Trace Network Labs
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Trace Network Labs

Team Trace in Conversation with Crypto Miners Community

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

In a recent AMA hosted by the Crypto Miners 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 3 Segments:

Segment 1 was a tête-à-tête directly with the Crypto Miners moderator,Ramsy, who asked Lokesh some pointed questions.

Segment 2 was to answer the most information seeker ones asked over the twitter handle of Crypto Miners (https://twitter.com/cryptominers_co)

Segment 3 was opened to the Telegram audience to ask questions. We received over 300 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 Miners team and the audience.

Segment 1 | Q&A with Crypto Miners

Q1) Can you give a brief explanation about ‘Trace Network’.What popped up in your mind to create such a platform in this space?

Trace Network Labs is enabling the next era of Luxury Lifestyle in Metaverses powered by NFTs & Digital Fashion.

Trace Network Labs will be a de-facto gateway for lifestyle brands to launch a new set of Limited Edition lifestyle & fashion products exclusively made for digital Avatars of Metaverse residents across multiple chains and Metaverses.

Every problem generates an opportunity! We have been working with fashion companies for many years and we understand their business vision, also we understand people love to carry their style statement depending on occasion. Since, most of us are already living a SecondLife in the form of our virtual self in various spheres of life & activities such as games, concerts, meetings, & more. And, many tech giants are developing some version of metaverse, and each one of us will be exploring these metaverses depending on need….Maybe a gaming metavesere or social interaction metaverse like Decentraland or Facebook(now meta) metaverse to attend various events. And, each one of us would want to look good in the metaverse too.

Today, every metaverse requires us to create a digital avatar to explore that world and they offer a limited option to dress up the avatars. And this process needs to be done for every metaverse.

Trace Network labs would allow people to create their personalized avatars along with sci-fi looking avatars, which can enter into any metaverse. Additionally, we will also give the opportunity for them to buy wearable NFTS from our marketplace to dress up their avatars for any occasion /events happening in metaverse. So, basically we will be building a bridge for metaverse residents to move into any metaverse with their personalized Avatars.

Q2) So what are your main features that discern you from other projects and what key advantages do you have?

The key feature is enabling people to explore metaverse fearlessly, without any restriction. MetaBuddy allows people to create their digital twins, aka Avatars which will help them to have the best metaverse experience. Secondly, Trace Network Labs will be giving technology to brands to generate wearable NFTs which can be worn on Avatars and can be carried to ANY metaverse.

Q3) How has the experience and background of your team been effective in the success of your project so far?

Both of the founders have worked more than a decade with fashion brands. We have been helping these brands in adoption and implementation of technology to manage their design collections and supply chain operations. So, we have our inroads ready to the doors of each of these luxury brands. This is helping us to onboard each of these brands to offer unique designs for the metaverse residents.

Secondly, we have an experienced team in our Design Studio who is helping these brands to generate exclusive wearable products for the metaverse residents.

And, we have an experienced team in blockchain who are helping to create the perfect marriage of the fashion world for the metaverse with blockchain via NFTs.

Q4)Now Share with us about your token, What are some of the utilities of the $TRACE token in Your Ecosystem? And if possible share to us the Tokenomics of $TRACE.

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 brand selection, etc.

Further, TRACE token will be used as fuel for minting NFTs for millions of merchandise every year.

Plus, the token will be used for various community incentivization programs and other market outreach programs.

These are essentially some key token utilities that we have structured so far. We are working with our able advisors to bring in more innovative models for building efficiencies into the protocol with TRACE token.

Talking about our tokenomics, a substantial share of our tokens would be used for incentivizing our loyal community ,and to support the creators economy, who will be helping in building new levels of experience for the community…like creating gesture NFTs for the avatars etc.

Q5) So how long did it take to develop this project? What plans do you have for the future? And what can we expect from Trace Network? If possible could you please share a road map with us.

It took us around 3 months to be ready to launch our 2 products:

BLING- NFT Market for limited edition luxury products exclusive for metaverse residents.

MetaBuddy- To allow people to create personalized avatars.

Both of these products will be launched soon. Stay tuned on our official TG group https://t.me/tracenetwork.

