What currency is TRAC?

The OriginTrail Decentralized Network (ODN) utilizes TRAC as its native ERC-20 token, used for transaction settlement, staking, and governance participation.

Nov 18, 2024 at 10:34 am

What Currency is TRAC?

Originating, as a layer-two protocol on Ethereum, the OriginTrail Decentralized Network (ODN) is a decentralized knowledge graph that connects businesses, things, and services. OriginTrail enables seamless collaboration throughout extended supply chains. An Open Provenance Network for track and trace applications, OriginTrail aims to make global supply chains more transparent, efficient, and sustainable through the implementation of verifiable credentials, decentralized identifiers, and verifiable data registries.

TRAC Token Utility and Benefits:

• Payment for services rendered on the ODN, especially for recording data and using decentralized applications (dApps) built on it.
• Staking to earn rewards, contributing to ODN security, and participating in governance decisions.
• Incentive mechanisms to encourage network participation and validate data veracity.

Key Features of TRAC:

• ERC-20 token: Easily traded and used on decentralized exchanges (DEXs).
• Limited issuance: Only 500 million TRAC will ever be created.
• Deflationary mechanism: A portion of TRAC fees are regularly burned, decreasing the total supply over time.

Use Cases for TRAC

Supply Chain Management:

• Track and trace products throughout the supply chain for increased transparency and accountability.
• Verify product provenance, authenticity, and sustainability claims.
• Optimize logistics and reduce waste by improving visibility into supply chain operations.

Healthcare:

• Securely track and share medical records to streamline patient care and improve health outcomes.
• Ensure the authenticity and efficacy of pharmaceuticals and medical devices.
• Monitor drug efficacy and adverse event reporting.

Education and Research:

• Maintain comprehensive records of research data, ensuring transparency and reproducibility.
• Facilitate collaboration among researchers and institutions by sharing verifiable data.
• Track and verify educational credentials and academic achievements.

Government and Public Services:

• Provide citizens with access to verifiable information about public services and government processes.
• Ensure transparency and accountability in government operations.
• Improve citizen engagement and trust through verifiable transparency.

Other Industries:

• Trace the movement of goods and materials in industries such as manufacturing, retail, and transportation.
• Enhance intellectual property rights protection by providing verifiable records of ownership and usage.
• Promote sustainability by tracking the environmental impact of products and services throughout their lifecycle.

Steps to Obtain TRAC

1. Choose a Cryptocurrency Exchange:

   • Select a reputable exchange that lists TRAC for trading.
   • Create an account and complete the necessary verification steps.

2. Fund Your Account:

   • Deposit cryptocurrency or fiat currency into your exchange account using the available payment methods.

3. Place a Trade:

   • Search for the TRAC/USDT, TRAC/ETH, or TRAC/BTC trading pair.
   • Enter the amount of TRAC you wish to purchase and the price you are willing to pay.
   • Review and confirm the trade details.

4. Store Your TRAC:

   • Withdraw your purchased TRAC to a secure hardware wallet or software wallet that supports TRAC storage.
   • Keep your private keys safe and secure to prevent unauthorized access to your funds.

5. Participate in the ODN:

   • Use TRAC to pay for services on the OriginTrail Decentralized Network.
   • Stake TRAC to secure the network and earn rewards.
   • Participate in governance discussions by submitting proposals or voting on network updates.