Global supply chains lack transparency and accountability. Powered by the native TRAC token, OriginTrail aims to solve this problem using blockchain-based technologies. Also, the Trace Alliance, Trace Labs, and the OriginTrail team form a vast network of businesses and organizations devoted to expediting the mass adoption of blockchain technology via trusted data exchange solutions. OriginTrail partnerships include governmental and regulatory bodies, educational institutes, and global business standard bodies. Furthermore, recent developments include the OriginTrail Polkadot integration, with Starfleet Chain, the OriginTrail Parachain.
In this “Ultimate Guide to OriginTrail”, we’re going to dive deep into the OriginTrail Decentralized Network (ODN). Also, we’ll discuss Trace Labs, the TRAC token, and the various OriginTrail partnerships. Furthermore, we’ll be exploring the Decentralized Knowledge Graph (DKG). Plus, we’ll look at the OriginTrail Polkadot integration, the OriginTrail Parachain Starfleet Chain, and the OriginTrail team.
If you’re interested in learning how blockchain operates on a technical level, check out Ivan on Tech Academy! Our Blockchain & Bitcoin 101 course teaches you how Bitcoin was the first implementation of blockchain technology. We cover how this operates and why the technology is so revolutionary. Also, why not check out our Bitcoin Monetary Revolution course to discover just how cutting-edge and innovative blockchain technology is? Learn about the history of money, from gold to Bitcoin, and the traditional financial infrastructure of today’s modern banking world. Learn how to preserve your wealth at the number one blockchain education suite, Ivan on Tech Academy!
The Ultimate Guide to OriginTrail - Exploring the OriginTrail Decentralized Network (ODN)
OriginTrail is a blockchain-based supply chain management protocol. It addresses trust and transparency issues in global supply chain management. Also, the platform enables multiple parties in complex supply chains to append data to products and components at each stage of the supply chain. By verifying that participants meet specific conditions at each step in the supply route, manufacturers, distributors, and consumers benefit from an immutable ledger of real-world data stored on the blockchain.
This data tells the story of the life cycle of a product, including food, clothing, components, and raw materials. The project provides a transparent history of each step of the manufacturing, distribution, and transportation processes using QR codes, sensors, and other smart devices.
Also, the platform facilitates frictionless data transfer between multiple participants or organizations using a decentralized network of nodes. Plus, it boasts several certifications and licenses with some of the most widely-respected global regulators and compliance bodies, notably, the global barcode body GS1. Furthermore, the standards and certifications upheld by OriginTrail position the project at the forefront of global supply chain management.
In addition, OriginTrail uses oracles and artificial intelligence (AI) to monitor the decentralized graph network securing the ecosystem. Furthermore, OriginTrail partnerships exist between international bodies, governments, corporations, small businesses, and independents. Together, these entities can search for and connect to a plethora of datasets via the blockchain. Data on the network removes the need for trust between entities while facilitating the sharing and creation of valuable data.
Moreover, the project optimizes the global supply chain by removing unnecessary hurdles and enabling trustless information sharing. Plus, it provides provenance for several industries, components, and products by tracking sources and preventing counterfeits.
The TRAC Token
The native TRAC token is an Ethereum ERC-20 utility token that powers the OriginTrail Decentralized Network (ODN). Also, TRAC is a pre-mined non-inflationary token. There is a maximum supply of 500 million TRAC tokens, with 362.4 million in circulation, according to CoinGecko at the time of writing. Plus, all TRAC tokens in circulation were pre-mined during the initial coin offering (ICO) in January 2018.
The TRAC token is key to the OriginTrail Decentralized Network (ODN) and has several functions. Firstly, the TRAC token is essential for ecosystem engagement. Secondly, participants need the TRAC token for publishing data to the ODN. Thirdly, data holders use the TRAC token for collateralization. Moreover, the TRAC token is necessary for sTRAC usage and staking on the Starfleet Chain and knowledge incentivization. We discuss this in further detail later in the article.
Furthermore, participants can stake the TRAC token to secure the ODN and incentivize honest behavior. Plus, the TRAC token is used as compensation for the time and resources provided by data holders.
