trac (Ordinals): What Is It and How Does It Work?

What Is trac (Ordinals)?

Trac is an infrastructure project within the Ordinals framework, designed to revolutionize the Ordinals-related protocols, such as BRC-20, sats domain name, and others, are tracked and accessed. Established by Trac Systems, Trac is a comprehensive suite of tools aimed at optimizing Bitcoin's capabilities and fostering its adoption. The project was created by BennyTheDev in May 2023, marking a significant step forward in the realm of Bitcoin and Blockchain technology.

At its core, Trac is dedicated to enabling decentralized tracking of Ordinals metaprotocols. In a landscape where existing trackers for metaprotocols are predominantly centralized, Trac addresses this gap by offering a decentralized network. This network is not only accessible to everyone but also allows participants to connect, utilize, and earn from it. With over 100 million transactions already tracked, Trac is making substantial strides in enhancing the transparency and efficiency of the Bitcoin ecosystem.

To learn more about Bitcoin Ordinals, check out our article: What Are Bitcoin Ordinals? Everything You Need to Know About Bitcoin NFT.

Resources

Official Website: https://trac.network/

How Does trac (Ordinals) Work?

Trac operates through a series of interconnected components, each playing a crucial role in the ecosystem. The first of these is Trac Core, which acts as both an indexer and an oracle for the Bitcoin ecosystem. Trac Core is a sophisticated tool that sifts through Bitcoin’s expansive data, organizes it, and makes it readily available for analysis and searches through APIs. This system is constantly updated with the blockchain's ongoing activity, ensuring real-time data availability.

Another integral part of Trac's ecosystem is the TAP Protocol, a multi-asset metaprotocol for Bitcoin Ordinals. TAP stands out for its flexibility and user-friendliness, supporting complex financial operations like token staking, swapping, and liquidity pools directly on the Bitcoin blockchain. This protocol enhances the Bitcoin experience by enabling decentralized trading, token authentication, and even fractionalized ownership of valuable art through linking Ordinals with tokens on the TAP protocol.

The Pipe Protocol is another component, leveraging Bitcoin’s Unspent Transaction Outputs (UTXOs) system. It enhances the capabilities of Bitcoin’s UTXO model, particularly for digital art and collectibles. Pipe supports transactions related to digital art, manages NFTs, and allows users to inscribe data onto Bitcoin transactions, adding a layer of detail or authenticity to digital art.

What Is the Tokenomics of TRAC Token?

TRAC is the main token of the Trac ecosystem, serving as the primary tool for governance and community participation. With a total supply of 21 million tokens, it is used to facilitate a chained-governance model, connecting various products and protocols within the Trac ecosystem. This model allows for seamless interoperability among Trac’s products, enabling them to leverage each other’s success and connections. The TRAC token empowers users to participate in governance decisions, influencing the development and direction of the Trac ecosystem. It also plays a role in the TAP Protocol, where it is used for community governance, allowing users to expand upon the protocol's features and functionalities.