TRAX PriceTRAXInactive

What is TRAX (TRAX)?

TRAX is a next-generation music application built on the Internet Computer (ICP) blockchain that enables artists to release music directly to their fans, capture audience data, and earn through peer-to-peer transactions in Bitcoin, ICP, and the native $TRAX token. TRAX was founded on 25 October 2022 and positions itself as a direct-to-fan solution for music artists, adapting the Web3 proposition for a wide audience of artists, superfans, and daily listeners. The project launched its DAO via a token swap on 23rd December 2023, distributing 250 million out of 1 billion tokens. TRAX operates at the intersection of music and decentralized technology, leveraging the Internet Computer's SNS (Service Nervous System) DAO infrastructure to prioritize decentralization and flexibility while keeping maintenance as automated as possible.

Key Specifications & Tokenomics

• Name: TRAX
• Ticker / Symbol: TRAX
• Blockchain / Platform: Internet Computer (ICP)
• Contract Address (SNS DAO canister): ecu3s-hiaaa-aaaaq-aacaq-cai
• Block Explorer: https://dashboard.internetcomputer.org/sns/ecu3s-hiaaa-aaaaq-aacaq-cai/transactions
• Category: Music
• Total Supply: 1,008,100,000 TRAX
• Max Supply: 1,100,000,000 TRAX
• Self-reported Circulating Supply: 510,000,000 TRAX. The project self-reports 510,000,000 TRAX in circulation (about 46.36% of total supply), while public trackers list circulating supply as 0; the two figures differ in methodology.
• Initial DAO Token Distribution: 250,000,000 out of 1,000,000,000 tokens
• Token Utilities: Governance, Staking, Payments, Grant Funding
• Governance Mechanism: Stake-based governance system on the Internet Computer blockchain
• DAO Infrastructure: SNS (Service Nervous System) DAO
• CoinMarketCap Listing Date: 5 December 2024
• CoinMarketCap ID (UCID): 34408 (slug: trax)

Official Links

Website: https://trax.so ; Whitepaper: https://docs.google.com/document/d/1a-NefE8Pqsp5qbKb6TPj3tE1J2e7qWCYu1_FwuLdLF8/edit?usp=sharing ; Source code: https://github.com/onlyontrax ; Block explorer: https://dashboard.internetcomputer.org/sns/ecu3s-hiaaa-aaaaq-aacaq-cai/transactions

Who created TRAX?

TRAX was founded on 25 October 2022 by Tom Stuart, Henry Wilson, and Oliver Francis as a direct-to-fan solution for music artists. Tom Stuart graduated with a law degree in the UK in 2020, followed by a successful exit from a FinTech startup in 2021. His career has since closely tracked developments in Web3, building new automated DeFi technology, and now bringing new insights to the music industry. The team has procured media placements and brought new press attention to Web3 and music, leveraging their expanding network. These include leading publications Music Business Worldwide and Wonderland Magazine. The DAO was founded in December 2023, with the token swap launching on 23rd December 2023.

How does TRAX work?

TRAX operates as a decentralized music platform governed by artists and fans, built on the Internet Computer blockchain. The platform enables direct-to-fan music release, allowing artists to distribute music directly to their audience without intermediaries. It incorporates audio and video upload and streaming capabilities, peer-to-peer payments in FIAT and cryptocurrencies including Bitcoin, ICP, and $TRAX, and on-chain audio content storage via the Internet Computer. The platform also features data capture and analytics on audiences, enabling artists to better understand their fanbase. The TRAX DAO serves as the governance layer, operating on a stake-based governance system where token holders have direct access to funding proposals. The SNS DAO infrastructure, provided as a service by the Internet Computer network, tracks transactions, proposals, and neurons, offering token holders preferential access and insights into the project's governance.

What makes TRAX unique and valuable?

