative network based on blockchain technology called Camino Network and enable digital innovation for the global travel industry. After eight months of operation, the network is already trusted by over 170 companies in the travel and Web3 industries, companies that are actively building or exploring use cases. To carry out the development and implementation of Camino Network, Ralf Usbeck, Thomas Stirnimann, and Pablo Castillo decided to incorporate a Swiss company limited by shares in December 2021, called Chain4Travel AG.Chain4Travel AG was responsible for managing the development of Camino Network and raising the funds needed to carry it out. At the same time, and always with the vision of creating a network in which the participants could play an active role in the decisionmaking process, all the necessary steps were taken to create the Camino Network Foundation.Today, the Camino Network Foundation works to develop and improve Camino Network with the support of the Camino Network community and, in particular, Chain4Travel AG.Users of Camino NetworkCamino Network is transforming into a multifaceted platform, attracting various participants from the travel and technology industries. It began by focusing on innovators in travel technology but has grown to include a broader range of professionals. This expansion includes travel service providers like airlines and hotels, technology innovators creating novel solutions, analytics professionals utilizing data for better insights, financial and regulatory experts ensuring compliance, travelers, content creators, and brand advocates shaping the network's narrative and engagement. This diversification reflects Camino Network's evolving role in the travel industry.The Camino Network Foundation The Camino Network Foundation is an independent non-profit organization incorporated under Swiss law on May 15, 2023, with its registered office at Dammstrasse 16, 6300 Zug, Switzerland, and duly registered in the foundation register of Zug under number CHE- 376.609.933. The Camino Network Foundation is committed to bringing mainstream scalability and convenience to the development of Camino Network, which is operated by key market participants in the travel industry. VisionEnhancing travel technology for all MISSIONDeveloping the web3 travel ecosystemScope The main legal purpose of the Camino Network Foundation is to develop, promote, support, coordinate, educate, inform, and implement technological ecosystems using blockchain technology in the global tourism market. The Camino Network Foundation is primarily dedicated to supporting Camino Network, the first Layer 1 blockchain for the travel industry, built on a fork of the open-source Avalanche blockchain, as well as promoting a degree of decentralization within such a network. GovernanceFollowing Article 5 of the Statutes of the Camino Network Foundation, the Council consists of a minimum of three members who act voluntarily. The current members of the Council of the Camino Network Foundation, acting jointly for a term of two (2) years, are (i) Mr Thomas Stirnimann – Chairman and member of the Council, (ii) Mr Piotr Wójtowicz – Secretary and member of the Council and (iii) Mr Benjamin Usinger – Member of the Council.According to the Statutes, the Council of the Camino Network Foundation has the irrevocable functions to regulate the right of signature and representation of the Camino Network Foundation, to elect and appoint the Board of Directors, including the election of a Chairman and a Secretary; to elect the Auditor; and to approve the annual accounts. In addition, the Camino Network Foundation is responsible for managing the development and growth of Camino Network by taking all necessary management decisions. The Camino Network Foundation Council also ensures that all funds are used correctly and follow the roadmap. The use of funds is always specified in the Camino Network Foundation's transparency report, which is published every six months and explains the technical, financial, business, and legal development of the project. The Camino Network Foundation will rely on the Consortium of Network participants in the development of its activities, asking for their vote in some decisions (see below), considering that Camino Network was created for these participants and that their interests and/or opinions are particularly relevant for the Camino Network Foundation.Camino Network is backed by an open-source, public, and permissioned blockchain-based framework developed to meet the unique needs and challenges of the travel industry.Operated by a Consortium of validators who are rewarded for jointly running it, this network implements a fast and efficient L1 blockchain able to represent on-chain touristic assets, enable business-to-business transactions and payment of such assets and augment it with searching capabilities that make it able to support the traffic generated by the travel industry, where big players together generate billions of searches per day.Furthermore, it enables the porting or ex-novo building of dApps on this environment with minimal effort, thanks to its adherence to Ethereum Virtual Machine (EVM) standards and the composability of said dApps with other Web3 frameworks and artifacts generated on other blockchains.Consensus ProtocolCamino Network uses a customized consensus protocol known as Proof-of-Stake & Authority (PoSA).The PoSA consensus protocol is designed using distinct elements from both PoS and PoAFrom PoS, emphasis is placed on the importance of validators having a substantial stake in the Camino Network ecosystem, ensuring their vested interest in the network's successFrom PoA, the principle of having identifiable validators has been incorporated, ensuring transparency and trustworthiness.The result is a consensus mechanism that provides rapid, secure transactions and efficient energy consumption that still does not centralize validation or consensus. It also implements public blockchain checks and practices of PoS to avoid abuse or malicious takeovers that can happen in a heterogeneous environment, such as the travel industry.Key features of PoSASpeedCamino Network ensures subsecond immutable finality, enabling rapid and irreversible transaction confirmations.ScalabilityIt supports a high network throughput with minimal latency, adapting efficiently to the network's needs.Energy EfficiencyCamino Network's consensus is not computationally intensive, promoting a sustainable blockchain environment.Adaptive SecurityThe protocol is resilient against a multitude of attacks, such as Sybil attacks, DDoS attacks, and collusion attacks, thanks to its probabilistic nature‡. Even under adversarial conditions, consensus leans towards the desired state.Proof of Stake & AuthorityCamino Network's consensus is achieved through a system of repeated sub-sampled voting. When a node examines a transaction's legitimacy, it seeks the perspective of a randomly selected subset of validator nodes.The majority opinion sways the inquiring node's decision, which then continues this sampling process until consensus is reached over several rounds. This methodology echoes Avalanche's Snowball Algorithm, which is fundamental to the network's consensus process.In the absence of conflicts, consensus is rapidly achieved. On encountering conflicts, however, honest validators swiftly pinpoint and rectify them, ensuring