What is TRAC coin

TRAC, as the native currency of the OriginTrail network, fuels the ecosystem's functionalities by enabling payments for network fees and incentivizing the network's reliable operation.

Nov 15, 2024 at 02:40 pm

What is TRAC Coin?

TRAC is a decentralized network that powers the OriginTrail ecosystem, a suite of tools and services that enable businesses to securely and transparently track and trace products throughout their supply chains. The TRAC token is the native currency of the OriginTrail network and is used to pay for network fees, such as transaction fees and storage fees.

Understanding the OriginTrail Ecosystem

The OriginTrail ecosystem consists of several key components:

• OriginTrail Protocol: The core technology underpinning the OriginTrail ecosystem. It provides a decentralized and immutable ledger for recording supply chain data.
• OriginTrail Decentralized Network (ODN): A network of nodes that hosts and maintains the OriginTrail Protocol.
• OriginTrail Explorer: A web-based interface that allows users to view and explore data stored on the OriginTrail Protocol.
• OriginTrail Marketplace: A marketplace where businesses can connect with each other and purchase supply chain solutions.

TRAC Token Utility

The TRAC token has a number of use cases within the OriginTrail ecosystem:

• Pay for Network Fees: TRAC is used to pay for transaction fees and storage fees on the OriginTrail network.
• Incentivize Node Operators: Node operators who host the OriginTrail Protocol are rewarded with TRAC tokens for their contributions to the network.
• Governance: TRAC holders can vote on proposals to govern the development of the OriginTrail ecosystem.

How Does TRAC Work?

The OriginTrail Protocol uses a unique data structure called a "Provenance Graph" to track and trace products throughout their supply chains. A Provenance Graph is a collection of interconnected data points that represent the different stages of a product's journey from origin to consumption. Each data point contains information about the product, such as its location, condition, and ownership.

The OriginTrail Protocol also uses a consensus mechanism called "Proof of Provenance" to ensure the integrity of the data stored on the network. Proof of Provenance requires nodes on the ODN to validate the authenticity of new data points before they are added to the Provenance Graph.

Benefits of Using TRAC

There are a number of benefits to using TRAC:

• Improved Transparency: TRAC enables businesses to track and trace products throughout their supply chains, providing greater transparency and visibility.
• Increased Trust: The decentralized and immutable nature of the OriginTrail Protocol ensures the integrity and trustworthiness of the data stored on the network.
• Reduced Costs: TRAC can help businesses reduce costs by optimizing their supply chains and eliminating inefficiencies.
• Enhanced Sustainability: TRAC can help businesses improve their sustainability by tracking the environmental impact of their products throughout their supply chains.

Conclusion

TRAC is a decentralized network that provides businesses with a secure and transparent way to track and trace products throughout their supply chains. The TRAC token is the native currency of the OriginTrail network and has a number of use cases within the ecosystem, including paying for network fees, incentivizing node operators, and governing the development of the ecosystem.