Trace Network AMA With Coin Crunch India
Trace Network 6th community event with Coin Crunch India telegram community and Trace Network Co-founder and CEO Lokesh Rao.
Host: Welcome to Coin Crunch @traceraolokesh We have collected 7 questions from audience, let’s try to answer them in 30 min and then open the group for anyone to ask questions. Everyone stand a chance to win $10 rewards for top 10 questions.
Lokesh Rao: Hi @ThatNaimish , glad to be here. Looking forward to the questions
Host: Lokesh the hype around Trace Network is amazing. You have people from EasyFi and Matic backing you. Please tell us more about yourself first. We are really excited.
Lokesh Rao: Sure, let me start with my introduction .
Lokesh Rao: 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.
Host: Wow Lifestyle and Fashion. We did discuss this in our article about Trace. As I understand the concept is around lifestyle and Fashion based NFT too right?
Could you please tell us more about Trace and what do you plan to achieve?
Lokesh Rao: 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.
Trace Network is not just limited to Fashion industry, but yes, having worked with various luxury brands in past gets us easy access inside their door..
Host: Wow. Fascinating. So tell us more. Any partnerships, what is the roadmap like?
Lokesh Rao: We just announced our first partnership and relationship with Polygon to begin with. Join trace network announcement channel https://t.me/tracenetwork to get all the coming updates. More partnerships will be announced soon
Host: What do you plan to achieve in 2021?
Lokesh Rao: 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..
Host: Interesting, 1st quarter is starting with April right?
Lokesh Rao: Yes, 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 , we shall be building other NFT use cases like Brand Coupon NFTs, Warranty Management NFTs etc.
Host: There is a question from the user around artists creating their own NFT, is that a possibility or only companies will create it on Trace?
So once an artist creates an NFT, how would they market their product and how would they ensure that their product has a global reach?(especially in India)
Lokesh Rao: Well, Trace Network NFTs would be minted by brands to enable product provenance and to give product ownership to their customer digitally, not just physically.
Host: Understood. So it’s a B2C Authentication NFT. Not really for individual artist.
Another question around fees?
How can indians ensure gas fees is minimal for creating nft art considering that the volume of nfts will be huge in india?
Lokesh Rao: Blockchain is a global thing, so the same rule applies to everyone. However, Layer 2 is the solution for gas fees, and that’s why we choose matic (polygon) where the gas fees would be negligible (even for Indians 😉)
Host: Okay next question is the debate of centralization vs decentralization
Why do we need NFT at all for clothes, aren’t there centralized solutions that can ensure authenticity.
Lokesh Rao: Well, the entire world is coming more and more conscious about sustainable clothing and ethical production environment . And the NFTs would fetch them all information about it for the customers . Be it source of raw material, processing environment etc.
There are some centralized solutions but they are unsuccessful due their nature, they are too centralized :)
Host: Is it safe to say you believe in NFT, where do you think the space will be in 10 years
Lokesh Rao: In 10 years , everyone would have NFTs in their pockets powered by Trace Network.
Host: How is EasyFi and Polygon involvement with Trace like.
Lokesh Rao: Well, we are working closely with various industry leaders. Details of all those will be released to the community in the coming weeks. As I mentioned above, we just announced our first partnership and relationship with Polygon to begin with. Stay tuned.
😂 Rosa, [06.04.21 16:01]
What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?
[In reply to 😂 Rosa]
Our revenue model is very simple, Enterprise businesses pay the protocol for services. We already have been reached in mature stage of discussion with almost 80 brands for allows customer to enjoy Gift Coupon NFTs generated from Trace. We are talking to various web2.0 companies who would using trace network to upgrade their technology stack and also to enable new service offering to their existing customer base. Already onboarded couple of such companies, will be going live with one of them in 3–5 weeks.
Ok Good, [06.04.21 16:02]
It’s easy to make a token but it’s really hard to make this token valuable? So what’s your strategy to make your token more valuable and what’s your plan to maintain token price and supply?
[In reply to Ok Good]
I can only ensure, that we will delivery a solution to a real problem. And trace token has great utilization in this space. Be it for enabling governance, or to mints NFTs for millions of merchandise every year, to mint White label stable coins and various community incentivization.
We have an abled team and the responsibilities of each one has been defined in a clear and measurable way. Quality is definitely top priority.
hongdao boy, [06.04.21 16:01]
My question is about your long term marketing plans. How, or through which big partnerships do you plan on utilizing to pass your product onto the normal — especially non-crypto people?
[In reply to hongdao boy]
We are working with our able advisors to enable reach into various different geographies and building solid regional communities to educate the non crypto people as well.
Join the Trace Network Community
Trace Network is an enterprise grade decentralized finance protocol harnessing the capabilities of composable smart contracts, permission-less financing options powered by DeFi and NFT based unique merchandise identification 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.
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