OriginTrail Team - Trace Labs
At the core of the OriginTrail team is Trace Labs. Trace Labs aims to facilitate “cross-organizational data exchange in global supply chains and corporate environments”.
Also, Trace Labs is responsible for the project’s open-source protocol and trusted network applications used in global supply chains to exchange inter-organizational data. Notable Trace Labs partnerships include global barcode registration body GS1, Oracle, and Parity, the core Polkadot development team.
Trace Alliance & OriginTrail Partnerships
The Trace Alliance is a collaborative hub for the OriginTrail team, OriginTrail partnerships, and Trace Labs members. Bringing together businesses, academics, and technology leaders, the Trace Alliance aims to create enterprise-scale blockchain-based solutions for supply chains.
The Trace Alliance acts as a data marketplace for businesses that want to integrate the protocol into existing supply chain management systems. Plus, members of the Trace Alliance gain early access to developer tools and emerging technologies.
Furthermore, the Trace Alliance is responsible for a wide range of OriginTrail partnerships. The Alliance includes members from multiple sectors, including healthcare, food and agriculture, fashion, manufacturing, and beyond!
With over 100 members globally, Trace Alliance is a global network of developers, research institutions, businesses, and service providers. Together, the Trace Alliance aims to expedite the adoption, interoperability, and connectivity of supply chain technologies by providing access to the latest resources and tools.
Decentralized Knowledge Graph (DKG)
OriginTrail’s Decentralized Knowledge Graph (DKG) uses knowledge graphs and Distributed Ledger Technology (DLT) to facilitate interoperability and connectivity. DKG accelerates the exchange of trusted knowledge between supply chain networks using linked data and global data standards. Also, DKG helps to maintain the integrity of this data via the data immutability of the blockchain.
In addition, the DKG provides a “neutral middleware for trusted data exchange between organizations and individuals”. This middleware aims to break down data silos and make information interoperable and accessible using a blockchain-agnostic consensus layer. Furthermore, the DKG acts as a data exchange for a diverse range of global organizations and enterprise systems. This includes the British Standards Institution (BSI), Swiss Federal Railways, and many more.
Knowledge Economy
The Knowledge Economy is a set of tools currently under development to expand the ecosystem. These tools provide “optimized knowledge publishing” and liquidity for OriginTrail nodes. Also, the Knowledge Economy is introducing new knowledge incentive tools.
The long-term strategy for the OriginTrail Decentralized Knowledge Graph (DKG) is to develop and make a range of knowledge tools available for blockchain-based systems. We can also expect to see the development of knowledge marketplaces, knowledge wallets, and knowledge tokens in the future. This suite of tools will make up what is known as the Knowledge Economy.
OriginTrail Polkadot Integration
The OriginTrail Polkadot integration consists of two working projects operating in parallel with each other. The first OriginTrail Polkadot integration is the development of the OriginTrail parachain, called Starfleet Chain. Originally an isolated Substrate-based chain, Starfleet Chain development is now focusing on a direct Polkadot parachain integration known as the “Starfleet initiative”. The OriginTrail Polkadot integration began in September 2020 as the Parity team joined OriginTrail’s Core Developers referred to as the “Starfleet task force”.
The Starfleet task force is working alongside the Trace Alliance Decentralization and Tokenomics Working Group to develop a smart contract-enabled blockchain specifically designed to enhance the availability and scalability of the OriginTrail Decentralized Knowledge Graph (DKG) features. Moreover, Starfleet Chain is offering a blockchain environment for the OriginTrail Knowledge Economy and knowledge tools in addition to bringing further utility to the TRAC token.
The Trace Alliance Decentralization and Tokenomics Working Group’s second working project is known as the “Polkadot initiative”. This OriginTrail Polkadot integration operates with the fundamental goal of bringing the Decentralized Knowledge Graph (DKG) to the Polkadot ecosystem. Together with the Parity team since September 2020, they are “evaluating and conceptualizing the integration process”.
Starfleet Chain
The OriginTrail Parachain, Starfleet Chain, is paving the way for a futuristic web. Building a landscape for the OriginTrail Knowledge Tools in conjunction with the OriginTrail Decentralized Knowledge Graph (DKG), Starfleet Chain aims to host a “knowledge economy based on Web3 and Semantic Web principles”. Starfleet Chain offers a knowledge marketplace allowing individuals to purchase or sell data securely using the TRAC token. Furthermore, Starfleet Chain offers knowledge tokens, knowledge wallets, and knowledge tenders with the knowledge marketplace.
