What is Trac all about?

Could you elaborate on the essence of Trac? I've heard it mentioned in the cryptocurrency and finance circles, but I'm still a bit unclear on its specific purpose and functionality. Is it a blockchain platform? A decentralized application? Or perhaps a novel way to approach transactions and data storage? Clarifying these fundamental aspects would help me better understand its significance in the rapidly evolving landscape of digital assets and financial technology. I'm eager to delve deeper into Trac and how it could potentially impact the future of financial services.