Logs captures information at specific points in the program. Usually this takes the form of messages, warnings or errors.
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Traces provide information about the route a request follows through your code. This shows what parts of the program is used and is often accompanied with logs or parameters.
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You could argue that logs and traces are momentary captures of information to understand your program and being able to debug it. A trace differs that this is a ‘sequences of logs’ and is most useful to know the route a certain request travels through your code.