OriginTrail is a blockchain-based IT company specializing in traceability solutions. With the recent announcement of joining the Enterprise Ethereum Alliance (EEA), the company will drive the development of Ethereum-based projects. OriginTrail is expected to join the EEA’s Supply Chain Working Group as part of this effort.
- 1 What is OriginTrail (TRACE)?
- 2 Achievements of the OriginTrail team
- 3 How does OriginTrail work?
- 4 What problem does OriginTrail solve?
- 5 Benefits farmers and suppliers
- 6 The TRACE Token
- 7 ICO
- 8 How can you buy OriginTrail (TRACE)?
- 9 How do you store TRACE tokens?
- 10 Origin Trail (TRAC) Chart
- 11 OriginTrail’s platform
What is OriginTrail (TRACE)?
OriginTrail is considered one of the most innovative companies in the development of blockchain – based applications for business supply chains. OriginTrail is the first blockchain protocol specifically designed for data exchange between organizations in the supply chain.
It is an off-chain peer-to-peer protocol and a project that aims to integrate with systems in the field of barcodes, for example. The importance of such a process is that it allows a higher quality traceability that is much more relevant. In addition, it offers its customers the option to share data.
The project implemented by Origin Trail aims to revolutionize supply chain management. This will be achieved while allowing different supply chains to interact better and seamlessly.
In addition, it can also add data to products at every stage of their long journey (from factory to store). This project can also run efficiently on any computer system. It provides a protocol for maintaining trust between the various players involved in the marketing of a product. It can do it all while making supply chains more readable for consumers.
Achievements of the OriginTrail team
The OriginTrail platform has only been around for a short time. However, there was already a lot of interest in the tokens of the OriginTrail project during the presale. For example, many large investors and suppliers of products were already interested in the tokens.
One of the largest suppliers of retail goods in the world has also shown a lot of interest in this project. We are talking about Walmart here. They gave OriginTrail the “Food Safety Innovation Spark Award” because Walmart says it’s a great idea that will help the retail and retail industry move forward. It is not the first blockchain project that Walmart has shown interest in. The American company is continuously investing in crypto and blockchain projects that are concerned with food safety. For many investors, this price is a positive sign for the future price of the TRACE token.
How does OriginTrail work?
OriginTrail thus targets the supply chain market of more than $525 billion. The company operates with a decentralized network designed precisely to meet the needs of supply chains. In this decentralized network, the blockchain-supported data exchange should be extremely fast, secure and cost-efficient thanks to smart contracts .
The blockchain technology also ensures the exact traceability of all transactions. Once recorded on the blockchain, it cannot be deleted or changed later. This also improves security by reducing the risk of fraud.
By joining the EEA, OriginTrail joins the world’s largest open source initiative for blockchain companies. More than 250 companies worldwide are members of the Enterprise Ethereum Alliance. Their Supply Chain Working Group is focused on designing new solutions for current technical weaknesses in supply chain management.
The OriginTrail protocol’s decentralized peer-to-peer network is designed to securely combine supply chain data from widely different IT systems. In addition, the protocol is able to connect to any available blockchain and any IT system from other companies.
This ensures a low barrier to entry for using the OriginTrail protocol. The original data is exchanged encrypted on the decentralized network. Based on this data, decentralized and secure apps can be developed. The protocol also supports GS1 data exchange standards. These standards affect many cross-company processes in the value and supply chain, from procurement to sales. In addition, data can also be exchanged over the Internet of Things via this protocol.
Co-founder and CEO Toma Levak emphasizes that joining the EMA is an important step in the company’s development. OriginTrail thus strengthens its reputation as a company that can handle complex applications with high demands.
What problem does OriginTrail solve?
OriginTrail therefore mainly focuses on the retail and retail trade. But what problem is actually being solved here? This is a problem that can help products, suppliers, consumers and farmers alike.
When you are in the store, it is often difficult to find out where products come from. If you want to buy bananas, you don’t know exactly where they come from. You can’t find anywhere whether farmers have received the right price for the bananas. Or think about the chocolate. There are an awful lot of cocoa farmers who are underpaid.
There is also a bigger problem: child labour. You hear more and more in the news that a clothing brand has their clothes made by children in countries such as India and Bangladesh. As a consumer, you cannot find out in the store who made the clothing. It is then difficult to buy products in a sustainable way.
By storing all this data on the blockchain, consumers can immediately find out about a product’s journey. For example, we see where the parts of products come from, when they were made and how much a farmer was paid for his products.
Because all this data is stored on the blockchain, it is difficult, if not impossible, to commit fraud. Everything is controlled by the network, and what has happened cannot be changed in the future. This allows consumers to be sure that they are buying sustainable products.
