Trace Network Labs
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Trace Network Labs

Team Trace in Conversation with Crypto Bharat Community

A Candid AMA Session with Lokesh Rao, CoFounder & CEO, Trace Network

In a recent AMA hosted by the Crypto Bharat Telegram Group, the Co-Founder of Trace Network, Lokesh Rao, talked openly about the vision of the organization, the choice of the network to base our protocol on, our USP, features, future plans, and also about the team.

The AMA had been divided into 2 Segments:

Segment 1 was to answer the most information seeker ones asked over the twitter handle of Crypto Bharat

Segment 2 was opened to the Telegram audience to ask questions. We received over 1700 questions which was a humbling experience. Lokesh had to choose a few good ones to answer.

The following is the excerpt of the entire AMA discussion Lokesh had with the Crypto Bharat team and the audience.

Can you please tell us about the Trace Network in detail?

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.

Segment 1 | Twitter Questions

Q1. How did you get the idea for Trace network? Starting a project is the toughest time, how did you manage to get started? What were the initial difficulties you faced and how did you manage to overcome them?

While conceptualizing lots of solutions for various levels of retail and manufacturing industry , we realized the key challenges of the industry from decades are the same ,tracing the product source, originality of products, disconnected data silos and showing an cumbersome process of accessing the funds from institutions like banks. After getting introduced to blockchain in 2017, I along with partner Sunil started conceptualizing solutions to these challenges with the power of blockchain .

Starting was difficult though, however, we had good relationship with blockchain industry leaders , who helped us in structuring the product better and here we are today.

Q2. Who are your partners and investors? Partnerships are very crucial for a project to sustain in a long run. Can we see more partnerships in future for Trace network?

Well, our partner ecosystem comprises a lot of brands with whom we worked in the past, also we are partnering with various web2.0 companies who are looking forward to upgrading with technology stack and offerings to their existing customer base. With one of such companies, we are going live in another 3–5 weeks. These partnerships will be announced soon.

Q3. Please tell me your team background and what makes your team interested in building this project? How did you manage to get started with your team in the pandemic times? Must have been a bit different than other times?

Sure, 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 footprint. I have given my background already. My other partner Sunil has been consulting on technology adoption for the last 35+ years across the Apparel / Fashion & Lifestyle domain , both in the Retail & Manufacturing space in almost 50 countries.

This pandemic has made everyone across the industry re-evaluate the possibilities of improving efficiencies , loopholes and how adoption of real solutions has grown exponentially.

Q4. I want to know about the milestones you’re planning to achieve by the end of the year. What milestones have you been achieved till now?

Ok, 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, which will be released in 1st quarter of 2021..

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 phase is where using this data to 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.

Since building enterprise solutions is a completely different game and we need to develop avenues for adoption of Trace Network, along with building and implementation of phase 1 release in 2021, we shall be building other NFT use cases like Brand Coupon NFTs, Warranty Management NFTs etc

Q5. I see that members from your team are in $EASYFI too. Do you have any partnership with them? If yes, what benefits are you looking for? How do they contribute to the Trace Network?

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.

Segment 2 | Telegram Questions

Q1. As an individual user, in what ways can I contribute to the development of the TRACE NETWORK project? Do you have Ambassador programs and what are its benefits?

As trace protocol will evolve we will need a bigger team and more supporters to take the flag further. For token holders, there are going to be various incentives and rewards being built into the protocol that will be generated based on the fees of the application.

Q2. In the long run, why should we trust and follow you and your project? How do you raise awareness and elimination of the doubts of investors / partners / customers?

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, the founders have legit long standing industry reputation with more than 200+ companies world wide (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

Q3. How do you plan to promote your project in different countries? where English is not spoken very well. Do you have a local community so they can understand your project?

We are working with our able advisors to enable reach into various different geographies and building solid regional communities..

Q4. What is the business model of your project? How does it work and who are your potential customers and which markets are you targeting on?

We get paid from the enterprise companies we onboard for using the services we will be building on top of protocol for them. Potential customers are luxury brands, web2.0 companies who want to offer new tech solutions to their existing customer base.

Q5. Right now issuing a token is a fairly simple process. However, building systems and ecosystems is the hardest part. My question is, how will the demand for tokens increase and how will this token be used in the ecosystem.

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 tokens 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 tokens will be used as a benchmark for managing the volatility of stable coins being minted.

Plus, tokens 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.

To learn more about $TRACE and Trace Network, please go through our other articles on this publication.

To stay tuned for more news & updates join our official group. You can also follow us on Twitter.

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