only legitimate transactions gain acceptance while conflicting ones are discarded.Regardless of how many nodes are present, the algorithm remains scalable. The network always sends the same number of consensus messages, given that a node only consults a set number of other nodes in each query, irrespective of the network's size.Data integrity and structure are preserved using blocks, cryptographic entities that interlink transactions. A vote for a block implicitly supports its preceding blocks.Camino Network's consensus leans towards probabilistic safety. Unlike some systems where block confirmation can be reversed (Walker, 2022), here, transactions are finalized within seconds, providing both certainty and speed.The PoSA consensus mechanism ensures the security and efficiency of Camino Network. The approach also supports the aim to establish a democratic ecosystem where every participant, through equal voting rights, collectively shapes the network's future, regardless of its size. This establishes the 'Authority' component in the Proof of Stake & Authority system, where each validator is both known and verified. The democracy of the system is further amplified by the fact that participants are requested to be known entities and to bond an equal amount to validate and are thus rewarded equally, hence enforcing attribution of actions and avoiding the ecosystem leaning towards oligopoly or formation of sub-alliances among validators.KYC & KYB On Camino NetworkEnsuring Trust and SecurityIn the evolving landscape of digital transactions, ensuring user authenticity and security is paramount. Camino Network executes rigorous verification processes to uphold these standards. By implementing Know Your Customer (KYC) and Know Your Business (KYB) verifications, Camino Network aims to foster a secure, transparent, and trustworthy user environment. These processes are not just about compliance but are integral to the network's vision of becoming the environment of reference in which business transactions among travel players will happen.What is KYC?KYC, which stands for "Know Your Client/Customer," is an important process that verifies the identities of individuals or businesses engaged in financial or commercial activities. This regulatory mandate, prevalent in many countries, is designed to counteract illicit financial activities, including money laundering and the financing of illegal operations.What is KYB?KYB, which stands for "Know Your Business," is a term and concept related to compliance and due diligence in the financial industry. It parallels the established KYC process within Camino Network, which is used to verify the identity of customers, but for businesses. Also, it relates to ensuring that who transacts on Camino Network is who they claim to be, that no-one performs any phishing of known names in the industry, and that the paperwork related to establishing a contractual link in the network is reduced to a minimum.How it worksCamino Network has streamlined this process by offering a user-friendly interface via the Camino Wallet, allowing users to initiate and complete the verifications seamlessly.To simplify and optimize the KYC/KYB verification process, Camino Network collaborates with experienced third-party suppliers to handle the document verification process.These partners ensure that the document authentication process is swift, reliable, and secure. The platform retains user document copies encrypted on GDPR-compliant servers, safeguarding against potential data breaches. On the Camino Network blockchain, only the wallet address verification status is recorded without storing any personal information.KYC process To achieve KYC verification, users are required to provide identification documents, such as passports or ID cards, and undergo a liveness check to confirm their physical presence.KYBprocess The KYB verification process involves assessing a business's legal stance, evaluating its ownership dynamics, and ensuring it is not affiliated with prohibited entities or activities. This includes checking various credentials, such as registration details, tax identification, and essential business licenseKYC & KYBWhy is KYC/KYB essential on Camino Network?The Camino Network is not immune to potential misuse by malicious entities. Therefore, KYC/KYB becomes important to fortify against fraudulent actions and maintain the integrity of the network for all travel experiences.In addition, opting for external validation allows travel companies to bypass lengthy contracting cycles and paperwork, making business interactions more efficient. The network provides trust, allowing everyone in the Camino community to work together seamlessly.Who requires KYC verification on Camino Network?Certain activities on Camino Network, like deploying smart contracts, require users to have a verified status through KYC procedures. Additionally, some dApps on Camino Network may exclusively serve verified users, a decision left to the discretion of the dApp developers. Any other activity, such as transferring funds or interacting with regular smart contracts, does not require verification.Who requires KYB verification on Camino Network?Certain activities on Camino Network, like joining the Consortium or providing certain types of travel products or services, require users to have a verified status through KYB procedures. Additionally, documents related to KYB can be rendered accessible to parties participating in a transaction, upon their acceptance.The Consortium: Validators & governanceCamino Network is operated by a Consortium of travel industryrelated entities (the "Camino Consortium"). This structure ensures that each member has a vested interest in the success and sustainability of Camino Network.Consortium members contribute to the network by providing a validator node and securing and validating transactions. In return for their services, they receive an equal share (30%) of the transaction fees as a reward.The principle of validator equality is central to the Camino Network's governance philosophy. Regardless of their size or influence in the broader travel industry, every validator must bond the amount of 100,000 CAM. This creates a level playing field and ensures that each validator has an equal vote, an equal bond, and an equal role in the network's decision-making.Companies who want to join the Camino Consortium undergo an application process to become validators. Transparency is key: all applicants must fully disclose their identity via a KYC and KYB verification, plus a vote by the existing Consortium members who will judge whether a business is relevant to travel and can thus bring value to the industry at large, as members will, in turn, decide on industry-affecting matters, such as the shaping of standards.Governance systemAt the heart of the Camino Consortium's governance system is the principle of equal representation for all active members, specifically defined as those having a running validator. Each validator is granted a single vote. This structure ensures that voting power cannot be increased by holding more Camino tokens or by increasing one's bond. The resulting democratic framework ensures that all active members have an equal voice and that decisions are made by consensus and majority rule.In the governance system, core decision-making is based on a simple majority rule: a proposal