What Is OriginTrail (TRAC)?
TRAC, also known as the Trace token, is the utility token of OriginTrail. It is a Web3 protocol that allows companies, organizations, and blockchains to share data in a trustworthy manner. If you're interested in the current TRAC price and other market statistics, check out the OriginTrail price chart above.
To put it another way, OriginTrail is a set of tools and protocols. It has a two-layered system that links blockchain technology on Layer 1 with Decentralized Knowledge Graph (DKG) technology on Layer 2.
The first layer of the project is the OriginTrail multi-chain consensus layer. It's made up of distinct chains that allow trustworthy computation, which is essential for the DKG to function in a decentralized manner. OriginTrail can extend connected blockchains with token graphs and decentralized applications (dApps) while integrating all native assets from those blockchains.
The second layer is the OriginTrail Decentralized Knowledge Graph (DKG). It's an open-source network that combines blockchain technology with knowledge graph technology. The OriginTrail node is the core unit of DKG.
Knowledge graphs essentially are semantic networks. They link highly organized semantic items into a single semantic data network. By doing this, knowledge graphs make it possible for advanced machine learning, data search, recommendations, and other data capabilities.
Overall, OriginTrail has four network entities:
- Data Providers that, as the name suggests, supply data to the network;
- Data Creator nodes are in charge of importing the data supplied by Data Providers and ensuring that it meets all necessary requirements;
- Data Holder nodes that store the data supplied by Data Providers;
- Data Viewers that request the data.
These entities participate in one of the fundamental components of the OriginTrail network, which is the bidding mechanism. It enables network nodes to reach agreements and offer services to one another. How does it work?
A Data Provider transmits tokens and data to a selected Data Creator node. The Data Creator then publishes a data holding request with the necessary terms of collaboration and sends tokens to the smart contract with customized escrow functions.
The smart contract is automatically answered by candidates for a Data Holder node position. Then, to put it simply, the Data Creator node and the chosen Data Holder nodes make agreements to work on and store that specific data.
The Founders of OriginTrail
Žiga Drev, Tomaž Levak, and Branimir Rakić are the founders of the OriginTrail crypto project.
Žiga Drev has a degree in business administration, as well as international relations and affairs. Besides founding OriginTrail, he also founded Trace Labs, which is a company behind OriginTrail.
Tomaž Levak also has a degree in international relations and affairs as well as human resources management. Together with Drev he also co-founded Trace Labs. Besides, prior to that, he worked as a marketing advisor at KZ Šaleška Dolina and as an advisor to the organizing committee at Kuwait Shooting Federation.
Branimir Rakić is the third co-founder of Trace Labs. He has a degree in electrical and computer engineering. Before joining the Trace Labs team, he was a developer as well as a Web department lecturer at SAE Institue.
The project was launched in June 2018. In the beginning, the OriginTrail price was around $0.15. For the first two years in the market, the volatility of the asset remained low. TRAC started seeing more market activity in the latter half of 2020.
In general, OriginTrail tends to follow broader crypto market trends. In 2021, the TRAC price peaked at $3.87. This occurred in November, around the same time when Bitcoin (BTC) nearly surpassed $70,000 for the first time. OriginTrail was also impacted by the crypto market crash in May-June 2022.
The Purpose of TRAC Coins
TRAC is stored on the Ethereum blockchain as an ERC-20 token. The following are the main use cases of OriginTrail tokens:
- Network participants running DKG network nodes can raise their stake in the network by locking TRAC as collateral;
- TRAC holders can assign their tokens to nodes and, in exchange, they are able to receive a portion of their rewards;
- TRAC tokens are used to reward OriginTrail DKG node operators. This ensures replication of data which is necessary for the discovery of assets and the validity of published data;
- TRAC tokens are required in order to store and read the data on the OriginTrail network;
- Due to the fact that TRAC is an ERC-20 token, it can be transferred and used in the same ways as other ERC-20 tokens. This means that TRAC can be incorporated into any smart contract mechanisms developed on the networks that it is connected to.
If you're considering buying OriginTrail crypto assets, bear in mind that the TRAC price is prone to fluctuation. This happens as a result of TRAC being affected by the overall fluctuation of the whole cryptocurrency market in the same way that other digital assets' prices are.
Tokenomics of TRAC
The OriginTrail coins are deflationary because they have a limited supply. Over time, it's expected that the OriginTrail price will rise as the supply grows shorter. The max supply of TRAC is 500 million tokens.
In 2017, an initial coin offering (ICO) was held, during which the TRAC price was $0.10 per token. The sale was divided into three stages – whitelisting, presale, and crowd sale.
Overall, 50% of the OriginTrail token supply was dedicated to the presale and crowd sale. The remaining 50% was dedicated to the future OriginTrail development, a liquidity pool, team, advisors, bounties, founders, and pre-ICO contributors.
Check out the OriginTrail price chart above if you're curious about the current TRAC price.
