Trace Network 7th community event with Crypto Nation telegram community and Trace Network Co-founder and CEO Lokesh Rao.
Host: Greetings everyone !! 😊✨ I extend a warm welcome to Respected sir, @traceraolokesh from Team “Trace network” who are today’s AMA presenter’s .😊🙏🏻
It’s our absolute pleasure to have you here with us. 😊 I am sure that we all be enriched today after knowing about Trace network . 😊💯
Lokesh Rao: Hey Hi Everyone. Glad to be here . Thanks for this opportunity to introduce you all with TRACE NETWORK.
Host: So let’s begin the AMA .
Lokesh Rao: Sure :)
Host: Beginning with the very first segment . That is Questions from host .
Shall I start sir ? 😊
Lokesh Rao: Ok
Host: Can you please introduce yourselves to the community.
Lokesh Rao: I am Lokesh Rao, Co-Founder 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.
Host: That’s a great introduction ! Looking forward to know more about the same . 😊
Q2) Can you please tell us about Trace Network in detail?
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. You should also visit https://trace.network for more details.
Host: Superb ! 🔥
Q3) Please tell us the biggest milestone you have ever achieved and also your future milestone?
Lokesh Rao: We have successfully onboarded couple of web2.0 companies who wanted to upgrade their technology stack and offerings for their existing customer base. We are going live with one of them in 3–5 weeks.
Trace Network would soon be enabling minting of gift coupon NFTs which would be accepted by 80 brands. More details will be released soon. Join Trace Network announcement channel for further updates
Host: Amazing 😊💯
Q4) Please give us a sneak peak of your Roadmap?
Lokesh Rao: 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..
This NFT module further shall enable further strengthening the Brand and Customer relationship by enabling warranty management and loyalty management using the NFTs for these services
In next phase , 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 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.
Host: I must say the insights you are giving is worth reading ! 🔥💯
Q5) What makes Trace Network better than its competitors?
Lokesh Rao: You know, building consumer tech product and building enterprise tech product these two are completely different ball game altogether. It requires an indept understanding of whole ecosystem, finding avenues for product adoption and then finally delivering a product which generates value to the businesses.. 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 foot print. This combination is must and rare as well in the space where Trace Network would be putting its foot😊.
Host: With this we come to the end of very first segment . 😊
Now let’s move forward to the segment-2 ( questions from Twitter )
First question from Twitter
As it is known that Trace uses a white label algorithm for stable coins. And how effective is this model in preventing a token or digital coin from depreciating over time?
From @MikhaVelora
Lokesh Rao: The volatility and appreciation in trace token price reduces the continuous injection for funds to be used as collateral for underlying stable coins being issued.
Host: Amazing 🔥
Second question from Twitter
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 this project?
From @Rafi2758
Lokesh Rao: We are working with our able advisors to enable reach into various different geographies and building solid regional communities..
Host: Third question from Twitter
Do you have any plans to attract non-crypto investors to your project Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in non-crypto space?
From @Jony9659
Lokesh Rao: Absolutely , non-crypto population is huge and are definitely are on our focus.
However, attracting the non crypto investors would be a gradual process and shall be done strategically . Once the businesses would start onboarding and start interacting with the utilities of trace network , this would help them understand the real values they would get by investing in Trace. For ex, everyone like to use the gift coupons, discount coupons, and Trace would enable minting of such brand coupon NFTs by staking Trace Tokens. More and more such provisions would be enabled for community to get real benefits of having hold of Trace tokens.
Host: Alright 😊✨ 👍
Fourth question from Twitter
Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem What is the problem that your project primarily focuses on?
From @tasfiya43
Lokesh Rao: Trace Network primarily stands to bring brands and its loyal customers closer with its NFT based community programs and solving the liquidity problem for businesses with DEFI .
Host: Fifth question from Twitter
Q:Nowdays So many Rug Pulls and exit scam happening . How Users can trust your project and how you are different from others?
From @MdNazmu48410288
Lokesh Rao: 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 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.
Host: With this we come to the successful end of segment -2 as well . 😊
And I must say @traceraolokesh you are very prompt and clear in giving your answers and that’s so commendable of you .
Now moving ahead towards segment-3
Lokesh Rao: Sure.
Host: Segment -3 ( live session ) in which I will be unmuting chat for 100 seconds and all the members can raise their questions between that .
After completion of 100 seconds , chat will be muted and @traceraolokesh will select best 5 questions followed by his answers .
Shall we begin sir ?
Lokesh Rao: Yes, we can.
Telegram Questions
Demvrick, [08.04.21 15:53]
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?
[In reply to Demvrick]
The key differentiator is that 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.
Melissa Zieme, [08.04.21 15:55]
How does Trace Network provide transparency and safety for their users and what sort of a reward structure is there for the token holders?
[In reply to Melissa Zieme]
Trace token holders will be able to get various incentives from the brands onboarding trace network including trace project itself. In fact this community project is going to be the first module going LIVE, right after the token launch. Further, as we go along there are many stand alone products of trace network which will require trace to be locked for minting various NFTs at consumer level. Further, imagine trace holders funding the financial needs of global brands and participating in the manufacturing of some international products. as a result being rewarded with real returns or brand specific programs
HOÀNG TOÁN, [08.04.21 15:55]
What is the current Trace Network record? As a fan of Trace Network, I expect my favorite project to be listed on major exchanges. Do you have any plans for this?
[In reply to HOÀNG TOÁN]
Soon there will be announcement on this . Join trace announcement channel https://t.me/tracenetworkann
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.
Yes, we are working on building strong Ambassador network to take the flag further. You can connect with any admin on Trace Network official channel to join the running program
Alicia Feest, [08.04.21 15:55]
What is the role of token in the ecosystem? Where can users currently buy it, and what would be its use?
[In reply to Alicia Feest]
Enabling governance by token holders, minting of NFTs, Minting of WLSCs and community incentives. Working on more such utilities. TGE is yet to be announced .
Mohammad Amir, [08.04.21 15:55]
Ethereum gas costs are really high but for example binance smart chain gas prices are so small and it is faster. In the future can you implemented bsc?
[In reply to Mohammad Amir]
We are on Polygon , and gas fees is negligible there.
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.
You can participate and receive timely updates from the following official channels:
- Twitter: https://twitter.com/trace_network
- Telegram: https://t.me/tracenetwork
- Medium: https://medium.com/trace-network