is ratified if it garners over 50% of the votes and if more than 50% of the total eligible voters participate in the voting process.However, the nature and implications of these decisions will vary significantly. Proposals that necessitate immediate changes to the network, such as modifications to the base fee or the induction of new Consortium members, will be executed directly on the blockchain once a majority vote is achieved.These are explicitly categorized as "Executive Votes" in the table below. On the other hand, some decisions, although still formalized through on-chain voting, do not directly alter the blockchain's state.Instead, these votes result in mandates or directives for subsequent off-chain actions. For example, decisions on the roadmap or grant programs are collective expressions of intent, which entrust specific followup tasks to the Camino Network Foundation for implementation.Camino Token UtilityCamino token (CAM)The Camino token (also referred to as "CAM") is the native token of Camino Network, facilitating transactions and incentivizing participation in the Consortium.On April 26, 2023, 900 million CAM tokens were minted by Chain4Travel AG on behalf of the Camino Network Foundation. The CAM tokens are under the full control of the Camino Network Foundation, although they were initially distributed by Chain4Travel AG for the exclusive purpose of developing and promoting Camino Network.As an essential component of Camino Network, the CAM token serves several fundamental functions and roles within the ecosystem.Transaction utilityCAM tokens are used to pay various transaction fees within the network.ValidatorsA validator is a participant who operates a node on Camino Network and, as such, validates new transactions. To act as a validator, a participant in the ecosystem must "bond" a fixed amount of 100,000 CAM tokens to secure the network and validate transactions. Unlike some other blockchain networks, such as Avalanche, Camino Network does not use slashing and delegation mechanisms.Instead, the bonding mechanism enhances the security of the network and ensures the commitment of the validators. The validator independently defines the period of his validator activity, and consequently, during this period, his CAM tokens are non-transferable and cannot be "unbonded". Neither the validator nor the Camino Network Foundation has the authority to unbond the corresponding CAM tokens before the expiration of the bonding period. After the bonding period expires, the tokens become freely transferable again.Proposal creationTo initiate proposals for voting, it is mandatory to bond 2,000 CAM tokens.PaymentCAM tokens can be used as currency to conduct purchases in Camino Network, in addition to other payment options such as stable coins or Central Bank Digital Currency (CBDC).Legal classificationGiven the functions of the CAM token described above, the Camino Network Foundation has requested legal opinions to qualify its legal nature by Swiss law and European regulations, in particular, Regulation (EU) 2023/1114 on markets in crypto-assets ("MiCAR")Per Swiss legislation, the CAM tokens fall under the legal qualification of a hybrid token, considering they may be deemed a payment token (means of payment) and a utility token (access to a specific product or service)Per EU legislation, under MiCAR, the CAM token is neither considered an e-money nor an assetreferenced token due to the lack of backing with FIAT money or a combination of different assets; it is a utility token that serves as a protocol-specific transaction fee vessel and key to network validation.Both legal qualifications are paramount, ensuring that the CAM token is not classified as a security by legal standards (i.e., CAM tokens do not represent assets such as debts or capital requirements of Camino Network, nor do they guarantee a share in the Camino Network Foundation or the Camino Network’s future income or future capital flows. CAM tokens cannot be regarded as analogous to stocks, bonds, or any derivative financial instruments. Therefore, CAM tokens cannot be considered a financial instrument).This multi-dimensional utility ensures that the CAM token is integral to the entire ecosystem's operation and growth while strictly adhering to legal classifications. Additionally, the Camino Network Foundation is constantly adapting to regulations according to a risk-based approach.Finite supply and granularity: The native asset on Camino Network is nCAM (abbrevi ated as "nano CAM") and aCAM, short for "atto CAM," on the EVM chain. These assets provide fundamental utility within the ecosystem. The CAM token, representing larger value aggregates, maintains a hard cap to ensure scarcity and mitigate inflation risks.For more granular transactions and precise value representation, nCAM and aCAM are used as smaller units of account. While 1 CAM is equivalent to 1,000,000,000 nCAM, it is also equal to 1,000,000,000,000,000,000 aCAM (10^18 aCAM). This system of nCAM and aCAM enables the network to handle a wide range of transaction sizes, from microtransactions to larger transfers, with high accuracy and efficiency.Transaction Fee MechanicsTransaction fees Transaction fees on Camino Network are primarily determined using a consistent base fee. However, this is not a static design. The Consortium has the authority to adjust the base fee through a collective vote.This mechanism empowers the Consortium to promptly respond to any fluctuations in the CAM token market price, as maintaining low base fees is paramount in a low-margin industry such as travel. The viability of many use cases is directly derived by low fees that enable transacting entities to maintain their margin percentage on transactions. This makes Camino Network adaptable while prioritizing cost-effectiveness in transactions.Distribution of transaction feesThe distribution of transaction fees is essential for the smooth operation of Camino Network.These fees remunerate validators for their services and feed into the dApp incentive pool, which will be allocated by the Camino Foundation to encourage development and participation in the ecosystem, such as assigning grants to relevant projects. In addition, to strengthen the intrinsic value of the CAM token by increasing its scarcity, a certain segment of transaction fees will be routinely "burned". At launch, the specific distribution of how transaction fees will be allocated is presented as follows:Distribution detailValidators continuously accrue their rewarded share of transaction fees according to these percentages while they are active.The system is more tolerant than others who require validators to be online at all times because there are several measures at the consortium’s disposal in order to deal with validators not keeping their nodes online for a significant amount of time, with the ultimate option of an exclusion vote. Accrued rewards are claimable at any time.Camino Application SuiteCamino Network introduced an Application Suite designed to strengthen its ecosystem by providing essential tools such as a Wallet, Explorer, and Partner Showroom. This Suite is a web-based front-end that allows non-technical users to interact with the chain for mostly business- and financial-related operations without the need for direct smart contract calling. It also serves as a reference implementation, encouraging and guiding partners