The Trace token (TRAC) is used for DKG operation and incentivising protocol behavior. It is needed to perform the operations such as publishing on the network, and is a utility token that drives the entire ODN. The Trace token and the relevant smart contracts utilized ensure the data creators can facilitate agreement with the data holders in a secure way and guarantee fair behavior from all involved parties.
TRAC is utilized on the OriginTrail Decentralized Network (ODN) in multiple ways, including:
Publishing data to the ODN. Data creators publish data jobs on the ODN using TRAC to compensate the data holding nodes for their time and resources. The exact value of TRAC for each data upload is dependent on market forces, but parameters like storage length and dataset size affect it. The TRAC reward is locked in the smart contract until the job’s completion, where it is paid out to the data holder.
Collateralization by Data Holders. To prevent data tampering and as a promise to hold data for a set period of time, TRAC from a data holder’s stake is also locked via smart contract for the length of the data job. Failure to provide data on-demand leads to loss of this staked TRAC to the data creator. Upon completion of the terms of the job, the data holder earns back their original stake AND the TRAC staked by the data creator.
Knowledge tokens, Knowledge wallets, the Knowledge marketplace, and the Knowledge tenders. These unique propositions coming in Q4 2021 would allow users to monetize their data in multiple ways by selling their data, or providing limited access to certain individuals, or fractionalizing ownership over data to different parties.