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Trace Network plans to launch ICO soon. What about TRACE?

Trace Network is an enterprise-grade decentralized finance protocol. It aims to harness the capabilities of composable smart contracts, as well as NFT based unique merchandise identification solutions and permission-less financing options powered by Defi to unlock the billions of dollars’ worth of business potential.

The network will utilize the unique capabilities of Defi, DLTs, and NFTs to empower participants in its ecosystem. Users will be able to interact and share data required to enforce traceability, distribution channel stock visibility, and efficient working capital financing options. As a result, clients will enjoy more efficient trade practices and business management.

The company also plans to launch its native utility token TRACE in October 2021. The exact date isn’t released yet. However, this ERC20 token will give users additional advantages when it comes to using Trace Network. The total amount of tokens is 100,000,000. But only 16,9% will be available for the token sale.

 

What features and functionalities does the Trace Network offer to its users?

The network provides several exciting features, including NFT based on-chain merchandise identity management, Defi-based on-chain liquidity and trade financing, on-chain integration, and settlement of business transactions across business networks.

TRACE token will have inbuilt governance and community participation capabilities. Token holders will be able to vote and help to make decisions about the platform’s development.

The team set aside 30,620,000 TRACE tokens for business development, community incentives, and ecosystem promotion. They allocated 20,620,000 tokens for that amount separately in an ecosystem and business development fund. The company will use the remaining 10,000,000 tokens for community incentivization for the early adoption of the protocol.

Furthermore, the team allocated 16,380,000 TRACE coins to early backers and strategic investors. 500,000 TRACEs are for public sale. The rest of the tokens will go to existing and future advisors, founders, and the team, as well as the network’s development.

What about Trace Network’s solutions?

 This network offers various solutions according to obstacles that the Defi users face daily. The most significant one is NFT based on-chain merchandise identity management. Thanks to Blockchain, the generation of NFTs can create their unique digital identity. This project will allow brands and retailers to mint new tokens for any new product they would generate on the Trace network. The creators will also be able to move their NFTs to their PLM systems using SDK extension. They can even send the product details on Trustify. As a result, their tokens will be stored both on the Blockchain and the PLM system. 

The team noted that the main benefit of replacing the existing barcode structure with globally unique NFTs is that customers won’t have to follow different organization standards.

 Furthermore, the company offers real-time traceability for the movement of goods. In addition to creating a unique identity, Product NFTs have another important function. Thanks to them, we can record the movement of products from one address to another on the Blockchain. Thus, traders will be able to trace the movement of their goods easily. These tokens will make it quick and simple to see the overall stock status of products across the distribution network. 

The platform plans to offer various incentives to its users

 Trace Network will also use NFTs to offer various community incentivization instruments for brands, including gift cards, loyalty cards, discount coupons, etc. It will aid the brands in building a loyal and long-lasting community. 

In addition to minting capabilities, the company will enable the instant swap of NFTs amongst the community. That will ensure further brand engagement. Trace Network also uses the EDI Contract to facilitate data movement from one system to another on Blockchain. It wants to offer visibility, transparency, and trust across the supply chain. Overall, this network has strong potential and serious plans for the future. Hence its token’s popularity.

 

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