BTU Protocol Booking Token Unit Protocol
Hi dears, another interesting project is being started. First of all, for who missed previous entry, what's a cryptocurrency? To be fast and concise, it is a digital medium of exchange. And the next question would be... What's your use? It is also easy to guarantee the security, integrity and balance of your financial statements by means of a network of agents (segmented file transfer or multisource file transfer) that verify (untrust) each other called miners, which are, for the most part, general public and actively protect the network (the web) by maintaining a high rate of algorithm processing, in order to have the opportunity to receive a small tip, which is distributed randomly.
All this racket of cryptomoney has been increasing exponentially, however, most people know nothing about how blockchain technology works, what a smart contract is and how it could be used. For this very reason, I will first of all carefully introduce this type of block chain technology.
Blockchain is a decentralized general ledger. It is a computer network that has an identical copy of the database and changes its status (records) to a common agreement based on pure mathematics. All this means that there is no need for any central server or any entity we trust (e.g. central bank, notaries, banks, paypal, etc.). The blockchain is the technological basis for all cryptomontages, whether Bitcoin, Ethereum, Hyperledger, etc.
An important part of the blockchain is the smart contracts, a piece of code that is stored in the blockchain network (in each participant's database). It basically defines the conditions to which all parties using the contract agree. Therefore, if the required conditions are met, certain actions are executed. Because the smart contract is stored on all computers on the network, everyone must run it and get the same result. This way users can be sure that the result is correct.
After this brief introduction to the broad topic of Blockchain and Smart Contracts, we can already see that this technology opens many doors to new decentralized businesses and eliminates the need for expensive third parties. Many new companies are now working on this technology, and large companies are testing it in closed networks to collaborate directly with each other without the need for intermediaries. For that reason, there is a lot of projects that are starting to use this new technology. However, not all of them are worth it. We have to read well what each project is dedicated to, what is its whitepaper, its qualified advisors, etc. As I said, blockchain technology has gained popularity due to the hype about cryptocurrencies which has shaken many startups to launch their own cryptocurrencies even without convincing fundamentals. This trend has emerged because new entrants have been more agile in adopting emerging technologies compared to incumbents who are hampered by legacy systems. However, this competitiveness and this advantage enjoyed by the new players may be short-lived, as no economies of scale are taken into account.
For this reason, the project I am going to present you is Booking Token Unit (BTU) Protocol, the first decentralized reservation protocol to empower anyone to become a booking platform.
As I said before, BTU Protocol (https://www.btu-protocol.com/e...) is a standardized basic component for any decentralized application (dApp) or website that wishes to implement reservation functions for its users. This standard also provides interoperability between the decentralized applications that incorporate it. The BTU protocol is currently under standardization in the Ethereum ecosystem as ERC-808 and BTU token will be an ERC20 token that executes the protocol. All platforms that implement the BTU protocol would benefit from a hybrid approach that combines an intelligent contract within the chain and software components outside the chain, providing greater scalability.
On the one hand, the main objective of the BTU Protocol Platform is to create a standardized decentralized open source reservation protocol along with reference implementations that can be exploited by participants in industries such as hospitality, travel, finance, health, retail, automotive and more. On the other hand, BTU token is created to encourage appropriate behaviors such as rewarding successful reservations and enforcing late cancellation and no-show policies.
How it works
Four components are involved in the BTU Protocol process: a provider, a booker, a reservation infrastructure and the RES smart contract.
Component Definition Provider The provider is an entity that provides its own resource or a third-party resource to be reserved Booker The booker is an entity that reserves the resource for itself or for a third party Reserve infrastructure The reserve infrastructure is the public plac" where providers can publish data on resource availability and where these resources can be reserved by reservists. RES RES is the intelligent implementation by contract of the decentralized standardized BTU protocol
There are several steps involved in the BTU Protocol:
- Step 1: The sequence is started by a provider, who creates an availability offer. At any moment, the provider can update the resource metadata by broadcasting a new message.
- Step 2: Booker looks for a resource queries all resources matching his criteria and selects a resource he is willing to reserve.
- Step 3: Booker transmits the reservation request of resources to the reservation infrastructure adding all the information of the end user's profile outside the chain that may be necessary for the approval of the reservation.
- Step 4: Provider validates the reservation request and broadcasts the new status to “RESERVATION_CONFIRMED”.
- Step 5: RES smart contract updates the reservation status to “RESERVATION_CONFIRMED”.
- Step 6: This step is optional. On the one hand, the booker can cancel the reservation by issuing a cancellation request. This triggers a submission to the RES smart contract that empties the records for this resource. On the other hand, the provider can also cancel the reservation by transmitting a request for cancellation. In this case, it triggers a shipment to the RES smart contract that empties the records for this resource. RES smart contract is releasing the amount in custody to the booker.
- Step 7: Finally, booker notifies that the resource has been paid. The smart contract of RES releases the BTU in custody to the user in addition to a commission agreed by BTU.
In the below image, a representation of the whole sequence can be seen.
Software and open-source block chain protocols, along with symbolic design backed by business strategy research and game theories, can provide new solutions to a large number of business problems. Specifically, BTU Protocol brings a free software kit for mass adoption standard protocol for sharing availabilities in an open network. Its protocol is well suited to the issues of hospitality and business travel. Moreover, it is a generic protocol that applies to many industries: restaurants, sporting events, exhibitions, concerts, car repair, industrial equipment and even cloud computing. For this reason, all applications that implement the BTU protocol would benefit from a hybrid system that combines an intelligent contract within the chain and software outside the chain that provide greater scalability. Besides, thanks to an open source protocol, a public and transparent inventory would considerably reduce barriers to entry in the online reservations markets. Finally, the platform implements a virtuous model that redistributes value among business actors
The project gives the opportunity to earn BTU tokens performing some social media tasks and doing simple steps from the bounty program explained into the Steemit page. Here (https://steemit.com/blockchain/@btuprotocol/btu-protocol-communication-bounty-program) you can access to the link in order to see what are the conditions to become an early BTU contributor and start acquiring tokens.
Doesn't that sound interesting? If you are interested in this airdrop or basically in the ICO, you can read their Whitepaper here (https://www.btu-protocol.com/p...). You can also stay tuned in their official Telegram group (http://t.me/BTUCommunity). I hope you liked the post and soon I'll send you new ones.
Price in ICO: 1 BTU = 0.75 USD
Tokens for sale: 50,000,000
Team and Advisors
Telegram username: @clauming
Bitcointalk username: adriaparcerisas
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1870482
Ethereum address: 0xC6AB45541006D53D31E25b41c7d245c5Ad99BF71
@adriaparcerisas very interesting Project. It is a promising protocol
@adriaparcerisas awesome! What about the team? Experience, CV, etc...
@vr4646 Hi! Thanks for the reply. You can learn about it into the Whitepaper of the platform here(https://www.btu-protocol.com/p...).
@clauming Yes, of course. It seems could revolutionize this industry. We hope it:)!