in the development of their dApps tailored to Camino Network.Camino WalletThe Camino Wallet, designed with an intuitive user interface, offers the foundational features users anticipate from a cryptocurrency walletTransactions: and receive CAM, do cross-chain transfers, support for ERC20, ERC721 and ERC1155 tokens, sign multi-sig transactionsEnhanced security: Safeguard assets using mnemonic phrases, keystore files, and integrations with reputable hardware walletsValidator management: Register nodes, affiliate with validators, monitor uptime, and claim due rewardsDeposits: Engage in CAM deposits to capitalize on rewards from savings pools Asset oversight: Manage an array of digital assets, from NFTs to custom tokens.Sustainability TrackerWith environmental responsibility in mind, the Camino Explorer provides critical carbon dioxide emission statisticsEmission insights: View daily emission rates, emissions per transaction, and the carbon intensity factorEco-awareness: Empower users to gauge and understand their individual and collective impact on the global climate crisis.Partner ShowroomThe Camino Suite includes a Partner Showroom, a section where Consortium members can showcase their products by uploading images and text descriptions, and where anyone can see the status of their KYB validation and Validator node, if they have one, as well as which message types they support for interacting with other members via the Messenger.Camino ExplorerThe Camino Explorer equips users with the capabilities of a standard crypto block explorerTransparency: Access detailed information on blocks and transaction specifics Validator overview: Visualize all network validators, with geolocation features displaying their global positions and uptimesAnalytics: Study detailed graphs that show historical transaction trends and statistics.Consortium VotingIn the Consortium section of the Suite, users have visibility of all upcoming, voted for with relevant outcome, and the complete archive of Voting proposals. Consortium members are also able to vote here on current proposals.Technology stackLeveraging the robust framework of Avalanche technology, Camino Network's design emphasizes efficiency and versatility with an architecture that features three distinct chains, each tailored to its unique operational domain. To further customize the behavior of the Avalanche chains to be more applicable to a consortium environment, Camino Network also adds a fourth chain dedicated to touristic transactions and off-chain search capabilities at scale implemented by Camino Messenger.This section describes each of the chains in detail.The Platform Chain (P-Chain)As in Avalanche, the P-Chain operates as the network's metadata blockchain, primarily managing validators, staking, and tracking active subnets. It also enables the creation of new subnets within the Camino ecosystem.This chain is an instance of the Platform Virtual Machine tailored for platform-level operations. It ensures a linear progression of transactions and states on the P-Chain, providing consistency and reliability essential for the network's governance and operational processes, so it is where administrative and coordinated transactions run. Its primary functions includeManaging validator activity, ensuring network integrityFacilitating bonding processes, giving participants the tools to lock and bond their tokens securelySupporting Consortium’s voting proposals, driving consensus and operational harmony across Camino Network.In addition, the P-Chain in Camino has been customized to support multi-sig Unspent Transaction Output (UTXO). This feature enables signatures to be collected to confirm transactions, such as sending tokens, voting on proposals, or starting a bond to activate a Validator or a Deposit KYB certification. In most cases, a business requires its multiple approval steps to be mapped on-chain to correctly port their corporate processes for important decisions or high-value transactions on Camino Network.The Contract Chain (C-Chain)The C-Chain, as an implementation of the Ethereum Virtual Machine (EVM), is key to Camino's compatibility with Ethereum's ecosystem. It allows developers to deploy smart contracts and decentralized applications using Solidity, Ethereum's programming language.The C-Chain's API, supporting Geth's API, facilitates a seamless transition for developers from Ethereum or other EVM-compatible chains, such as Polygon, to Camino Network. This chain is an instance of the Coreth Virtual Machine, focusing on smart contract operations and dApp functionalities. As in Avalanche, it is integral in fostering interoperability and developer engagement within the Camino Network.It is characterized by itsSupport for widely recognized standards, including ERC-20 (fungible token), ERC-721 (non-fungible token), and ERC-2771 (meta transactions)Well-known addresses that can be called on-chain to receive information about Consortium functionality, including KYC and KYB address certification statusSeamless transition and integration capabilities, allowing dApps and Solidity smart contracts from other EVM-compatible chains to be effortlessly onboarded.Developers will find a familiar environment here, with Camino Network's comprehensive support for established development tools like Remix IDE, Solidity, Vyper, Truffle, and Hardhat. The only difference is that addresses interacting with the chain for deployment need to be KYC-verified prior.Technology Stack The Exchange Chain (X-Chain) As in Avalanche, the X-Chain uses a Directed Acyclic Graph (DAG) structure, enabling efficient transaction processing. A DAG allows transactions to flow in one direction without cycles, making it suitable for handling complex transactional data and facilitating concurrent processing of non-conflicting transactions and high throughput. However, the partial ordering of the DAG complicates integration with complex functionalities, so its primary utilization is the transfer of tokens among Camino users. The X-Chain's unique architecture represents a blend of innovation and complexity, marking its distinct role in the Camino ecosystem.In a nutshell, it offersSwift transaction processing: The acyclic nature of DAG enables parallel transaction confirmations, boosting the speed of asset creation, management, and exchangeEnhanced security: By design, DAGs deter double-spending attacks, as transactions are affirmed by their subsequent ones, fortifying the chain's integrityEfficiency: The X-Chain’s DAG structure reduces redundancies, ensuring smoother and faster transaction pathways.The Travel Chain (T-Chain)On top of the three chains derived from Avalanche, Camino adds components and protocols to build new sourcing and distribution tools for travel companiesA fourth chain, the T-Chain, where T stands for Travel, of course, performs incentives calculations for messaging and storageThe Camino Messenger, a decentralized communication platform designed with the specific needs of travel companies in mind, provides them with a unified platform for seamless interactions.Together, they implement an innovative way for the search and book funnel commonly utilized by the travel industry, where the search happens in an off-chain environment that can scale to internet-size traffic volume (billions of searches per day).However, the surrounding on-chain infrastructure still enables authentication of