Trace Network 10th community event with VBC Group Telegram Community and Trace Network Co-founder and CEO Lokesh Rao.
Host: Welcome Lokesh Rao to Vietnam Blockchain Community. Nice to e-meet you. How are you today, sir? 😊
Lokesh Rao: Thank you. Its a pleasure to be here.
Host: Cool, so let’s get our AMA started right now!
Lokesh Rao: Sure
Host: First of all, can you have a brief introduction about yourself as well as your project to all of our audience in this community?
Lokesh Rao: Absolutely, I will start with Introduction of Trace Network . 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.
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: Awesome. Thank you for such an impressive introduction! Are you ready for the main parts with lots of questions waiting ahead? 😉
Lokesh Rao: Sure, Excited to know what this community wants to know :)
Host: Yeah, we the same. So eager to learn more about Trace Network
Alright, we have picked some questions collected in advance for you. Please make sure that you end your questions with some words or signs like “Done”, so that I won’t interrupt your answers. Now is the first question:
1️⃣ Trace Network implementation promises to save companies millions of dollars that are wasted on inefficient processes, but how much does it cost a company to work with the Trace Network system? For example, how much would it cost Rolex to digitize 1000 new watches in NFT?
from @theanh288
Lokesh Rao: The cost to the companies would be very negligible if we compare it with the cost they are incurring with existing inefficient processes. Billions of dollar loss is suffered every year due to counterfeit products, there are cumbersome & expensive mechanism to borrow the loans for business. Besides solving these challenegs, Trace Network will enable these business networks to unlock liquidity from their assets locked under various statutory processes like Import licenses, Drawback and export incentives etc.
Today, as per industry estimate there is approx. 3.82% of total working capital deployment stuck into these credits which if put into dollar terms are close to couple 100 billion dollars in Luxury goods industry alone, leave aside other industries put together from global trade. As you know, we are on polygon, so the gas cost would anyhow be low. Various pricing models are being thought of depending on the use of protocol.
Host: Thank you Lokesh Rao. I can feel the ambition of Trace Network through this answer! 💪
Thai Nhat Minh | Stably, [22.0Now is the next question:
2️⃣ For me, NFT and DeFi are the trends in today’s crypto market with a large number of projects and investors. So how does Trace Network combine NFT and DeFi? And what problems does it fix with Web2.0 digital systems?
from @phamtan310
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.
Trace Network would help the web2.0 companies like PLM, DAM , ERPs etc to upgrade their offerings to existing customer, help them to get funds from DEFi basis of on chain data and its authentication by white labled brands.
Host: Wow, thank you for such a very detailed explanation. Now we can understand more about the model of Trace Network.
Next question:
3️⃣ One of the features offered by Trace Network is a white-labeled “algorithmic stable coin”. Could you explain a bit more about how this currency works and what role it plays within your platform?
from @ddogeminerg
Lokesh Rao: Every brand on Trace Network would be able to mint their own White Label stable coins . White label algorithmic stable coins would be maintained in the company treasury to settle the invoices. These white label coins would be minted by the company using the crypto assets to settle invoices without actual movement of funds from banks. Having WLSC would make it easy to control/nullify the volatility of existing crypto values and the coin would always be maintaining consistent values with USD.
Host: Nice, branded stable coins will be the next level. I hope to see stablecoin of famous brands in the near future! 😍
Here is the next question:
4️⃣ Your mission is for apps to implement loyalty programs that drive engagement and empower users financially. What specific loyalty features will these programs reward? And how will they qualify an action as loyal or not?
from @Nguyenthanhhang24
Lokesh Rao: NFTs will not only be used on trace network for merchandise identity, instead it will also be used for enabling various community incentivization instruments for brands like gift cards, discount coupons, loyalty cards etc. for brands to be able to build a loyal and long lasting community. Same community can funds the production loans of such brand orders. Would this not start a new level of loyal commitment and engagement between brands and its customers !
Host: Thank you for this informative answer. Hopefully with these competitive advantages, Trace Network can achieve an outstanding position in this blockchain market soon! 💪
Now is the final question before we move on to the next part:
5️⃣ Why did you choose Polygon to build Trace Network on? What are the benefits of it?
from @diana8teen
Lokesh Rao: Building the protocol on the Polygon Layer 2 blockchain solution will ensure high transaction speeds, ultra low or no gas fees, enterprise grade stability, and high security standards of layer 2 blockchain networks. Polygon Technology provides a framework for connecting to EVM compatible blockchain networks, thus making it easy for Trace to build cross-chain transaction bridges.
The interoperability of Trace will make cross-chain transaction settlements, generation of traceable NFTs, data transmission from legacy applications easier. This interoperability will also enable Trace to build inter-chain DeFi liquidity aggregation capabilities to open up large sources of liquidity towards trade financing.
Host: Thank you. We have passed through all warm-up questions. Are you ready to begin even more challenging part — live questions from community?