TRAX distinguishes itself through its integration with conventional institutions and voices in music, both at the advisory and commercial level, enabling rapid deployment of new and targeted Web3 products. Leveraging the Internet Computer, TRAX empowers creators with carefully timed interventions to enable data collection, and eventually, direct sales of early and exclusive music. This lets TRAX keep maintenance largely automated while remaining decentralized. SNS offers token holders preferential access and insights to the project's governance, preserving holders' interests and buttressing $TRAX with tangible commercial applications. TRAX is adapting the Web3 proposition for a wide audience of artists, superfans, and daily listeners by delivering a range of tailored commercial tools and refining its audience through targeted promotion, including Web3, Web2, and live campaigns.

What is TRAX used for?

The $TRAX token serves multiple functions within the ecosystem. It is used for governance, allowing holders to vote on proposals that dictate the development of TRAX. Token holders can stake $TRAX into SNS neurons to participate in governance and may receive staking rewards; reward rates are not fixed and depend on DAO parameters and token price. The token also facilitates payments, enabling users to unlock content and support artists directly. Additionally, $TRAX is used for grant funding, providing funding for emerging artists. The token enables peer-to-peer transactions alongside Bitcoin and ICP on the TRAX platform. The DAO engages token holders to fund new Web3 tools for music artists, with token holders having direct access to funding proposals. The governance system ensures that the interests of token holders are preserved while supporting the platform's commercial applications.

How Is the TRAX ecosystem developing?

The TRAX ecosystem is developing around a decentralized music platform that combines direct-to-fan music release, audience data capture, and peer-to-peer payments. The TRAX DAO funds new Web3 tools for music artists, with governance proposals determining the direction of development. The platform has established media partnerships and press coverage through Music Business Worldwide and Wonderland Magazine. Integration with conventional institutions and voices in music, both at the advisory and commercial level, enables rapid deployment of new and targeted Web3 products. The SNS DAO infrastructure, provided as a service by the Internet Computer network, supports the ecosystem's growth by prioritizing decentralization and flexibility. The platform continues to nurture a considerable market share and onboard users to Web3 through highly sympathetic sentiments and appeals to hardcore fans. TRAX has been listed on LBank, ICPSwap and Sonic according to public listings; trading activity may be limited. Official project announcements are published at https://coinmarketcap.com/community/articles/65a6966c40f9933d955b44c5/ .

How to mine TRAX?

TRAX is not mined. It is issued on the Internet Computer as an SNS DAO token; holders stake $TRAX into neurons to participate in governance, and staking rewards are distributed through the SNS DAO framework. The SNS DAO infrastructure tracks neurons, which represent staked tokens used for governance participation. To participate in the network's governance and earn staking rewards, users must acquire $TRAX tokens and stake them within the SNS DAO framework. The staking mechanism allows token holders to vote on proposals that dictate the development of TRAX while earning interest on their staked holdings. This stake-based system replaces traditional mining, aligning with the project's focus on decentralization and automated maintenance through the Internet Computer's SNS infrastructure.

How to keep your TRAX Coin safe?

Keeping your TRAX tokens safe requires standard cryptocurrency security practices. Since TRAX operates on the Internet Computer blockchain, users should use compatible wallets that support ICP-based tokens and the SNS DAO framework. Store your tokens in a wallet where you control the private keys, and never share your seed phrase or private keys with anyone. When participating in governance or staking through the SNS DAO, ensure you are interacting with the official TRAX DAO canister and the legitimate Internet Computer dashboard. Verify contract addresses before conducting any transactions, and be cautious of phishing attempts that mimic official TRAX platforms. For long-term holdings, consider using hardware wallets that support Internet Computer-based assets. Always double-check URLs and canister IDs when accessing the TRAX platform or DAO governance interface, and keep your wallet software updated to the latest version.

Risks and Considerations

TRAX, like other cryptocurrency assets, carries significant risks. Its price can be highly volatile and may be affected by market sentiment, liquidity, and broader crypto market conditions. Regulatory treatment of tokens and DAOs varies by jurisdiction and may change, which could affect the project's operations or the ability to hold or transfer $TRAX. Technical risks include smart contract or canister vulnerabilities, governance risks, and dependence on the Internet Computer network. Staking rewards are not guaranteed and depend on DAO parameters and token price. Readers should conduct their own research and consider these uncertainties before interacting with the project.