interacting parties thanks to KYC, KYB and per-search on-chain micropayments. Booking then takes place on the blockchain, where the booked inventory is minted as a digital asset, and as a digital asset, then lives, is owned, and paid for on-chain.The Camino MessengerMessenger’s decentralized foundationPrioritizing security and efficiency, Camino Messenger operates on a decentralized communication system. It utilizes the Conduit Matrix Server as a compact and efficient chat server component.Conduit is an open-source server built on the Matrix Specification and is known for its easy setup and minimal system requirements. The Matrix Specification, in turn, describes the protocol of an open network for secure and decentralized communication.Developed in Rust, Conduit is notable for having a light footprint due to its single-binary design with an embedded database, offering faster performance compared to other server implementations. It enables secure, decentralized communication across different home servers, with the capability to bridge with external platforms. Conduit is ideal for quick deployment in diverse environments, particularly where simplicity, speed, and low resource utilization are key requirements.Bot as the on/off-chain glueThe Camino Messenger Bot embeds the T-Chain client and the Matrix client, extending the latter byEnabling login by Camino blockchain addresses associated with distributors and providersAssociating micropayments to calls based on a cheque/cashout logic, taking into account SLA enforcement on message exchangeProviding high availability and redundancy across servers deployed alongside blockchain nodesMinting NFTs for bookings.While being currently implemented on the Matrix communication protocol and Conduit server, Camino Messenger’s design embraces adaptability, allowing for potential transitions based on future technological advancements. Such transitions will happen at no further integration cost for the surrounding distributor and supplier’s systems: the Bot is designed to hide the Messenger internal structure and even any T-Chain access from calling systems that should not concern themselves with internals but only with translating their message into the Camino Messenger protocol.Camino Messenger protocolMessages are exchanged between distributors and providers of touristic inventory with the "Camino Messenger Protocol," a pioneering standard in travel communication developed using the robust and efficient Protobuf (Protocol Buffers) system.Protobuf, a cutting-edge technology created by Google for structuring and serializing data, ensures that messages sent between travel businesses are lightweight, fast, and accurately structured and interpreted, resulting in more reliable and efficient communication compatible with the traffic volumes generated by the major travel industry players.Whether it's regarding sharing availability, rates, or specific travel package details, this protocol ensures that all necessary information is communicated rapidly in a clear, consistent, and reliable format.This is opposed to messages in the travel industry currently exchanged using verbose APIs and loosely enforced standards, often customized on a one-to-one basis. Capabilities discoveryMessage standards are established and voted on by the Consortium members. Bound to the Partner Showroom, a configurator enables partners to describe which message standards it implements and relevant meta-information such as credentials to access legacy APIs, cost of calls, etc.Redefining touristic interactions and standards with Camino MessengerSpecifically engineered for the travel industry's unique demands, T-Chain and the Camino Messenger offer a streamlined approach to travel-related transactions and communications and implement a decentralized communication platform providing travel companies with:Search: OTAs can effortlessly discover diverse touristic products, simplifying their sourcing process.Book: Experience administrative frictionless burdens booking, reducing and confirmations. ensuring immediateSetup: Designed for businesses, Camino Messenger offers an intuitive interface, facilitating quick onboarding and hassle-free operations.Decentralized foundation: Prioritizing security and efficiency, Camino Messenger operates on a decentralized communication system.Protobuf-powered messaging: Reliable and efficient communication, vital in the fast-paced travel industry. By employing a structured and universally recognized communication standard, Camino Messenger Protocol greatly reduces the possibility of misunderstandings and errors. This heightened reliability is crucial for maintaining the integrity of transactions and collaborations in the travel domain.Streamlining operations and reducing cost: With a standardized way of exchanging information, companies can spend less time on clarifying details and more on developing their products and services. Moreover, the efficiency brought by this protocol translates into reduced operational costs, benefiting businesses of all sizes.StandardsThe Camino Foundation is engaging Consortium members to collectively define standards for the payload of message types coded in Protobuf and transiting on the Camino Messenger. Standards are proposed by groups of members, expert in specific areas, and then approved by the Consortium with a public onchain vote.At time of writing, the following message types have been defined:PartnershipHotel onlyFlight onlyFlight status information Entry requirements & Destination informationTickets & ExcursionVacation RentalProduct descriptions The message types that will follow are:PackageRaiCruise Rent a carTransfe Insurance … and othersBy integrating with the T-Chain, Camino Messenger not only leverages the chain's inherent strengths but also positions itself as the go-to platform for OTAs and travel businesses seeking to thrive in the digital age.Forking Avalanche and creating a L1 specialized for the travel industryDetailed technical analysis resulted in the selection of Avalanche as the base blockchain for Camino Network. Avalanche was chosen for its scalability and adaptability, features necessary for coping with the changing requirements of travel businesses.Additionally, its strong security protocols are critical in the travel sector, where safeguarding data and transactions is essential. Finally, code structure and documentation quality were also considered prerequisites for a smooth evaluation and incorporation of subsequent Avalanche evolutions.The subsequent step involved adapting Avalanche’s technology in order to meet the specific needs of travel and travel tech companies within Camino Network. The following table recaps in brief what sets Camino Network apart from “vanilla” Avalanche, as presented in the rest of this chapter (Ava Labs, n.d.)Quantum readiness of Camino NetworkAs the travel industry evolves with the tide of technological advancements, so does the infrastructure that supports it. Camino Network, rooted in the adaptable Avalanche architecture, recognizes the looming quantum computing horizon and its implications for cryptographic security. With this foresight, Camino Network ensures it is modern and future-resistant. Here is how Camino Network is positioning itself to be "Quantum ready"Modular and adaptive foundationForked from Avalanche, Camino Network retains its inherent modular structure. The platform is