LBank AMA Recap with TRL
My name is Raymond van der Waal and I’m co-founder and Head of Marketing at Triall.io. I’ve been involved with Triall since its foundation almost 4 years ago and I’m currently lead responsible for all of our marketing and partnering activities. My background is in biomedical sciences and business management and I have previously built experience as a researcher and consultant. Triall brings web 3.0 to clinical trials; a 200-billion-dollar industry responsible for testing the safety and efficacy of new medicines. Due to the COVID19 pandemic, the value of this industry is probably more evident than ever. Unfortunately, clinical trials are notoriously costly and inefficient. They take many years and involve increasing amounts of data, often scattered across different systems and devices. All of these issues drive up costs and reduce the safety and reliability of new medicines. At Triall, we’re targeting these issues through the use of blockchain and related web 3.0 technologies. We are building a digital ecosystem consisting of a range of blockchain-integrated software solutions that help researchers secure and streamline their activities in key areas of clinical research such as document management, data capture, planning & oversight, etc. Last year we introduced our utility token $TRL after a succesful pre-sale in which we raised $2.4M. I’m happy to say that we currently count 2k+ token holders and have a thriving community: https://t.me/triallcommunity.
First five AMA Questions (First Part):
It is rare for medical projects to choose the blockchain industry, blockchain-enabled technologies such as decentralized identifiers (DIDs) (often mentioned in the context of Web3.0 and self-sovereign identities), can you explain how this works simultaneously between the real world and the blockchain technology Triall is promoting?
The clinical trial industry is an industry that affects us all, considering we all need medicine one day. We’re happy to be leading the way when it comes to implementing blockchain to secure and streamline processes in this industry. We mainly focus on two use cases, with the first one being data provenance/integrity. In the past 3 years we build a first commercial product called Verial eTMF which allows researchers to timestamp clinical trial documents and data on the blockchain so that clinical trial evidence cannot be manipulated. This provides regulators and patients with increased confidence about the safety and efficacy of new medicine. Highly relevant considering the industry is struggling with data integrity issues and considering the growing lack of trust in vaccines and other medical countermeasures. More info on Verial eTMF can be found here: https://medium.com/triall-foundation/verial-etmf-product-overview-ebca039f9ce8. The second use case relates to data sharing. We are working on building a decentralized identity management layer that enables researchers to integrate their systems, data, and workflows. This allows them to exchange their data in a single digital platform, that optimizes security, privacy, and operational efficiency: the Triall ecosystem.
Could you please elaborate more about your tokenomics?
$TRL functions as the ecosystem’s primary means of payment, where all software clients of the Triall ecosystem pay for their software subscriptions using $TRL. That means that each pharma company, hospital, or other potential client will pay using $TRL. Moreover, we also introduced a 2.5% token burn on all incoming software payments, meaning that our token supply will gradually decline as we onboard more clients into the Triall ecosystem. Apart from this core utility, $TRL also enables P2P compensation (think payments to patients or investigators for their participation in the trial), community engagement, governance, and token lock-up incentives such as memberships and staking (we currently offer staking opportunities at triall.io/staking). We currently have a Market Cap of $450k so there’s still a lot of growth potential.
How many partners currently have trusted $TRL technology and what benefits do these partners bring to $TRL and vice versa?
Our first product Verial eTMF is currently being used in 4 commercial clinical trial projects that study treatments or prevention measures for various diseases, such as IBS, autoimmune disorders, Rift Valley Fever, and COVID-19. These studies are being carried out across 4 different countries (in Europe) and 8 different research hospitals. We have several other clinical trials in the pipeline that will onboard Triall technology in the near term (see triall.io/#impact for more info). All of these clients pay using $TRL, where they pay 6 months upfront for their software subscription and where 2.5% of tokens are burned for all payments. Clients that want to use our software thus need to buy TRL from the open market, thereby lowering the circulating supply, and the burn has a permanent effect on the total token supply. As to partners, over the past 4 years we have grown Triall in a truly global initiative that includes leading partners from across the clinical trial, enterprise software, and blockchain/ crypto domains.
