What is the issuance and circulation of TRAC coins?

TRAC coins, the lifeline of the OriginTrail supply chain platform, are mined and circulated to fuel data operations and incentivize network participation.

Nov 17, 2024 at 03:42 pm

What is the Issuance and Circulation of TRAC Coins?

TRAC is the native cryptocurrency of the OriginTrail network, a blockchain-based platform for supply chain management and traceability. TRAC coins are used to power various operations on the network, including data storage, data retrieval, and smart contract execution.

Issuance of TRAC Coins

TRAC coins are issued through a process called mining. Miners use specialized hardware to solve complex mathematical problems, and in return, they are rewarded with TRAC coins. The total supply of TRAC coins is capped at 100 million, and all coins will eventually be issued through mining.

Circulation of TRAC Coins

Once TRAC coins are mined, they enter circulation. Coins can be transferred between wallets, used to pay for goods and services, and staked to earn rewards. The circulation of TRAC coins is essential for the functioning of the OriginTrail network, as it allows users to interact with the platform and leverage its features.

How to Mine TRAC Coins?

To mine TRAC coins, you will need specialized hardware, such as an ASIC miner. ASIC miners are designed specifically for mining cryptocurrencies and can process complex mathematical problems much faster than traditional computers.

1. Acquire Mining Hardware: Purchase an ASIC miner that is compatible with the TRAC network.
2. Join a Mining Pool: Consider joining a mining pool to increase your chances of finding a block and earning rewards.
3. Set Up Your Mining Rig: Connect your ASIC miner to a computer and configure it to mine TRAC coins.
4. Start Mining: Once your mining rig is set up, start the mining process and let your ASIC miner do the work.

How to Store TRAC Coins?

TRAC coins can be stored in a variety of wallets, including hardware wallets, software wallets, and exchange wallets.

Hardware Wallets: Hardware wallets are physical devices that store your private keys offline, making them the most secure option for storing cryptocurrency.
Software Wallets: Software wallets are digital wallets that can be installed on your computer or mobile device. They are less secure than hardware wallets, but they are more convenient to use.
Exchange Wallets: Exchange wallets are wallets provided by cryptocurrency exchanges. They are convenient for trading and storing cryptocurrencies, but they are less secure than hardware and software wallets.

How to Use TRAC Coins?

TRAC coins can be used to pay for various operations on the OriginTrail network, including:

Data Storage: TRAC coins are used to pay for the storage of data on the OriginTrail network.
Data Retrieval: TRAC coins are used to pay for the retrieval of data from the OriginTrail network.
Smart Contract Execution: TRAC coins are used to pay for the execution of smart contracts on the OriginTrail network.

Conclusion

TRAC coins are the native cryptocurrency of the OriginTrail network, a blockchain-based platform for supply chain management and traceability. TRAC coins are used to power various operations on the network, including data storage, data retrieval, and smart contract execution. The issuance of TRAC coins is capped at 100 million, and all coins will eventually be issued through mining. TRAC coins can be stored in a variety of wallets, including hardware wallets, software wallets, and exchange wallets.