designed to support custom subnets, offering the freedom to incorporate quantum-resistant cryptographic solutions once they are mature and industry-tested. This modularity means that as the quantum landscape evolves, so can the cryptographic methods within our subnets.Commitment to future-proofingIn an industry as dynamic as travel, being prepared for the future is not just a perk but a necessity. Camino Network's foundational principle aligns with this. We emphasize constant evolution, ensuring we are not only in tune with current technological advancements but are also poised to integrate emergent cryptographic standards, including those offering quantum resistance.Customizable VM deploymentsOne of the cornerstones of our adaptability is the capability to deploy custom Virtual Machines (VMs). These VMs can be crafted to utilize post-quantum cryptographic algorithms. Any applications or platforms under the Camino umbrella using these VMs would be fortified against quantum threats, keeping travel industry data secure and robust.Collaborative research and developmentCamino Network is more than just a technological entity; it is a Consortium of industry stalwarts and visionaries. We actively engage with both the crypto-community and the quantum computing field. This collaboration ensures we stay abreast of developments and are primed to integrate quantum-resistant measures proactively.In conclusion, while "Quantum ready" and "Quantum-resistant" might seem interchangeable, they carry distinct meanings. Being "Quantum ready" is our pledge to the travel industry that Camino Network is equipped and eager to adapt to quantum challenges as they arise. The network is not just reactive but proactive, ensuring that the travel industry's blockchain infrastructure remains secure, resilient, and ahead of the curve.Token EconomyStructured with the dual goals of fostering development and incentivizing active participation, Camino Tokenomics aim to finance the network's continued development after seed funding. On April 26, 2023, 900 million CAM were minted with the technical collaboration of Chain4Travel AG's technical team and stored in cryptocurrency wallets (i.e. software or hardware that allows users to store and use cryptocurrency) located on Camino Network. The private password was managed exclusively by Chain4Travel AG for the execution and development of Camino Network.The management of the CAM stored in crypto wallets on Camino Network was carried out by Chain4Travel until the creation of the Camino Network Foundation.Some CAM token have associated rights for holders who have decided to proceed with their lock/bond. Recognizing the importance of active and trusted members, Camino Network has outlined rewards to incentivize long-term commitment.Web3 Use Cases For TravelDistributionTodayThe travel industry is facing a long-standing problem, namely the issue of technology fragmentation. The industry currently operates with a multitude of different and complex connections to business partners across the industry, reaching from airlines and car rentals to hotels.This makes processes complex and costly. Today’s travel industry functions via multiple distribution channels and API connections which create frictions, incur higher costs for connection, demand the integration of many different systems across the industry and thus require many “handshakes” to be made. The systems of today neither offer flexibility in terms of integration of new distribution channels nor information of changes to trading information.TomorrowThe introduction of Camino Messenger marks a groundbreaking shift in the travel industry's approach to direct distribution. With leading international hotel, flight and tour operators expressing a strong interest in this innovative solution, Camino Messenger is set to redefine the way information is exchanged in the travel ecosystem. Camino Messenger enables seamless, end-to-end encrypted messaging between partners without the need for prior contracts, complex IT projects or extensive due diligenceCamino Messenger's versatility also extends beyond pricing and availability data. For instance, it is able to perform tasks ranging from decoding hotel codes to providing comprehensive flight information being agnostic to the sent message. Camino Network offers a new way of peer-to-peer connectivity with a single API and global standard of travel data. This reduces the cost of travel distribution with blockchain technology. Smart contracts merge the reservation and payment into the same transaction and automate the process. This streamlines distribution processes and enables completely new trading models like C2B or even C2C. Ultimately, the multitude of possible applications and opportunities differentiates Camino Messenger from current processes as Camino Messenger paves the way for a true "connect to one, connect to all" solution.Payment and settlementTodayConsider the complexity of selling a single travel package. It requires navigating multiple systems, managing contracts, and coordinating with partners. Manual adjustments for cancellations result in additional losses, further squeezing already thin margins.TomorrowWeb3 technology provides a solution through smart contracts that automate these manual processes. Smart contracts ensure seamless payments, handle service confirmations, and can efficiently manage changes or cancellations. What's more, when a transaction closes, smart contracts automatically distribute commissions to third parties, simplifying the settlement process. It is easy to imagine the complexity of billing for a package tour operator selling through traditional travel agents or online affiliates. In any given month, a travel agent or affiliate must pay the tour operator for the bookings made in advance of the travel dates, for the correct amount of bookings, including all changes and updates.Once each booking and change is an on-chain transaction, this process is fully automated according to the smart contract. The blockchain stores the transaction details as a ledger, accessible to authorized parties as encrypted metadata or in a private store such as IPFS or Swarm.This process becomes even more complex when you consider that travel agents and affiliates also settle their commissions in the same month, but for the bookings that were traveled in the previous month. Again, the fully automated and transparent process is a huge efficiency improvement for both parties and eliminates delays in the transfer of substantial amounts due to disputes.And of course, the tour operator needs to pay for the flight, accommodation, transfer or car rental, and possibly ancillary services or excursions to various providers, which can again be fully automated in partnership smart contracts, eliminating (virtual) credit card fees, bank transfer fees, disputes, delays and manual workThe traveler's journey of tomorrowLoyaltyTodayLoyalty programs play a critical role in the travel industry, offering companies the opportunity to attract and retain customers (Murali et al., 2020). However, current loyalty programs involve a variety of time-consuming and ineffective approaches. For example, the process of adding partners to a loyalty program requires complex credibility checks and time-consuming due diligence. Airlines often distribute in-flight vouchers to a defined set of customers, incurring fees for each