Lokesh Rao: Why not! Happy to answer them
Host: That’s the spirit! 🔥
Lokesh Rao: To be eligible for rewards, you must follow Trace Network on
https://t.me/tracenetwork
https://twitter.com/trace_network
Host: Great. Before opening the chat, I would like to remind some rules:
Open questions:
- Within 1–2 minutes we will open the chat for community to give questions as many as you wish. Please choose your questions carefully.
- Then we will mute the chat, so that our guests can choose any appropriate questions to answer.
(We will repeat more rounds if we have time)
⚠️ We will auto ban permanently those cases below:
- Copied questions from other AMAs or other people.
- Spam the same questions many times in each round
⚠️To be eligible for reward, please:
- Join Telegram: https://t.me/tracenetwork
- Follow Twitter: https://twitter.com/trace_network
Alright. I believe everyone now can’t wait no longer. The chat will open in 5 secs!
LET’S GOOOOOOOOOO
TELEGRAM QUESTIONS
Hieu |Mina to da moon!, [22.04.21 15:28]
NFT is a trend of the market. But how will your project be affected if the trends change? How will investors be affected?
[In reply to Hieu |Mina to da moon!]
You can see since the time the NFT concept came, every we hear projects coming up with a unique use cases . We are not into digital product NFT, but we would enabling people to own their products not just physically, but also digitally. Imaging having NFT for your expensive LV bag in your wallet to show that you OWN the original from brand. What if all brand product warranties are being managed through NFT, which shall expire once the warranty is over, It becomes so easy to manage warranties. There would be more such use cases being thought of in Trace Network. And NFT trend is not going any where, more and more use cases would be built using NFTs.
Marie Stark, [22.04.21 15:28]
How many rewards campaigns could Trace Network run in the near future? Do you want to attract more users to your ecosystem?
[In reply to Marie Stark]
Absolutely, we are planning very innovative community incentivization programs especially for the trace holder. These incentives are linked to the real life utilities as TRACE is. Details of the incentive programs are being worked upon and will be released soon. 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 at trace official community.
Gina Eichmann, [22.04.21 15:28]
Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?
[In reply to Gina Eichmann]
We are working with our able advisors to enable reach into various different geographies and building solid regional communities..
Bernice DuBuque, [22.04.21 15:28]
Ethereum is a very slow and high price tag for gas. Do the Trace Network team plan to partner with other blockchain networks like Polkadot or Binance Smart Chain?
[In reply to Bernice DuBuque]
For the same reason of high gas prices, we have chosen layer 2 solution Polygon. Definitely , we would be requiring more liquidity from the protocols who might be on other chains like BSC.
Samantha Gaylord, [22.04.21 15:28]
What do you think is the biggest problem Trace Network will solve which is not solved by other projects and why this is the problem important?
[In reply to Samantha Gaylord]
There is a huge availability of liquidity in DeFi ecosystem and trace will enable provisions to use that all :).
🌹Ross, [22.04.21 15:28]
How important is the community to you? and how can we collaborate or help you for the development of the project?
[In reply to 🌹Ross]
Yes, we definitely need a strong community to take the flag further. You can connect with any admin on Trace Network official channel to join the running program
Ca Muoi, [22.04.21 15:28]
What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? I would appreciate it if you could share with us any Upcoming Updates?
[In reply to Ca Muoi]
Would want to see everyone of you having trace minted NFTs in your wallet, ambitious but we are committed to do so 😊👍🏻. Please join https://t.me/tracenetwork for upcoming updates.
Cao Quyen, [22.04.21 15:28]
Many new projects develop well at first, but then fail to achieve good results. How will you manage and develop your project to gain a position in the market and become a good project in the blockchain industry?
[In reply to Cao Quyen]
We are having a minimum average experience of more than 15 years individually in the team members, not to mention we have worked for more than 18 years with 50+ global businesses and have experience in enabling businesses to adopt new technologies. This is not the first time we are bringing new tech to the businesses.. Infact this is the fourth time, after being very successful in last 3 eras of Cloud, AI, IOT/AR/VR etc.
Graciela Parker, [22.04.21 15:28]
What are the major milestones You achieved so far & what are in future pipeline?
[In reply to Graciela Parker]
We are going live with one of our customer in 3–5 weeks. Started on boarding the brands for NFT bidding and EDI . Soon we will be releasing these brand names. Stay Tuned. Future pipeline is more focused on enabling better connect between brands and its customer. Next to it will be enabling DEFI basis of on chain data interaction within the entire ecosystem.
Host: So sorry but our AMA with Trace Network has to end here, though many questions are still not answered. Once again, we as Vietnam Blockchain Community would like to say thanks to Mr. Lokesh Rao — Co-Founder as well as Trace Network team in general for spending your time for Vietnam Blockchain Community.
Anyone who got any question later, you can contact directly to them via their social contact.
Website: https://trace.network/
Telegram: @tracenetwork
Lokesh Rao: Thank you. Stay safe and have a nice time guys.
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