Travel Sector to Benefit from Blockchain Tech – part 1

The blockchain technology is set to re-engineer the way businesses and transactions are done in at least 10 industry sectors worldwide.

As early as 2015 companies are now starting to slowly realize the potential of the blockchain technology and are now investing in ways that such potential could be harnessed.

In the next few articles, we will be exploring some of these industry sectors that are set to benefit from the un-tapped benefits of a blockchain.

The first industry we are going to discuss and one that has comprehensive impact worldwide is the TRAVEL and TOURISM industry.

How can the travel and industry sector benefit from the promises of the blockchain technology.

If you consider the backbone of the tourism and travel, they may be divided into at least 4 nodes where they need to act seamlessly.

  1. Payments –  without proper debiting procedures, thousands of hotels and destinations would not be able to operate and offer their unique packages to their travelers and guests.  Right now the form of payments being received are in the form of cash and credit/debit cards.

While cash can be considered “king of all payments” as no establishment would deny any cash-carrying tourists, it can also make traveling a little cumbersome if there are no foreign exchanges in sight (have you arrived at a destination at 3am only to see the CLOSED signs of Foreign Exchanges?).

Granted that there are Foreign Exchanges at the airports – but have you experienced having different monies in the form of different currencies as you catch your flight home.  You arrive at your destination and wonder what you are ever going to do with the singles in terms of Euro, Dollars and other denominations you have. 

Or if you are a credit card owner… the tinge of hesitation you go through as you encode the secret number online    as you check for the nth time if the website you are logged is not a phishing site ready to steal your credit card identities.

Or how you are sitting in a restaurant and you ask to pay for the bill and you give them your card, and how 15 minutes later you wonder what is happening to your bill (and your card!) if some thieves are already scanning your card through their smartphones.  One can get paranoid over these things as they are serious threat to your identity and possessions.

Or when you get home and see a bunch of  purchases done on your credit card – and you have to call your credit card provider to cancel those dubious purchases. In some countries, it is even more difficult to contest those purchases and you may even end up paying for them.

While credit card companies are beginning to find stringent ways to protect the credit card holders, it is not un-common practice that you need to call your credit card bank and tell them that you need to have your card pre-authorized so you can use them overseas.

I had to do just that and called Citibank and Eastwest bank as I was preparing for my trip to the US – it was done with one caveat.

My credit cards are all pre-approved but I was given a warning.  Should I lose my card or should it get stolen, all my purchases are considered approved.  Particularly in the US where they rarely ask for any form of identification when you use your credit card.  All of their credit card terminals no longer need any signature unlike most countries in Asia.  So a stolen credit card with the embedded chip would mean, all charges are pre-approved whoever uses the card. Talk of getting paranoid despite having a supposedly very secure mechanism in place.

Now consider the benefit of using this blockchain technology in your travel payments.

It would be fast and it would be very secure.  You can transact in the privacy of your room using your smartphone and your identity is very much protected.  The encryption  of the wallet address would be virtually impossible to copy through memory.  And the un-editable blockchain could easily show the contestable transactions should it ever occur.

The blockchain technology would benefit the travelers as end users, and the hotels and destinations as service providers.  The blockchain technology eliminates the need for any currency exchanges and the charges are no longer dependent on whether you are willing to be charged in dollars or pounds – as it is a currency in itself.

The future of the travel industry is about to change.

How you plan and prepare your travel arrangement would be largely and positively affected by the appropriation of this awesome technology called the blockchain.

Watch out for all these developments – as TOA is on its right track in pursuing these advantages.

PART 2 will be about Travel documentations and how blockchain technology would be an integral part of this critical aspect in the tourism and travel sector.

On TOA’s Hybrid Algorithm and Volume Reduction

TOA is a POW/POS Hybrid Algorithm

A cryptocurrency ( TOA) has its own blockchain to store all the transactions that occurred.

The different methods of algorithm are called POW and POS.

These algorithms are used to achieve consensus on which block will be added to the next blockchain.

A simple definition of PoW -(Proof of Work) and PoS (Proof of Stake)

  • PoW – requires proof that work of some kind occurred. In the case of Bitcoin, miners are required to do this work before any of their blocks is accepted by others.

– Proof of Stake  (PoS)- requires users that have a high stake at the currency (i.e. hold a lot of coins) to determine the next block. This has a high risk of some party achieving monopoly of the currency but there are several methods to prevent that (by allocating random stakeholders to agree on a new block, and others).

TOA as a coin is a hybrid of POW and POS.

POW was used to mine the genesis block. Then to make sure that the blockchain works properly, we let POW to work for the first 1000 blocks.

Though POW is good, it allows miners to get free coins by just using their laptops or computers. 

However, those coins kept in installed mobile wallets are not getting rewarded for keeping their coins.

So POS needs to be implemented, as the only way for you to get free coins is through actually owning coins.  The number of free coins you get is based on the number of coins you store in your Desktop wallet (Windows, MAC or Linux) based on its staking rate which for TOA is at 2%.

So even though we’re POW/POS, the POW phase is already over so the only way to mine it is through staking of POS.

Some coins have gone through this phase as well. Etherium ( ETH ) is on its way to having POS in their system coming from POW as its origins.

How about some of the coins?  What algorithm do they use?

Bitcoin, Litecoin and many others uses the PoW method.

NXT, BitShares and others uses the PoS method.

Ethereum uses PoW but is scheduled to change to PoS.

Peercoin uses a combination of PoW and PoS.

TOA IS A POW/POS HYBRID.

Additionally, some POW altcoins are shifting to POS due to several advantages of POS. TOA even at its infancy stage is now able to utilize the POS advantage.                      

