The world of blockchain technology has been exciting for the last 10 years. We’ve seen constant innovation and platforms where the future can thrive. For the next 10 years, the world wants to see new projects that utilize these existing platforms in different ways. When we discovered TranquilityNET and TranquilitySERVE, we saw that the future was certainly in mind from the very beginning of development.
What is TranquilityNET?
TranquilityNET is a cloud-based PMS (Property Management System) built for hotels and other lodging operations. TranquilityNET is packed with different functions that could transform the hospitality industry in many ways. TranquilityNET, the front-end application for front desk agents, is simply an interface that connects to TranquilitySERVE which is built on IBM Hyperledger Fabric technology. TranquilitySERVE also acts as a CRS for all properties that utilize TranquilityNET. While this is a nice utilization of blockchain technology, TranquilityNET is focused on security specifically during the night audit process.
What is the night audit process?
The night audit is a process that takes place every night that closes out one day and opens up another. During the night audit process, all of the money taken in during the day is accounted for and documented. These audit documents contain personal information and the highest form of security is needed. After the audit closeout, a new cycle begins for the property and the process is repeated the following night.
TranquilityNET and TranquilitySERVE: How do they secure night audit documents?
Since TranquilitySERVE is based on Hyperledger Fabric, this alone may be enough for a secure night audit process, but a 2nd blockchain is introduced for added security to ensure nobody will be accessing these files besides authorized properties. TRANQ, a transferable token on the Ethereum blockchain, is utilized for every audit cycle. Every TranquilityNET license comes with a specific amount of TRANQ that is used during audit cycles only. By verifying that the origin of the TRANQ token is authentic, the night audit process moves forward.
Once a night auditor issues a night audit request, TranquilityNET uses stored TRANQ tokens to ask TranquilitySERVE if this audit request is real. Once TranquilitySERVE recognizes that the TRANQ origin is in fact from an authentic TranquilityNET license, the audit process is approved. During the audit process, the TRANQ token is discarded and sent to a locked wallet which decreases the total TRANQ supply.
The TranquilityNET ITHA Event
The Initial TRANQ Holder Assignment, or ITHA for short, is an event that takes place in August of 2020. This isn’t an ICO or an ITO, but a token assignment for reliable candidates to obtain and hold onto TRANQ tokens. The ITHA event will take place on the Ethereum blockchain and there are some requirements to join. In order to join the ITHA, you need to:
- Have an interest in hotels
- Know how ERC-20 tokens work
- Have a basic understanding of blockchain technology
- Submit a 300-word essay describing why you want to join the ITHA
The cost of 1 TRANQ is 0.001 ETH with a minimum buy-in of 5,000 TRANQ. The maximum buy-in is 25,000 TRANQ. All TRANQ buy-ins will take place through email for security purposes.
Luckily, no photo identification is required for the initial ITHA event. In September of 2020, all ITHA candidates will become a part of the Founding TRANQ Holder Association, or FTHA for short. In 2021, a dedicated FTHA forum will launch for all members where proper photo identification will be required to remain part of the FTHA.
There are 51,000,000 total TRANQ tokens available. 17.9 million TRANQ is going straight towards TranquilityNET licenses for hotels in order to complete audit cycles. 3 million TRANQ are going towards development while 30 million TRANQ are going straight towards the ITHA and FTHA. The remaining TRANQ will be split 50/50 with 50,000 going to bounties and another 50,000 going to the development team.
The TranquilityNET ITHA seems rather difficult to get in considering that you need to submit a 300-word essay to even be considered. The Tranquility team is only picking 3,000 ITHA candidates or so and it’s strongly advised to send them an email to save you a spot if you’re interested in hotel-related projects. TranquilityNET has the potential to capture up to 15% of the worldwide hotel PMS market by 2030 which means this would be one of the best investments you could make in 2020.