TRAC tokens unlock knowledge tools and are used to transact data between producers and consumers. Starfleet Chain connects to the entire Polkadot ecosystem, allowing all Polkadot and Kusama-based applications to use this feature. Plus, the expanding user base and increase in utility of the TRAC token could bring added value to the asset.
Starfleet Chain itself will use a tokenized form of the TRAC token, named sTRAC. Moreover, developers are working on a bridge to allow the migration from an ERC-20 TRAC token to Starfleet Chain. At present, a smart contract is in place that creates sTRAC tokens, locking up the corresponding TRAC tokens while using Starfleet Chain. Also, the tokenomic structure ensures the maximum supply of TRAC tokens remains the same at 500 million.
At the time of writing, Starfleet Chain is in its final stages of development. Testing is underway on OriginTrail’s early-stage testnet, named Warp. Plus, Starfleet Chain will be “officially ready” for deployment once the Polkadot parachain auction commences upon finishing the testing stage.
Project OTEGA
Project OTEGA is the “codename” for the OriginTrail Ecosystem Growth Acceleration initiative. The Starfleet taskforce of the Trace Alliance Working Group on Decentralization and Tokenomics is responsible for Project OTEGA’s development. Project OTEGA aims to address the growing demand for blockchain-based supply chain services.
Due to increased demands in various supply chains and markets, Project OTEGA provides tooling, frameworks, and programs to help integrate blockchain technology with legacy IT systems and existing applications. In turn, this will make the Decentralized Knowledge Graph (DKG) technology more accessible.
Also, Project OTEGA aims to provide support for other Ethereum Virtual Machine (EVM) blockchains. This includes Binance Smart Chain (BSC), Near Protocol, and Polygon/Matic. These integrations will enable numerous applications and blockchain ecosystems to use the DKG easily without friction. Furthermore, this move will provide a gateway for the project to expand into other ecosystems to increase adoption and awareness.
The Trace Alliance Evangelist Program and the Working Group on Semantic Web provide many of the platform’s tools, programs, and frameworks. Plus, several government-supported projects are currently under development. Not only will this bring strategic support from the World Economic Forum (WEF), but it will also help to address some of the most prominent issues in healthcare today.
To learn how blockchain increases transparency in supply chains, see the OriginTrail 101 course at Ivan on Tech Academy! This course teaches you how supply chains can implement blockchain to optimize business practices. Then, if you want to participate in the Knowledge Economy, be sure to check out our OriginTrail 102 course! Here we teach students how to configure and run an OriginTrail node!
The Ultimate Guide to OriginTrail Summary
The OriginTrail team is identifying weaknesses and shortcomings in supply chains sector-wide. Plus, thanks to the diverse range of OriginTrail partnerships, the ecosystem is developing solutions to address these issues directly. Furthermore, the OrginTrail team is implementing tools to improve traceability and proof of provenance. In turn, this is helping to ensure that supply chains are robust and safe.
The project began in the food industry. Initial projects were focused on food safety, ensuring that food was not contaminated or spoiled during manufacturing and transportation. However, today, the project operates industrywide. Moreover, by harnessing the power of blockchain, the OriginTrail team is helping to prevent counterfeiting and promote trusted data exchanges between a diverse range of organizations and governmental bodies.
With a growing number of OriginTrail partnerships and the recent OriginTrail Polkadot integration and OriginTrail Parachain, the OriginTrail team is spearheading a revolution in supply chain management.
To learn how to integrate blockchain into your business, check out the Blockchain Business Masterclass at Ivan on Tech Academy! This course teaches you all about project management, quality assurance, and how to manage a team of blockchain developers. Also, our FinTech 101 course teaches you about regulatory procedures, anti-money laundering (AML), and know your customer (KYC) policies. Gain access to a valuable technical education at Ivan on Tech Academy with a community of over 30,000 students. Also, don’t forget to follow us on Twitter @Academy_IOT! We’d love to hear your thoughts about “The Ultimate Guide to OriginTrail”!