ON VOLUME REDUCTION

  1. We do have 8.8 Billion total coins but only half of it can be used because we’re using the other half to secure the network.

2) Some coins especially those in POW suffered the 51% attack before.

In POW, the power is in the hands of the miners – because they’re the ones who confirm transactions while at the same time get free coins.

They can then sell these to the exchanges. 51% attack is a term commonly used when 51% of the total miners decide to edit the blockchain and force the remaining 49% to adopt to their blockchain. Their edited blockchain becomes validated because they are the majority coin holders. This means they can change their assets, balances and many more  – then the remaining minority miners simply accept whatever they do.

Such is a possibility in both POW or POS systems. But with POS, you’re promoting a regular user to be a miner via staking –  so if you want to have a 51% control of staking to be able to edit the blockchain,  you either need to buy the 51% volume of the coin or simply wait for the time where 51% of the staking power is owned by you. (or by a certain group of people with large volume of coins).

51% of the staking power is more likely to happen than owning 51% of the total volume – primarily because not all wallets stake the same. The different wallets ( mobile, online , exchange wallets and other modes of wallets) stake differently.

For example, the total volume of the coin is 1,000,000 and the coins in non-staking wallets are 400,000. That leaves the total staking power to be at 600,000 which means 50% staking power is only 300,000. So if they were able to gather rich users and totaled themselves to own 300,001 coins that would give them majority power already.

With this, they can edit the blockchain to their desire then force the remaining minority of stakers to accept their version.

This is also more possible because not all desktop wallets by regular consumers are always on  – meaning it creates less staking power , by the example above,  not all remaining 600,000 coins are staking, some of those wallets could be off and non-staking – giving the chance of 51% attack greater. Though this is uncommon and not very easy,  it has already happened to some coins.

So what we did was to keep the 51% of the coins to a couple of wallets that the public can monitor via the blockexplorer.

This 51% volume is in always-on systems to make sure that some 3rd party users won’t be able to conduct a plan to edit the blockchain to their advantage. So even if we have 8.8B coins, the only usable coin amounts to only 4.4B.

 

images sourced from googleimages.

TOA Trading on CCEX made easy for newbies!

TOA is a cryptocurrency designed to be used in Travel industry. Some of TOA projects involve a Cafe, a capsule-based Inn, an Online Booking site and many more. The idea is for you to be able to use your TOA on these systems  thereby presenting an efficient mode of payment that TOA users will surely enjoy.

TOA has 8.8 Billion coins, yes you read that right but only 49% are usable because 51% or the 4.43 Billion coins were sent to these 2 wallets (click here and here to view them).

These 2 wallets act as nodes to make sure that in the future no 3rd party group or organization will own 51% of the staking network. Owning such  may eventually allow them to edit the blockchain for their own good and agenda.

TOA has a low 2% inflation rate which will prevent flooding the market with too much new coins. Low inflation rate, stable network and great future plans lead to a very successful coin. We’re being traded in 3 cryptocurrency exchanges at the moment and these steps below show you how to trade in C-Cex if you don’t know how to do it.

1) Go to https://c-cex.com then enter your credentials. If you don’t have an account yet, click Create Account then fill out the required details.

2) Click on the lines on the left of BTC markets then it will open a drop-down menu. Click Balances.

3) Enter BTC in the search field if you want to fund Bitcoin to your account or type TOA if that’s what you want to fund.

Click on the Get new address if you don’t have a deposit address yet. The address is where you will be sending your funds so you need to simply remember to send it to the right address. You can only send TOA to your TOA deposit address and BTC to your BTC deposit address.

4) Once you already funded your account and ready for trading, click on Trade on the left side of the window.

5) For first time users, it will open the Favorites coins window for you to choose which coins do you want to trade to.

Just select BTC and TOA then hit Save.

6) Now, it will take you to the BTC-TOA Trading page. If not, go to this link.

7) Once your funds are already in, then feel free to buy or sell coins. If you sell TOA, you will receive BTC. If you want to buy TOA then you need to have BTC in your account.

There are 3 fields that you have to fill in the Amount to Buy/Sell, Price per TOA and BTC to Spend/Receive.

The price per TOA has a price in it already but you can edit it to whichever price you want to buy/sell your TOA. Trading is creating matches, those orders that are already there are just waiting for the willing buyer/seller in their dictated price.

The highest Buy order gets to be on the top of the Buy Orders while the lowest Sell order gets to be on the top of the Sell Orders list.

In the image above, 0.00000161 BTC is the lowest Sell order while 0.00000151 BTC is the highest Buy order. If you want to buy right away, you have to buy whatever is currently being sold which is at the price rate of 0.00000161  BTC per TOA. And if you want sell, then you can sell at the current highest buying price of 0.00000151 BTC per TOA.

But, you can also set a different price like maybe you want to buy at a cheaper price than what is currently being sold at, then you state the price you want to set. Since the highest buying price is 0.00000151 BTC per TOA, you might want to set a higher price at 0.00000152 BTC or more for your order to be the one listed at the top, meaning, if there’s someone willing to sell it will be your order which will get hit first.

Try to buy and sell little amounts for you to get the hang of it.

If you want to buy TOA but don’t want the hassle of going to exchanges, you can do so by going to www.toacoin.net. It also allows you to refer other people and give you earnings depending on the amount of TOA they bought.  It even accept other mode of payment like Paypal, Skrilll, other Cryptocurrencies and Bank transfers for Philippine and Malaysian users.

Need further assistance? Don’t hesitate to send us an email to toacoin@gmail.com.

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