Benefits farmers and suppliers
It also brings benefits for farmers and suppliers. This makes it a lot easier for suppliers to prove that they are trading fairly. There are plenty of suppliers who act in a fair and correct manner, but find it difficult to demonstrate this.
When suppliers know that consumers can see where products come from, they are more likely to trade fairly. Farmers and factories also benefit from this. For example, they will pay a fair price and ensure that no children are working in the factories where their products are made.
The TRACE Token
The developers of OriginTrail created the TRACE tokens to pay for the services in the system. Their main function is payment of user services. It is possible to exchange these tokens for other cryptocurrencies or fiat money. However, TRACE tokens are not intended to be used as the primary means of payment.
The initial offering of OriginTrail tokens showed how interested investors are in the platform. The required number of tokens were sold in the first 18 minutes of the offer. This shows the popularity of the platform and its relevance. The sale of TRACE tokens was done to raise funds for the maintenance and development of the network. In the future, new tokens will also be released to provide OriginTrail with its own medium of exchange and to fund the platform. The proceeds will be used to expand and improve the network and to support new third-party projects.
The TRACE token is an ERC-20 token created on Ethereum and used to enable data transactions on the network. It is used for the following cases:
- Data delivery and filtering
- Verification to avoid duplicate transactions
- Voting rights of token holders
- Verification of data
- Blockchain Audits
- Data management and storage
The token serves as a compensator between data consumers on the one hand and OriginTrail nodes on the other. It is also used for supply chain data producers and OriginTrail nodes.
It provides an incentive for the P2P network nodes to allow the system to perform its functionality. The OriginTrail network is a network designed to enable data integrity and validation in certain environments. It is a project that enables a secure exchange of data across the supply chain and introduces a trusted data exchange.
The price of the ticks during the ICO was 10 cents per coin. That’s a pretty cheap price, especially when you compare it to the price it was sold for on the crypto exchanges. The price rose very quickly to 40-45 cents per coin. Subsequently, the value of the TRACE token also decreased again. It suffers quite a bit from price fluctuations.
However, it is anything but bad that the coin rose so quickly from 10 cents to a high value. It is proof for many investors that there is a lot of demand for the coin, and there is also a lot of enthusiasm for this blockchain project. Analysts therefore expect that the project will be widely used in the future, and this will also be reflected in the price of TRACE coins.
How can you buy OriginTrail (TRACE)?
Want to buy OriginTrail’s cryptocurrency, TRACE? You can do that on various exchanges. We recommend that you do this on a major crypto exchange such as Binance or Bitvavo . These exchanges have a high liquidity, so you can always buy TRACE there. In addition, these are also very safe crypto exchanges. The chance of things going wrong on these platforms is very small.
It is also possible to buy TRACE from decentralized exchanges (DEXs), although it is a lot more difficult to make a purchase here. For example, if something goes wrong on Uniswap or Sushiswap , you cannot go to a help desk or service desk. And the chance of things going wrong is considerable, because you have to go through many more steps. That is why we recommend that you choose Binance or Bitvavo.
How do you store TRACE tokens?
TRACE is a well-known and widely used cryptocurrency. It is also an ERC-20 token, which runs on the Ethereum blockchain. That is why you can store TRACE in almost any online wallet. Think of the wallet of the crypto exchange you use. In most cases it is also possible to store TRACE on a hardware wallet , although this will differ per brand and type of wallet. Therefore, take a good look at the supported coins of the hardware wallet that you use (or want to buy), so that you are sure that you can store TRACE on the cold wallet.
If you want to go for secure storage, it is smart to choose a hardware wallet. This separates the crypto coins from the internet, so that the chance of a hack is many times smaller than with an online wallet that is linked to, for example, a crypto exchange. You then have to have faith in the security of the provider of the wallet.
Origin Trail (TRAC) Chart
The OriginTrail platform was created specifically for the exchange of information within the supply chain between all parties involved. The purpose of such an exchange is to save on payment and time spent on the transfer of goods. The platform wants to avoid some of the problems with this process. In particular, OriginalTrail wants to avoid damage to goods, late deliveries and errors in receipt (for example, when the buyer does not receive what he has ordered) and other similar problems.
As a solution to the problem, the blockchain network system is offered to exchange information quickly, reliably and without delay. According to the developers of OriginTrail, the decentralized network allows the users to quickly transfer the necessary data from one process to another without the risk of interference from third parties such as network owners, intermediaries , etc.
Improving the quality of service for the delivery of goods is not a new idea. And OriginTrail’s blockchain is just another tool. However, investors and potential customers were very interested in the project. Proof of this is the fact that the issued OriginTrail token called TRACE sold out in a very short time.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com