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TRAC price surged 162% as the rollout of OriginTrail v6 and the launch of AidTrust suggest the protocol is prepared for the Web3 migration.
The global supply chain continues to struggle to get back on track following a tumultuous three years that have witnessed clogged shipping ports and a breakdown of the just-in-time delivery system.
One blockchain project looking to help solve some of these issues while also facilitating the transition to Web3 is OriginTrail (TRAC), a logistics and supply chain management-focused blockchain protocol aiming to become the world’s first decentralized knowledge graph (DKG).
Data from Cointelegraph Markets Pro and TradingView shows that the price of TRAC has increased 162% in the past week, going from a low of $0.36 on March 15 to a daily high of $0.95 on March 22 amid a 1,070% increase in trading volume over the past 24 hours.
TRAC/USDT 4-hour chart. Source: TradingView
There are three underlying reasons behind the sudden spike in TRAC's price and trading volume: the ongoing rollout of OriginTrail v6, the launch of AidTrust and the migration to Web3.
The most significant development helping to boost the outlook for TRAC is the ongoing rollout of OriginTrail v6, which is currently running on the testnet.
The @origin_trail v6 testnet is growing into a beast! This week we reached a new record of 156k publishings measured in 24h, which is ~500x improvement over the highest seen number on previous DKG versions. And we are only getting started 1/4 https://t.co/2ZVXuFwSNU
— Brana Rakic - OriginTrail (@BranaRakic) March 18, 2022
According to the team at OriginTrail, v6 is part of the next evolution of the DKG that will help improve the performance of the network by several orders of magnitude. It will also introduce new capabilities like Universal Asset Locators and driving interoperability with legacy knowledge graphs such as the Google Knowledge Graph.
Users who are interested in contributing to the community now have the opportunity to set up a v6 node to earn TRAC while also helping support the overall functioning of the OriginTrail network.
Launch of AidTrust
A second element bringing attention to OriginTrail has been the launch of AidTrust, a joint product released in conjunction with BSI UK to bring visibility and trust to pharmaceutical supply chains.
AidTrust, a joint @TraceLabsHQ & @BSI_UK product that uses @origin_trail DKG to provide visibility & trust in pharmaceutical supply chains is currently being rolled out to 80+ treatment centers across India .
Learn more about AidTrusthttps://t.co/CSeYjJG88X
— OriginTrail (@origin_trail) March 17, 2022
AidTrust combines the capabilities of the DKG with BSI’s extensive supply chain experience to help ensure that donated medicine reaches the intended patients in a timely manner.
Using AidTrust, NGOs and pharmaceutical manufacturers are able to monitor the movement of donated products through the supply chain, identify any potential risks and make real-time decisions based on secure data.
AidTrust is currently in the process of being implemented in over 80 treatment centers in India and there are plans to roll out the platform to more than 40 additional countries worldwide.
Related: Altcoin Roundup: Three blockchain protocols taking the supply chain crisis head-on
Migration to Web3 and Polkadot integration
The ongoing rise and transition to Web3 is a third factor providing some lift for TRAC as its Decentralized Knowledge Graph can help monitor, organize and verify both physical and digital assets and make them discoverable on the blockchain.
As blockchain technology is slowly integrated into the underlying infrastructure of the internet, projects like OriginTrail that help with data tracking will be an important piece of the overall architecture as data is the commodity that powers the digital world.
OriginTrail is also in the process of integrating with the Polkadot ecosystem through the creation of an OriginTrail parachain that will give oracle functionalities to any Polkadot parachain interested in DKG integration.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.