There are more products which we are working on and that will help brands to create the next level of experiential wearable products for metaverse residents.

Segment 2 | Twitter Questions

Q1) Unlike many projects that start with marketing, yours starts with product development, which gives you a significant edge. Can you tell us about the amazing products you’ve made so far? How is it positioned to solve the current DeFi problem?

- @themiracleboy0

So, as I have mentioned about…we will be soon launching our 2 products Metabuddy and BLING NFT marketplace. Besides this, we are working with metaverse platforms (gaming and social metaverses) to create a bridge for the avatars and their digital NFT wardrobe to carry one’s lifestyle in the respective metaverse.

The biggest problem with defi is under utilized liquidity, we are creating an avenue for consuming this liquidity.

Q2) I read that in fact the token will be used for various community incentive programs and other outreach programs. Can you tell us a little more about this? What programs do you want to encourage and what is the purpose behind it?

- @SharayLug

Absolutely, we have planned a very innovative community incentivization program especially for the loyal community and trace holder. These incentivization programs will be enabled with a progressing product roadmap. Like, we are about to launch BLING NFT Marketplace with our first brand launching CRAFT beer NFTs. We will be running a campaign from next week for the community to get engaged and earn Trace tokens as incentives.

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 to trace’s official community https://t.me/tracenetwork.

Q3) Trace Network plans to reach businesses, but it has to reach users first. Could you give us more details about the marketing and advertising strategies carried out by the project to reach a greater number of users?

- @shihadk6785

Our teams are working round the clock to engage with more and more communities across the globe to educate them about the project and its vision. Besides this, we are onboarding more KOLs to help us in this initiative. We are connected with 100s of renowned media outlets who are distributing our announcements and achievements across various geographies in multiple languages. We are working with our abled advisors to expand our reach to more and more people including the non crypto community who would be able to experience the metaverses in a better way with our products and offerings.

Q4) Do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness thanks ?

- @imrun97

Well, some projects are burning tokens to reduce the supply. We don’t see a point to first creating a bigger supply and then to burn it. In our case, we will be having limited supply of tokens i.e 100 millions and this shall be used to mint millions of merchandise every year.

Q5) Why do you think we should hold $TRACE tokens? What are the advantages of holding $TRACE tokens? On which exchange is $TRACE already listed and planned to be listed soon?

- @KtAhamed

Well as I explained before, token holders would have rights to be involved in various decisions of the project. And since the token will be used to mint millions of merchandise, it will create more value for the token.

Lastly, we have thought of a very innovative community incentivization program especially for the trace holder. These incentives are linked to the real life utilities as TRACE is. So, the community has all the reasons to hold trace tokens.

The token will be launched soon, stay tuned on our official TG group for latest news .

Segment 3 | Live Questions

Q1) Is your platform suitable for crypto beginners? Or is it only limited for professional users? @IntidraK

Anyone who has experience in online shopping and has a crypto wallet would be able to use our products.

Q2) Sir Which do you think is more important:

A. Community

B. Investors

C. Token Price

If all of the above is important to you, which should come first? @onlychil6

Community and Strategic Investors are always important for the success of a project. However, in the long run a loyal community is most important. That’s why we have a substantial token percentage defined in our tokenomics for community incentivization.

Q3) 🔆 Trace network utilizes the ERC-721 based contract to deploy its NFTs, but unfortunately the Ethereum network have huge fees, so Trace network have a plan to affront this? @AnnaMolelo

That’s the reason why we are going to go live on Polygon(previously matic).

Q4) How have you made your platform compatible with any existing metaverse? Regarding the integration of Trace Network to these metaverse, how simple is it and how is the integration process so that through Trace such models are boosted and can provide accessible NFTs for all? @bella2l3

Every metaverse follows a standard and our NFTs would have the same standard format file embedded , which shall make it easy to move and render NFT content(Avatars or wearable NFTs) on that respective metaverse.

Q5) Can you share with us your tokenomics? How much is the total and circulation supply of your tokens? Will there be a buy back system or token burning in the future? @Achuz3211

We will have 100 million trace tokens and since we have only adequate supply which will have enough demand, we won’t have to burn the tokens.

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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