What are your current plans to onboard new customers and what markets are you going to target? Could you tell us more about your project where $SWEET will be used?
We are a project with global ambitions. Our business development will initially focus on the EU & US markets, to gain traction and market dominance. We have a strong footprint in these markets, thanks to having managed a lot of clinical trials (100+) in the past across Europe and the US. After building traction across these continents we have the power to successfully scale our operations to the rest of the world, including the APAC and African regions. Our cloud-based technology can easily be rolled out to other areas and we have an existing network of ambassadors and advisors across the globe that can serve as a steppingstone for expanding our sales channels to these geographies. Our typical clients are pharma companies, research hospitals, and specialized service providers (called ‘CROs’) who manage clinical trials on a daily basis. In addition to that we’re also talking with existing clinical trial software providers as we can offer them APIs that enable them to easily integrate to blockchain and become a part of the Triall ecosystem. This is quite unique as by using this approach we turn competitors into collaborators.
Why do you choose LBank as your partner? The big reason why you choose LBank as your partner?
Our team is always on the lookout for opportunities to promote the liquidity, tradability, and global adoption of Triall. LBank has been in business since 2015, consistently ranks in the top 20–25 exchanges on CMC, and has a wide user base. Partnering with LBank felt as a logical next step as we provide more and more trading options to our community and partners. Our $TRL token listing at LBank follows our listing at Liquid (Nov 18), PancakeSwap (Nov 3), and Uniswap (Sep 28). This brings our total to 5 trading pairs across 2 CEX and 2 DEX :).
Selected 1–5 Questions with Answers from the Telegram community (Second Part):
Token Burn or BuyBack program play an important role in increasing Token value. Do you have a token burn or buyback program plan to attract investors?
Excellent question. So next to our 2.5% token burn, which is imposed on all incoming software payments, we recently announced the $TRL Burn Accelerator, as we want $TRL token holders to benefit (even more) from the growth of the Triall ecosystem.
For the next 25 clinical trials onboarded into our ecosystem, we will burn a set amount of $TRL tokens, starting at 12,500 TRL for the first new study and gradually decreasing to 5,000 TRL for last new study.
A total of 200,000 TRL tokens are allocated to this program, more info can be found here: https://medium.com/triall-foundation/introducing-the-trl-burn-accelerator-778764303117.
What are the benefits of holding your token as long term investment? Can you tell us about the motivation and benefits for investors to keep the your token in the long run?
Key factors that drive $TRL demand include:
- the release of more software solutions for clients;
- sales channels that target new regions across the globe;
- ecosystem network effects, by onboarding previously isolated software systems and their end-users into our ecosystem.
Key factors that limit $TRL supply include:
- a token system where clients pay 6 months upfront for their software subscription;
- lock-up incentives such as Triall memberships and rewards;
- a token burn policy, in which 2,5% of tokens are permanently burned for each incoming software payments;
- vesting schedules for all TRL token pools.
Where can I buy your tokens now, what are your current contracts and how can I buy them and what are the benefits?
Excellent question, here’s a link to all available trading pairs: bit.ly/tradeTRL.
Soon we’ll also be adding our $TRL / $USDT trading pair at LBank to this list, which will become available on Jan 6 at 10:00 UTC 🙂.
COVID 19 has slowed down many economies around the world but as a crypto business, does it affect you negatively or positively? Are you still on track to achieve your goals or are you planning a new development?
Relevant question. Digitalization of the clinical trial industry has been accelerated as a result of lockdowns and restrictions. The demand for our software has therefore increased.
Clinical trials are also becoming more ‘decentralized’ as patients are able to participate from their own home using mobile technology.
However these new digital and decentralized operating model brings new privacy, integration, and regulatory challenges.
We address these challenges by using blockchain to promote data integrity, auditability, and exchange.