Welcome to the recap of our AMA with Trace Network!!
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Trace Network is about, we are sure this recap is gonna help you. So without further ado, continue reading.
Introduction with Trace Network
Welcome Lokesh! Kindly introduce yourself!
I am Cofounder of Trace Network .I have been working for over 12 years in enterprise technology space helping companies acquire and implement technology across more than 20+ countries. I have been actively building solutions for enterprises using DLT and Blockchain technology since 2017. Have worked with various global brands and fortune 500 companies in the past in luxury, lifestyle and fashion domain..
Q1. Can you please tell us firstly why Trace Network? What made you come up with this project?
Well, Trace Network is an enterprise-grade NFT based decentralized finance protocol harnessing the capabilities of composable smart contracts to enable permission-less financing options powered by DeFi, and NFT based unique merchandise identification & community building solutions to unlock the billions of dollars’ worth of business potential otherwise undermined due to poor merchandise inventory & ownership management, costlier trade financing & banking options, and perennial inefficiencies in par Diem business transactions.
Basis of our various interactions with the brands and their ecosystem partners in past made us to think about the solution which can really help them on their key issues of financing and disconnected data interaction with their ecosystem partners.
Q2. Can you talk a bit about which current businesses is benefitting from Trace Network?
Any supply chain business with unique products , requiring funds for businesses would be our potential customers and shall be benefitted with the various offerings of Trace . Currently we are targeting majorly the luxury brands, as we have worked with them in past and it gets us easy access inside their doors. Along with that we will be helping web2.0 companies to upgrade their technology stack and various other offerings for their existing customer base.. Join Trace Network Announcement channel for more upcoming updates on this.. Soon we will be announcing the brands which are already on board with us .
For upcoming updates join us on https://t.me/tracenetworkann
Q3. From the perspective of investment how is owning Trace Token beneficial? @traceraolokesh
Essentially, trace token is going to be acting as a key governance attribute to be used by token holders for voting and enabling various protocol parameters especially in the enterprise defi segment. Further, trace token will be used as fuel for minting NFTs for the millions of merchandise every year…
White Label Algorithmic stable coins are going to be key for cross network settlement, trace token will be used as a benchmark for managing the volatility of stable coins being minted.
Plus, token will be used for various community incentivization programs and other market outreach programs.
More such utilities would open up for adoption of token and token holders would even be incentivized on the basis of revenues coming from these businesses… So, these are some goods reasons for investors to hold on to Trace Tokens. Early investment would be a better idea 😉
Q4. What is Trace Network gunning for further in 2021? @traceraolokesh
Trace team definitely looks at bringing some interesting merchandises and offers via NFTs from global brands to it’s users within 2021. And not just one brand, it’s going to be in multiples of 10. 😊 just enjoy the journey. 6 brands have already onboarded and there is one BEER company as well. 😛😍 Again, stay tuned on trace announcement channel. We shall soon start announcing these partnerships .
Community ask question by Website
Q1. Trace, offers fuel for NFT minting, is this the only way to obtain economic benefits from NFT, through your ecosystem?
Telegram Username: @Kherrera22
NFTs are not just about the creating a digital identity of product, we are implementing other interesting use cases of NFT’s. Even Trace Network will enable brands to manage the warranty and gift cards by minting NFTS for it. There would be more interesting cases we would uncover as we move ahead.
This article will give you more idea of what I am talking about
Q2. How do you think with Asia market? Does Trace Network team have any plan approach this market which the potential market in crypto? If yes, How do you plan to spread awareness about Trace Network in these country where English is not spoken well ?
Telegram Username: @abujoans
Asia is definitely our target market . We have manufacturing partners from Asia who would be part of the ecosystem . We are working with our able advisors to enable reach into various different geographies and building solid regional communities.
Q3. Trace uses a white label algorithm for stablecoin. What DeFi structure does this model possess to avoid the depreciation of tokens or digital currencies over time? What aspects does this model possess that make it better than building a stablecoin like the ones we know?
Telegram Username: @TheShadowJK_1
The volatility and appreciation in trace token price reduces the continuous injection for funds to be used as collateral for underlying stable coins being issued. Every brand would be able to mint their own white label stable coins which will be used for settlements of payment with their ecosystem partners
Community ask Questions by Twitter
Q1. Every project has a story behind their name, Can you tell us more about the story behind trace Network? Who are the team behind trace Network project? can tell us their background?
We are two co-founders and have an able team of professionals as part of the main teams with experience in Blockchain, enterprise tech and global Solution foot print. I I have already given my introduction above. My other partner Sunil has been consulting on technology adoption for last 35+ years across Apparel / Fashion & Lifestyle domain , both in Retail & Manufacturing space in almost 50 countries.A part from us , we have an able team of professionals as part of the main teams with experience in Blockchain.
Q2. What is your background and how did you come to the idea to create your project? How many partners are there in trace network? And the benefits that these partners bring to trace network and vice versa?
Counterfeit goods, traceability and cumbersome financing options have been some of the unsolved issues we were encountering with almost every enterprise business and after getting introduced to blockchain , we started conceptualizing solutions for these problems with the power of blockchain and here we are today with TRACE NETWORK 😊. Our ecosystem partners are the various defi protocols , who would be lending liquidity to businesses, the web2.0 companies who would be using Trace Network to enable new upgrades to their existing customer base , etc.
Q3. You mention that “Trace Network makes companies sustainable”, but if companies really need transparency, trust and efficiency to achieve a complete digital transformation, then why not use other more renowned platforms? Or really only Trace can offer you those features?
Actually, there are no ONE shoe fit for all, but to mention TRACE Network offering solutions for end to end process chain of the brands from community building to enabling blazing fast working capital financing. In fact trace is all about 3 components, Merchandise NFT + Integrated data exchange + Enterprise Defi. There are some centralized solutions with some of traceability and sustainability offerings available ,and thats why they are not much successful.
Telegram live Questions answered by Trace Network
Q1 from Yudasagara:
The idea that TRACE NETWORK has to offer is simply brilliant! nowadays sometimes it is difficult to prove the authenticity of an item, even though it already has a special serial number. this NFT idea will be a joint solution.
But is it only tangible assets that an NFT can create on TraceNetwork? what about copyright?
IP rights have a primary issue of the originator of underlying asset, be it an innovation, discovery, creation. Many a times it has been seen that original creators of some creations are not able to get benefit of their intellectual property as someone else became a bit more pro-active and got the IP registered for themselves. However, with NFTs this can be easily traced back to the original creator. As long as creator is able to prove the ownership of the address from which corresponding NFT was minted. IP ownership establishment is pretty straightforward.equipment is based on the actual science needed for a Mars Colony. We did have a ton of fun putting our own spin on each design 🙂
Q2 from DE Razy:
That is a unique design that makes many obvious advantages at Trace Network. Can you please explain how Trace Network users will be able to earn income in your platform? What is the unique features you offer?
Absolutely, there would be many programs we have thought of in last 6 months to give the benefits trace users . Staking programs , incentivization on the basis of the revenue etc
Q3 from Igloo Igloo:
How long have you been preparing for the new project Trace Network?
Preparation started almost 12 years back 😉. However, we starting giving shape to this project in 2019 end.
Q4 from Super Lucky:
What inspired how you arrived at the project name “TRACE”? in real sense, what significance does the name have in the project functioning and ecosystem development?
Very Interesting question, TRACE is a name identified to stand out for its mission to enable traceability into supply chains along with information backed into an NFT for stronger traceability of the products. Further, defi financing is also going to be linked with the traceable proof of business, which going to be enabled by decentralized data exchange. Hence TRACE exists in every component of Trace Network.