The JetSet Blockchain
Tags: Startup, Travel, Cryptocurrency, Fintech, Blockchain

The economy of the JetSet ecosystem will based on the JETS token which will be built on the Stellar token architecture. Stellar provides us with the scale and operability we’ll need when it comes to deployment, Smart Contract integration, and transaction speed. When a traveler is in a foreign country, having a fast network will ensure that this aspect of their trip is as smooth and efficient as possible. The consensus infrastructure of Stellar allows us to build a decentralized and high-speed transaction network that can allow thousands of transactions to be processed each second.

We will be able to integrate the Stellar network with JetSet acting as an anchor, or issuing entity via the Stellar RESTful API, and our Hub and Spokes acting as validators. This will ensure that no bad actors are allowed to gain any control of our network and maintain the integrity of the entire JetSet network. The Federated Byzantine Agreement and Quorum Slice elements of transaction validation allow us to create a decentralized network of machines that all act as trust slices with one another while ensuring no outside elements are able to influence validation on the JetSet network.[1]

Put more simply, the Hubs and Spokes will be the only validating elements on the JETS network when it comes to transaction confirmation. This means that when a transaction is commenced at a Hub station at Waterloo Station in central London, for example, the Spoke stations at nearby cafes, hostels, and even a Hub Station at Heathrow can participate in validating that transaction. Those Hubs and Spokes will be a part of other quorum slices as well, allowing the network to operate without bottlenecks and trust other elements in order complete the transaction and validate all elements of it within a couple of seconds

The JETS Token

When a transaction occurs on the network, a JETS token is transferred between two wallets. That transaction is validated by nodes within the Quorum Slice and confirmed. The value of the transaction is based on the total amount of being transferred in absolute currency terms (e.g. Dollars or Euros). The tokens themselves are simply a mode of transporting that stored value from wallet to another and won’t be referenced to the user. In the wallets of both the sender and receiver, they are always going to see currency in their native form. If a user is from the United States and has their wallet view set up in US Dollars, they will always see a balance and transaction in US dollars. If the receiver is in a Eurozone country, their wallet balance and all transactions will be seen in Euros, similar to any bank or credit card statement. This removes any potential confusion amongst travelers who may not be familiar with blockchain or cryptocurrency and doesn’t force them to rely on knowing conversions between crypto to fiat in addition to the exchange rate between two fiat currencies. It also allows us to make optimizations on the backend to our system should we need to fork, swap in a new token, or make updates and adjustments.

The JETS Blockchain

While the JETS token will be built on Stellar, the JETS blockchain will be built on a semi-public / private system based on Hyperledger Fabric. This modular blockchain architecture will allow us to keep certain user details private, such as identification, transaction amounts and wallet amounts, and detailed transaction history. We will also allow certain details to be made public, such as general user profiles, elements of a traveler’s history to aid businesses in tracking their own growth, and reputations and reviews. This will help create an environment of trust and transparency that will keep travelers and businesses connected without allow too much information to be made available.

The public element of our blockchain helps us create a social layer to JetSet and allows for more interaction between travelers. Travelers are an incredibly social group and we want them to be able to share their trips with the world. Our app will feature a social stream of traveler comments, sharing of trips and photos, and cultivate a trusted review system. We want users to be able to discuss openly their experiences with using JetSet and also their interactions with merchants who participate in the JetSet network. This creates a system of trust and reputation building that will help others plan their own trips and keep merchants and vendors transparent.

Our private side of the blockchain will help with the overall booking and information transferring process when it comes to airlines, hotels, and travel experiences. Rather than having to enter in a traveler’s information multiple times in multiple places, that important and sensitive PII will be stored on the blockchain and transferred over without any extra work by the traveler. This creates a seamless booking experience across all types of travel bookings and gives the vendor important information in a timely manner.

[1] For more information about Stellar’s Federated Byzantine Agreement consensus protocol, see The Stellar Consensus Protocol: A Federated Model for Internet-level Consensus (https://www.stellar.org/papers/stellar-consensus-protocol.pdf)