The OriginTrail (TRAC) project focuses on the supply chain industry. OriginTrail utilizes blockchain technology to address several prevalent problems in the supply chain sector.
At this time, more than 22000 different cryptocurrencies are actively being used. As the market continues to develop and expand, more and more will emerge, making it increasingly difficult to differentiate between valuable and worthless coins.
In this article, we’ll learn about OriginTrail and TRAC coin. We will also discuss the history and multiple ways to buy the TRAC coin.
What Is OriginTrail?
OriginTrail was an ecosystem with a specific goal in mind when it published its whitepaper in 2017: completely transforming the supply chain sector. Through the implementation of decentralization, the intention was to bring about new levels of efficiency and responsibility.
The goal was to allow businesses to track items worldwide during their existence. This would be a significant achievement for various industries, including those dealing with consumer goods, food, and others, as it would make verifying authenticity and place of origin possible.
The foundation of OriginTrail is a decentralized network of nodes that can exchange or store data for a certain amount of time. The TRAC token serves as both a payment method and a form of collateral, ensuring that data holders and creators are always truthful while preserving the data's integrity (to compensate data holders for their time and resources).
What Is TRAC Coin?
The Trace token is built on the ERC20 and is used to power all transactions on the network. The coin was sold for the first time on January 17, 2018.
OriginTrail does not operate its blockchain even though the company has a network of nodes. Ethereum provides a secure platform for consensus.
The Trace token serves as the method for compensation between the OriginTrail node holders on one side and the supply chain data providers and data consumers on the other. It gives the nodes in the peer-to-peer network an incentive to carry out the system's functionalities so that the network can function.
It is currently trading at $0.35.
History of OriginTrail
The three founders of OriginTrail are Tomaz Levak, Iga Drev, and Branimir Rakic. OriginTrail's alpha version, designed for organic beef products, was released one year before the beta version, planned for dairy products, and integrated with Microsoft Navision. The mainnet of the OriginTrail was initially launched in 2018. The company raised $22.5 million through the initial coin offering (ICO).
What Does the TRAC Coin Do?
TRAC tokens can be utilized in six different ways. Also, the TRAC token is necessary for the network to operate correctly. The following is a list of the six different ways that TRAC can be helpful:
Data producers and holders are required to stake Stakes for their nodes to function. The amount of TRAC that is staked decides how many data jobs may be retained or published.
When data makers post data jobs on the ODN, they use TRAC to compensate data holders for the time and resources they contribute by paying them for the positions. The needed value of TRAC for each work is determined in part by market forces, but it is also impacted by factors such as the volume of data and the duration of the job.
A smart contract for the duration of the data job locks money from a data holder's stake. This has two purposes: first, it prevents tampering with the data, and second, it fulfills a promise to store the data for a certain amount of time. If the node cannot give the data, it holds on demand; this staked TRAC will be reduced. After the task has been finished, the bearer of the data receives their original stake back, in addition to the stake that the data producer initially had.
The team at OriginTrail devised a brand-new blockchain called the Starfleet Chain to make financial transactions more cost-effective. It was released during the second quarter of 2021 and uses sTRAC, a wrapped form of TRAC. To facilitate the movement of tokens between chains, a bridge is going to be constructed.
On the StarFleet chain, staking TRAC is possible, just like staking TRAC is possible on the TRAC blockchain. As a result, stakeholders can collect some of the revenues from data jobs. It also helps to restrict the supply of TRAC and sTRAC because staked coins may be missing from the network for a period ranging from a few months to several years.
The ability of data makers to sell their data on an open marketplace is the ultimate current use-case for TRAC, and it is derived from the ability of data creators to sell their data.
How to Buy TRAC Coins?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including TRAC, users can now trade easily and seamlessly. Here's a guide on how to buy TRAC on CoinEx.
To access CoinEx's services, register for an account by clicking "Register". Existing users can log in.
After logging in, deposit funds into your CoinEx account using one of the supported cryptocurrencies or deposit methods supported by the exchange.
After depositing fiat or cryptocurrency, go to the TRAC trading page, choose a trading pair, and specify the amount of TRAC to purchase.
To buy TRAC tokens, choose the appropriate trading pair, specify the desired quantity of TRAC, and trade the paired token for TRAC.
