Trace Network — CryptoVerse AMA
Date : 26th March 2021, Friday.
Guest : Lokesh Rao — CEO & Founder
Q: Can you please introduce yourself to the community?
A: 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.
Q: Can you please tell us about the Trace Network in detail?
A: 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.
Q: Could you please tell us to introduce us to the core team members?
A: 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 Solutioning foot print. You know, building consumer tech product and building enterprise tech product these two are completely different ball game altogether.
Q: What is so exciting about Trace that we should know about?
A: Well, Trace is about re-defining the way businesses interact (With community and with their business partners like Customers, suppliers, w/h etc).
Further, Trace is going to impact the life of end consumer as well as companies in many ways. Firstly, Trace is going to enable the digital ownership of brands, where you will be able to own a product digitally onchain as NFT not just physically. Hence many people who show-off basis fake products will go off. A joke we laugh mostly, Kitty parties are now going to messier. As whenever someone will try to flaunt a fake Gucci bag, others will ask to show the NFT in their wallet. Too early, but that’s the vision.
Q: Can you briefly describe the future target milestone?
A: Trace’s journey is divided in 3 main segments, firstly getting brands to issue goods using NFTs for the purpose of digital ownership and originality. Second, where we will enable business networks to share their data in a secured and anonymous manner with their chosen business partners, hence simplifying the process of data capturing at businesses.
This will reduce the cost of duplicate data entry, and will also bring more transparency and efficiency to the whole process. This phase, will enable end to end traceability of the products on chain, being verified via Trace wallet. And the final section is where using this data to use act as proof of business, we will open financing options for businesses, where they can either take early payment or loan against their invoices or seek working capital financing from the protocol.
Q: What new features and functions are we going to see on the trace network?
A: Mainly, trace is going to focus on enabling more community driven approach for brands.
See world is moving towards community loyalty rather than points and rewards based loyalty (you will see a blog on this soon). That’s an old mechanism. We are working with some brands to enable them build communities for their brands using trace network products. This means the trace community will be able to get better experience and opportunities while interacting with these global brands.
Q: Would there be a need for more team members and ambassadors and also what can token holders earn? Are they any provisions for staking?
A: Yes, as trace protocol will evolve we will need for bigger team and more supporters to take flag further. For token holders, there are going to be various incentives and rewards being built into the protocol those will be generated based on the fees of the application. Further, there are going to be various staking options being enabled for users via our native staking program as well as via our industry partnerships which will be announced in due course.
Q: Can you briefly explain Top milestones that the Trace Network team aims to execute before the end of this year or going to execute in future? What Trace Network may look like in 2021 and beyond ?
A: 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 gonna be in multiples of 10. Just enjoy the journey.
Q: How does Trace Network understand the evolution of NFTs in the modern world and crypto space? What’s the difference of Trace Network NFTs than to other platforms? What are the uses-case of the NFTs of Trace Network?
A: Evolution of NFTs and real world assets is very natural. In fact NFTs are most apt solution to take applications of Blockchain and DLT technology beyond defi and basic tokenization. So take it this way, what mobile + internet changed our lives and increased the adoption of internet into our day to day life.
Similarly, we see NFTs to play a catalyst role in increasing adoption of Blockchain tech in our daily life.
Trace Network NFTs are based on real world consumer goods and other consumer focused initiatives for enabling brands and consumer focused businesses to interact with their customers better.
As I covered, some of the simplest of use cases of NFTs of trace network for brands are digital ownership transfer of goods, linked to this brands will be able to offer various value added services to their customers like warranty, better incentives for upgrades. Rewards for loyal users etc. Many more use cases, which actually these businesses will discover more than us as we go along the journey with them as a technology protocol built with a vision to redefine the consumer connect for brands with the help of NFTs , DLT and Defi.
Q: It is heard that DeFi and NFT is going to connect with the Real world. What are your views on this and how @trace_network is going to take advantage of this?
A: I think I covered this in detail above already. To explain it simply in a different way, you will be able to participate in financing of products of our favorite brand via defi for production of goods that you will own not just physically, but even digitally.
Q: What is the link/relation between Trace Network and @EasyfiNetwork ? How this partnership will solve problems in Defi and Nft space?
A: Well, We are working closely with various industry leaders. Details of all those will be released to the community in the coming weeks. We just announced our first partnership and relationship with Polygon to begin with. Stay tuned.
Q: Trace Network team consists of experienced and brilliant individuals. What made them to unite together and work in unison for the fulfillment of it and how does it act as an advantage compared to other projects in terms of brainstorming and guidance?
A: Very interesting one. Well we have been working together on various different assignments for over a decade. Hence, alignment with the team is natural. Secondly, we all have a very different skill sets, hence have divided the responsibilities accordingly and drive each responsibility independently, while all aligned to the same vision.
Q: As an NFTs platform have you considered several community engagement programs? Do you agree that NFTs and communities are inseparable? Please explain how Trace Network engages the community?
A: Yes, we have planned various community programs to be launched soon. As we mentioned before. We are also of a firm believer that communities are integral part of any consumer facing business.
Q: What are the ways that Trace Network profits or revenue to maintain your project and what is its revenue model? How can it benefit investors, partners, and your project?
A: Our revenue model is very simple, Enterprise businesses pay the protocol for services. A portion of which will be utilized for benefits of token holders and rest will be deployed towards continuous development of the protocol.
Q: Please tell us about Tokenomics and its use cases + utilities. Are users incentivized to hold and is it deflationary?
A: Yes, it’s deflationary. Details on the tokenomics will be released soon.
Q: As Education for crypto currency is necessary nowadays, what’s your plan to attract those people who don’t know about cryptocurrency?
A: Ideally, we are working on community education programs already. Do join our TG group and learn more.
Q: Can members of the Trace Network ecosystem get Trace tokens participating in the Trace Network programs? What does your member incentive system include?
A: Yes, we have various tokenization incentive plans under the belt as we move further in our journey all these plans will be released. Didn’t get your context on satellite building, but our focus right now is that of building a super strong user experience and value for our customers and users.
Yes, we are working efficiently for last 6 months. As an experienced professional of technology business, we understand before rolling out something on this scale, one needs to be ready with the test beds. So in a nutshell. Trace is well tested by time. In fact we have couple paying customers already. Working with us for last 6 months. We will be announcing detailed information about those in coming weeks.
Q: As a Defi Project, it will not complete without Yield Farming. So what is percentage reward that user will got from Trace Network farming?
A: These will vary from time to time. And as per the objectives of the project. As we believe that farming is a community engagement and incentivization program and should also be performed linked to a purpose.
Q: Nowadays so many scam projects and rug pulled happening. How user can trust your project not to do the same and how you are different?
A: First and foremost. We are an enterprise focused business having real customers hence disappearing with user’s money is a big risk for us and the reputation. Secondly, we the founders have legit long standing industry reputation with more than 200+ companies worldwide (not yet for trace, but as a result of previous work in the industry) no sensible person will ever do risk that for a simple money grab. Now last but not the least, Trace network is not starting with defi as a module, instead community modules based on NFTs. hence there will be enough test of time for the protocol and the team.
Q: How do you plan to spread awareness about your project in different countries, where English is not spoken well? Do you have local communities for them to let them better understand about Trace Network?
A: We are working with our able advisors to enable reach into various different geographies and building solid regional communities.
Q: Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
A: Yes, TRACE will be a Governance token. Once we will bring protocol to a certain stage,Token holders and participants of the protocol will be able to decide on various aspects of protocol functioning.
To learn more about $TRACE and Trace Network, please go through our other articles on this publication.
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