voucher regardless of whether it is redeemed.TomorrowBlockchain technology offers solutions for voucher and loyalty management in the travel industry. The solutions cover a variety of current issues and help make future processes more effective and efficient.On Camino Network, dApps and platforms are being developed where travel agencies can integrate customizable web widgets into their booking engines to include vouchers. These vouchers can then be sourced either through traditional Web2 APIs or directly as NFTs. Partners can be easily added and onboarded in a single transaction, providing a more efficient and secure process. In addition, the use of Non-Fungible Tokens (NFTs) can increase end-customer loyalty.PersonalizationTodayThe travel industry is undergoing a seismic shift toward personalization, a trend driven by rising customer expectations. Until now, the maze of APIs and manual processes, compounded by the complexity and cost of data coordination, has hindered the industry's ability to deliver true personalization.TomorrowThrough Camino Network's peer-to-peer connectivity, however, travel companies can now create customized products based on travelers' digital footprints derived from transaction histories securely stored in customers' crypto wallets. This innovative approach finally bridges the gap between supply and individual interests, search preferences and desires at scale.By combining the end user's transaction history and collected assets in their wallet with anonymous, AI-supported profiling, a new era of personalization is about to halt the exponential deterioration of look-to-book ratios and eliminate the need to search through thousands of irrelevant travel results to find those few interesting offers.IdentityTodayAlong the entire travel supply chain, the industry relies on identity verification to ensure travelers safety and security and comply with regulatory requirements. Besides the need for travelers to provide a vast amount of personal information to various parties throughout the travel process, the current process can be slow, inefficient, and vulnerable to fraud.TomorrowSelf-Sovereign Identity (SSI) enables individuals to create a digital identity, ushering in a new era of data management. It gives travelers more control over their personal information. They can choose what information they want to share with which organizations, from the bare minimum to their entire digital footprint, for the highest level of personalized experience. This reduces the need for companies to store sensitive records and reduces the risk of data leakage. In addition, the digital identity can be used to quickly to easily verify a traveler’s identity with various players and services throughout the travel process, such as airlines, airports and hotels.Risks, Security Measures and Mitigation StrategiesCamino Network, a specialized L1 blockchain dedicated to the travel industry, operates with the backing of the travel industry and the Camino Network Foundation. It underscores the importance of Know Your Customer (KYC) for all smart contract deployments and Know Your Business (KYB) for every validator. In doing so, the network seeks to forge a secure and compliant environment tailored for travel sector stakeholders.Risks associated with cryptoassets and technologyLike any groundbreaking technology, Camino Network and its associated crypto-assets are not entirely devoid of risks. These include potential technological vulnerabilities, fluctuations in crypto-asset values, and the evolving nature of regulatory landscapes. However, through our extensive security measures and vigilant risk mitigation strategies, we aim to address these concerns head-on, always safeguarding all stakeholders' interests.Security measuresCamino Network recognizes the criticality of robust security measures to safeguard its infrastructure and user assets. The following security measures have been implementedConsensus protocol: Employing a potent Proof of Stake & Authority (PoSA), Camino Network ensures blockchain integrity and immutability while negating the risks of undue centralization or malicious intrusionNetwork security: Best-in-class network security tools, like firewalls and intrusion detection systems, are in place. Regular security audits, combined with advanced monitoring tools such as Grafana, aid in repelling potential network threats, thus securing nodes and data transmission Security measures Camino Network recognizes the criticality of robust security measures to safeguard its infrastructure and user assets. The following security measures have been implemented Consensus protocol: Employing a potent Proof of Stake & Authority (PoSA), Camino Network ensures blockchain integrity and immutability while negating the risks of undue centralization or malicious intrusionNetwork security: Best-in-class network security tools, like firewalls and intrusion detection systems, are in place. Regular security audits, combined with advanced monitoring tools such as Grafana, aid in repelling potential network threats, thus securing nodes and data transmission Secure smart contract deployment: Enforcing KYC and KYB verifications for smart contract deployments reduces the probability of malicious intentions. This protocol fosters a sense of accountability and curtails the possibility of unauthorized actions.Risk mitigation strategiesIn addition to the implemented security measures, Camino Network employs a range of risk mitigation strategies to address potential vulnerabilities and challengesComprehensive auditing: Routine audits are conducted not just for smart contract codes but also for integral components of the infrastructure including 'caminogo', 'camino-node', and 'camino-wallet'. These evaluations are performed by third-party security experts proficient in blockchain technology, guaranteeing a comprehensive review of Camino's security ecosystem. For an in-depth insight into our most recent audit across these components, click here to access the complete audit report, illustrating our technological soundness and risk precautionsBug Bounty program: Championing a proactive security stance, Camino Network's bug bounty program incentivizes experts and community members to uncover and report system vulnerabilities, fostering ongoing platform refinementCompliance and regulatory frameworks: Camino Network adheres to established compliance and regulatory frameworks applicable to the travel industry. By integrating relevant regulatory requirements, such as anti-money laundering (AML) and counter-terrorism financing (CTF) measures, the platform aims to foster trust and ensure adherence to legal obligationsCamino Network complies with the regulations that apply to blockchain and crypto assets that are not directly related to the travel industry, but to the technology of Camino Network and the Camino Token (e.g. MiCA, FCA, US and UK regulations, etc.). Further, the Foundation ensures that all applications of the participating companies in Camino Network do not violate any regulations applicable to them and potentially have a negative effect on the reputation of the network.Have you missed out on getting CAM? You can check out the event below which will start on January 13th.https://app.questn.com/quest/859351525643243656Total amount of winners 250Total amount of CAM to be distributed 10000CAM#cryptonews #airdrop #CryptoJourney

