Thanks to all for participating in our AMA with Trace Network. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this AMA recap is for you.
Manpreet – Hello Lokesh Rao, CryptoNationIN Welcomes you 🎉
Lokesh Rao – Hey Hi to all, thanks for having me here.
Manpreet – We’re glad to have you for the AMA today 😊
Lokesh Rao – Likewise 🙂
Manpreet – Let’s start!!!
Lokesh Rao – Sure
Manpreet – Please introduce yourself to the community.
Lokesh Rao – I have been working for over 12 years in enterprise technology space helping companies acquire and implement technology across more than 20+ countries. I have been actively building solutions for enterprises using DLT and Blockchain technology since 2017. Have worked with various global brands and fortune 500 companies in the past in luxury, lifestyle and fashion domain.
Manpreet – It looks like you’re well versed 👌.
Now, please give a brief introduction about Trace Network to the community.
Lokesh Rao – Sure
Trace Network is an enterprise-grade NFT based decentralized finance protocol harnessing the capabilities of composable smart contracts to enable permission-less financing options powered by DeFi, and NFT based unique merchandise identification & community building solutions to unlock the billions of dollars’ worth of business potential otherwise undermined due to poor merchandise inventory & ownership management, costlier trade financing & banking options, and perennial inefficiencies in par Diem business transactions.
Manpreet – Unique ✨
Thanks for introducing in such a simple & crisp way.
Q1. What kind of problem did you saw in the market? How would you able to solve those problems?
Lokesh Rao – There are 3 major problems we are trying to solve here with Trace Network.
First one is the challenge faced by brands of Counterfeit products and incomplete visibility of stock in distribution network. This is being solved with minting of NFTs of these products, using which one can track the movement of products from one address to another.
Secondly, these businesses are still struggling with department based data silos and interconnected data. This data is required to be exchanged between different trading partners of ecosystem. Trace Network, with its decentralized EDI service would remove the cost of duplicate data entry, and will also bring more transparency and efficiency to the whole process.
The third major problem is the process to access the funds from the financial institutions like banks. The process is very cumbersome, expensive and slow process. The data which businesses would be exchanging with the supplier or other partners of their ecosystem on chain via trace network would act as proof of business, which will open financing options for businesses, where they can either take early payment or loan against their invoices or seek working capital financing from the protocol.
Q2. What plans are in place for global expansion, are you focusing on only one market at this time?
Focus on building and developing or getting customers and users, or partnerships? Can you explain this?
Lokesh Rao – We are connecting with a diverse business segment who would be using different solutions of Trace Network. Be it Beer companies minting NFTs for their product or be it Luxury brands from west using Trace EDI services to connect with their supplier on east side of world. Apart from this, we are partnering with Web2.0 companies to extend their offering to existing customer base powered by Trace Network.
Q3. How do plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?
Lokesh Rao – We are working with our able advisors to enable reach into various different geographies and building solid regional communities.
Q4. How your project (Trace Network) is different from other NFT projects?
Lokesh Rao – The key differentiator is that NFTs of trace network for brands are digital ownership transfer of goods, linked to this brands will be able to offer various value added services to their customers like warranty, better incentives for upgrades. Rewards for loyal users etc. Many more use cases, which actually these businesses will discover more than us as we go along the journey with them as a technology protocol built with a vision to redefine the consumer connect for brands with the help of NFTs, DLT and Defi.
Q5. What should we expect from you in the next few months and even in the rest of 2021, And what has been the highest accomplishment you have achieved so far from the start?
Lokesh Rao – Trace team definitely looks at bringing some interesting merchandises and offers via NFTs from global brands to it’s users within 2021.
And as mentioned above, along side of our existing relationship with various global brands, we are partnering with Web 2.0 companies who want to upgrade their technology stack and offerings for their existing customer base. We have already partnered with couple of Web2.0 companies and we are going LIVE with one of them in 4-6 weeks.
Q1. As I know a strong community is very important for every project. Do you plan to be a local or global project? What strategy will be used to expand the community?
Lokesh Rao – We are a global project and we are extending our reach to multiple geographies with the help of our advisors and strategic partner.
Q2. Presently as at today, can we possibly use your token in real life for payment? any plan for increase use cause for the token?
Lokesh Rao – Essentially, trace token is going to be acting as a key governance attribute to be used by token holders for voting and enabling various protocol parameters especially in the enterprise defi segment. Further, trace token will be used as fuel for minting NFTs for the millions of merchandise every year.
White Label Algorithmic stable coins are going to be key for cross network settlement, trace token will be used as a benchmark for managing the volatility of stable coins being minted.
Plus, token will be used for various community incentivization programs and other market outreach programs.
Q3. Would you agree with EVERYONE that community is everything? How important is the community to you? How can we collaborate or help you to develop the project?
Lokesh Rao – We are a firm believer that communities are integral part of any consumer facing business. And that’s why , we have planned various community programs which will be launched soon. Stay tuned!
Q4. What would you consider as the main challenges for attempting to enter Decentralized Finance space? What are main advantages of DeFi over Traditional Finance that you Know?
Lokesh Rao – The biggest challenge I can see today is the availability of funds within the entire Defi ecosystem. With my experience of enterprise industry, businesses need to borrow hundreds of billion dollars of funds from the existing financial institutions like banks, factoring agents etc. every year, which is right now not available in total within the DEFI ecosystem. Main advantages of DEFI over traditional banking are Easy, Fast and less cost on the loans.
Thank you Lokesh Rao (Co-Founder & CEO) and Community for participating in the AMA. Have a nice day.