Trace Network 3rd community event with crypto24official telegram community and Trace Network Co-founder and CEO Lokesh Rao.
Host: Good evening everyone, I’m pleasured to have CO founder of Trace Network, Mr Lokesh Rao to join our AMA today.
Lokesh Rao: Hey Hi . Thanks for having me here.
Host: So sir lets begin today’s session with segment 1(Introduction Question) shall we start sir?
Lokesh Rao: Yea, sure. Looking forward.
Host: Please introduce yourself to the community?
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: 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.
Host: That definitely helps in clearing the main idea behind Trace Network. Well with this we came to an end of Introduction Segment. Lets move on to second segment ( Questions from Twitter ) shall we start sir?
Lokesh Rao: Yes, cool.
First question from Twitter
Trace network presents itself as one of the greatest offer to develop your company being an Enterprise DeFi Protocol, from the economic and visionary point of view why did you decide to base it on NFT ? how can this exploit the higher performance for the future within DEFI ?
Lokesh Rao: 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. Going further, these customers will be able to participate in financing of products of their favourite brand via defi for production of goods that they will own not just physically, but even digitally.
Second question from Twitter
DEFI is growing too fast and the likelihood of it being disrupted is very high. What do you think about this? Can you be sure that TRACE products will be in demand in the long term? What plans does Trace Network have to contribute to DeFi’s development?
Lokesh Rao: Defi in future is going to work on more and more real world usages. Even today Trace potential market require funds for which they follow a cumbersome , expensive and slow mode to get it from existing financial institutions. Trace would be aggregated liquidity provider for these business in collaboration with the defi protocols like Easyfi ,Aave etc. And, the onchain data would act a premise to lend these funds to the business.
Third question from twitter
Much of the recent conversation and sensation surrounding the NFT has focused on digital art or licensed collectibles, where pure scarcity is a major selling point. But what do you personally see as some of the most compelling applications and use cases for NFT technology?
Lokesh Rao: 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.
Fourth question from Twitter
Trace uses a white label algorithmic for stable coin. How effective has this model been in preventing the depreciation of tokens or digital coins over time? Is this method better than building a stablecoin leveraged by USD or EUR? What kind of technology does this model have?
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.
Fifth question from Twitter
Can you list 1–3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Lokesh Rao: TRACE is 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. We are passionate about all the three components. The advantage we have is our team with experience on enterprise technology, blockchain and indept understanding on processes to bring the best adoptions strategies in place for both businesses and their target customers.
Lokesh Rao: Yes, cool.
Toy🕊️ Roy☕, [01.04.21 15:31]
Your project has great features. There must be an experienced team behind. Can you tell some about your team and their experiences in the market?
[In reply to Toy🕊️ Roy☕]
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. You know, building consumer tech product and building enterprise tech product these two are completely different ball game altogether.
RisanBabu, [01.04.21 15:32]
What are the priorities of TRACE Network in 2021? As we are in the bullish phase of the crypto market, are there any exciting initiatives that you’re planning in the pipeline that you can share with us?
[In reply to RisanBabu]
Trace team looks at bringing some interesting merchandises and offers via NFTs from global brands to it’s users within 2021. Along with that we will be solving the problem of broken connection between the brands ecosystem partners by onboarding them on trace network, where they will be able to exchange the transactions using SDKs bounded with respective transaction smart contract.
😎Fuck Boy😎, [01.04.21 15:32]
Partnerships are crucial for Adoption, so can you tell us what partners you have currently and future partnerships?
[In reply to 😎Fuck Boy😎]
Trace partner ecosystem consists of all the luxury brands we have worked with in past decade and on other side we are partnering with the web2.0 companies who are looking to upgrade their technology stack and offering to their customers. We already have couple of such projects onboarded with us. One of which is going live in another 4–6 weeks.
Angelababy, [01.04.21 15:32]
From your website, can we submit problem, suggestion, idea or bug report and get reward?If yes. where we can submit that?
[In reply to Angelababy]
There are no such bounty campaigns as of now. However going forward we would enable these bounty programs. Appreciate your thought.
Host: Shall we end today’s session now sir?😊
Lokesh Rao: As you say sir.
Host: Thank you so much everyone for joining today’s session with Trace Network and special thanks to @traceraolokesh sir for such an informative session🔥.
Lokesh Rao: Happy to interact with your community.
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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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