TL;DR

The Binance Web3 Wallet is an innovative wallet for digital assets that combines convenience, security, and utility.

The wallet offers enhanced security through Multi-Party Computation (MPC) technology and a seamless user experience with access to Binance Bridge and other service providers, facilitating token swaps across different blockchain networks.

Users can explore the world of decentralized finance (DeFi) and decentralized applications (DApps) while also counting on dedicated 24/7 customer support.

What Is Binance Web3 Wallet?

The Binance Web3 Wallet, an integral part of the Binance app, is a user-focused cryptocurrency wallet that empowers users in the realm of decentralized finance (DeFi). 

With the Binance Web3 Wallet, users can easily access the world of blockchain and decentralized applications (DApps). The wallet provides a safe and efficient way for users to manage their digital assets, perform token swaps across different blockchain networks, earn yields, and much more.

How Does It Work?

Binance Web3 Wallet uses Multi-Party Computation (MPC) technology, which is an enhanced cryptographic security system that eliminates the need to store your private keys in a single location. The wallet uses MPC to create three “key-shares”, which are stored separately in your Web3 Wallet, cloud storage, and your device. The key-shares are also protected by your recovery password, which is solely known to you.

Key Features of the Binance Web3 Wallet

Easy to use

You can create a Binance Web3 Wallet in just a few seconds through the Binance app. Unlike other crypto wallets, with the Binance Web3 Wallet setup you don’t have to worry about seed phrases or private keys, making it much easier to use.

Convenience

Seamlessly connected to Binance Bridge and other service providers, the Binance Web3 Wallet facilitates easy token swaps across different blockchain networks while also ensuring the best rates and prices. Users can also explore DApps and generate yield with just a few clicks.

Security

The Binance Web3 Wallet offers important security features, including wrong address protection, and identification of potentially malicious smart contracts. When making transactions, the wallet will notify users when a token or blockchain carries a potential security risk. In addition, every transaction is controlled by Multi-Party Computation (MPC) technology, reducing the risk of single points of failure and ensuring the safety of your assets.

Self-custody

Encrypted by three “key-shares” and a recovery password exclusively known to the user, the Web3 Wallet allows complete autonomy over your assets.

Customer Support

Users can count on a 24/7 customer support service to ensure a safe and smooth experience.

How to Use the Binance Web3 Wallet

1. Log in to your Binance account in the Binance app and go to [Wallets].

2. Next, tap [Web3] and [Create Wallet] to get started.

3. Note that before you can start using the Binance Web3 Wallet, you will have to back it up and set a recovery password.

How to Backup Your Binance Web3 Wallet

1. On the Web3 Wallet initial page, tap [Back Up Now].

2. Connect the Binance App to your cloud storage account (iCloud or Google Drive).

3. Set a backup password and keep it safe. Binance cannot access or reset this password, so make sure you don’t lose it.

4. Back up your key on your cloud storage.

5. Done. Your wallet is ready to use. 

You can easily transfer funds directly from your Binance Spot and Funding Wallet to your Binance Web3 Wallet.

Further Reading

What Is Web3 and Why Does It Matter?

How to Send and Receive Tokens on Binance Web3 Wallet

Disclaimer: The Binance Web3 Wallet is an optional product. It is your responsibility to determine if this product is suitable for you. Binance is not responsible for your access or use of third-party applications (including functionality embedded within the Binance Web3 Wallet) and shall have no liability whatsoever in connection with your use of such third-party applications, including, without limitation, any transactions you dispute. Please carefully review the Binance Web3 Wallet Terms of Use and always do your own research.