Virtually every existing product in our surroundings came from one or more supply chains. However, there is little to no information concerning the production and distribution processes of these products, a sign that supply chains are facing more pressure to be transparent. OriginTrail changes that with a decentralized protocol that is designed for sharing supply chain data based on blockchain.
OriginTrail is a protocol solution that allows IT providers to easily set up blockchain-supported data sharing in supply chains. It allows the supply chain industry to build transparency and tracking, protecting brands from fraudulent behavior. It is a public decentralized solution for performance, cost, and scalability issues by providing a tailored decentralized system for supply chain data based on blockchain.
OriginTrail brings seamless and automatic data connection and interoperability between IT systems of different stakeholders in multi-organization supply chains, with consensus mechanisms for ensuring the integrity of data.
For optimal solutions, OriginTrail implements a protocol that runs on an off-chain decentralized peer-to-peer network called the OriginTrail Decentralised Network (ODN). The ODN enables peers on the network to perform several activities like negotiate services, transfer, process and retrieve data, verify its integrity and availability.
TRAC is the utility token for OriginTrail and enables the exchange of data and supply chain processing functionalities. It is the means of compensation between supply chain data producers and data consumers on one side and the OriginTrail node holders on the other.
The Trace token is implemented as an ERC20 compatible token on Ethereum and ensures interoperability with wallets and other tokens on Ethereum. Its smart contract handles all transactions and balances in a secure and trusted manner.
It provides the incentive to the nodes in the peer-to-peer network to perform the system functionalities like maintaining and operating the p2p network takes resources. However, operations can be free of charge if certain conditions are met. One is if one has access to an Ethereum node and if they hold a local OriginTrail node that contains the necessary graphs. Also, charge-free participants are data creators. They will not be required to pay any additional arbitrary fees apart from what they agree to pay to the nodes.
Also, the token serves as a rewarding medium and the number of tokens to be awarded for the nodes providing the service depends on the system.
Who Are the Founders of OriginTrail (TRAC)?
OriginTrail was founded by Branimir Rakic, Tomaz Levak, and Ziga Drev.
Branimir Rakic is the Co-founder and CTO of TracLabs and OriginTrail. He Had a Master’s degree in Electrical and Computer Engineering. He also had a degree at Tennessee Tech University as an exchange student in Telecommunications and Web Programming. He has been optimizing telecommunications networks since 2011 and has been developing tools in merging the blockchain and supply chain since 2016.
Tomaz Levak is the co-founder and CEO of OriginTrail. He is also the managing director of TracLabs and has been building solutions and transparency on the blockchain since 2011. He has also managed tech firms countlessly in Europe and the Middle East and as at writing lives in Slovenia.
Ziga Drev is the Co-founder and managing director of OriginTrail. He is also the managing director of TracLabs. He had his bachelor’s degree in International Relations and Affairs at the University of Ljubljana.
What is OriginTrail (TRAC) used for?
To evaluate the supply chain Ecosystem
Through the decentralized tools and technologies of OriginTrail, supply chain manufacturers and distributors get to value the product.
Migrate supply chain into the blockchain
The blockchain has facilitated to host of all the works and activities of the supply chain. It also allows for the ready use and availability of resources to store supply chain data.
Secure and exchange audits
Reports gotten from monthly or yearly audits can be stored securely on the blockchain. These results can also be publicly viewed and time-stamped, making them secure.
Some participants that play major roles in the validation of nodes or other blockchains serve to get rewarded with the TRAC tokens.
What Makes OriginTrail (TRAC) Unique?
Unlike most blockchain-based solutions that are designed to overcome the supply chain challenges, none of the current solutions provides high-performing functionalities of storing, processing, and interacting with highly interconnected data of chains. Although solutions such as IPFS and Storj are great for decentralized storage of documents, they fail to provide the functions needed for advanced search and flexibility in handling interconnected data. OriginTrail supplies all and more features for the decentralized storage of data.
How Many OriginTrail (TRAC) Coins Are There in Circulation?
Initially, there were 500,000,000 TRAC tokens were created, however, there are now 364,020,531 TRAC tokens in circulation.
How Is OriginTrail (TRAC) secured?
OriginTrail incorporates blockchain as the platform to ensure data integrity and security. For every information that gets inputted in the system, a tamper-proof fingerprint, which is a cryptographic hash is generated and stored on the blockchain at the time of input.
The cryptographic hash is commonly used to prove the received data has not been modified in any way. Having the hash immutable in blockchain as a reference to the original input completes this mechanism. If there is a need to check if data was tampered with, a simple hash comparison between the stored hash in the blockchain and the newly generated hash from the same data in ODN shows if changes have been made. This security protocol guards every user, supply chain, and transactional data securely.
How do I buy OriginTrail (TRAC)?
OriginTrail is not a company, it is an ecosystem based on the token economy with direct relations between users and network nodes free of arbitrary fees. It is also the world’s first decentralized graph to help humanity manage important assets by making them verifiable and valuable.
TRAC tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Deposit a specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and purchase TRAC through your trading account.
Which Cryptocurrency Wallet Supports OriginTrail (TRAC)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as OriginTrail (TRAC). Because of its vast use-case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their TRAC wallet because it offers a simple and interactive interface making it easy for people to navigate its system.