Recapitulation of TRACE NETWORK PROJECT AMA event held at AMA LOVERS CLUB.
Date: Wednesday, 28th April, 2021
Time: 12:00 UTC
The TRACE NETWORK PROJECT team was represented by @Traceraolokesh who judiciously shared with us detailed knowledge and information about TRACE NETWORK PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on TRACE NETWORK?
ANS: 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.
My other partner and Co Founder of Trace, 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: Can you introduce TRACE NETWORK, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: 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.
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.
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. Even communities will be able to fund the production of their favourite brand. Know more about Trace Network https://medium.com/trace-network/trace-network-nft-based-enterprise-defi-protocol-394148fca4a6
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: One of our customer shall be live soon on Trace network in 3-5 weeks. Right now, we are more focussed on building partnerships and onboarding of Brands for creating their Limited edition product NFTs and building a marketplace for them Sell or BID on the NFT. 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.
Detailed roadmap shall be shared soon. Join us on TG: @tracenetwork , for regular updates.
Q4: Can you briefly dive into the permission-less aspect of it?
Just for a better understanding;
ANS: For these businesses requiring loans or advances against the invoices , we first would be integrating the business partners to share data on chain, which shall act as proof of business and enable opportunities to get funds from DEFI in permission less enviornment
We will be partnering with multiple lender from DEFI, the information of which shall n\be announced soon.
Q5: Can you briefly describe your PARTNERSHIPS so far?
ANS: We just announced our first partnership and relationship with Polygon to begin with. Link for details: https://www.investing.com/news/cryptocurrency-news/polygon-adds-nfts-defi-and-insurance-to-its-network-2468945. More partnerships will be announced soon.
Q6: Can you give an overview of your Tokenomics, and the UTILITY of the $TRACE Token?
ANS: 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. These are some of the token utilities we have thought so far, however, the more we would move forward, the more utilities would come in place. Tokenomics shall be released soon on Trace Website.
2nd Segment: LIVE Questions
Q1: Is #Trace_network in any way related to #EasyFi_network ? I'm asking because I clicked the Twitter link on one of your medium post and it took me to EasyFi page.
ANS: As mentioned before we are working on partnership with various lenders from DEFI ecosysystem. Easyfi is also a potential partner for this apart from other protocols like AAVE, Compound. We are going to enable utilization of the available over supply of liquidity with these defi protocols.
Q2: What is TRACE NETWORK doing to create value and provide a sustainable ecosystem for its stakeholders?
ANS: Absolutely, we are planning a very innovative community incentivization program especially for the trace holder. These incentives are linked to the real life utilities as TRACE is. Details of the incentive programs are being worked upon and will be released soon. All we can assure is we will give TRACE community to engage with aspired global retail brands in a very very innovative and never before manner. We request you to just stay tuned at trace official community.....
Q3: Are there any incentivization programs being planned for TRACE Holder? Can you give of details of any incentive program being planned for holders and how do you aim to create an innovative community for your platform?
ANS: 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.
Q4: Could you tell me a little bit about Your roadmap going forward, how do you plan onboarding users and gaining more adoption for Your project ?. What would we expect in the future?
ANS: Our Potential market ecosystem is majorly consisting of luxury brands with whom we have worked in past and various web2.0 products who want to upgrade their technology stack and offerings to their existing customers(brands). Once any enterprise would start using Trace, all the ecosystem partners would also be onboarded with seamless data transmission and their loyal customer base would also be benefitted with the brand offering and various incentivization programs planned in our roadmap. Details of roadmap shall be announced soon on trace website: https://trace.network/
Q5: Trace Network has many valuable features, but one of the issues that users care about is the passive income system. How will it be possible for Trace Network users to earn passive income on the platform?
ANS: 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.
Q6: What will be the extra values TRACE Network adds to NFT technology? How will you use NFT products for the benefit of your community?
ANS: 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.
I have tried to cover majority of community questions. Hope this has helped you get more clarity about Trace product, vision and team. For any unanswered questions, I shall try and revert them on twitter.
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