This Fascinating project offers a decentralized Know Your Customer (KYC) network, which delivers a comprehensive clarification for businesses in the cryptocurrency field by integrating the blockchain with the automatic identity verification
Traceto Procedure Explanation
Traceto targets to guarantee users’ confidentiality at the same time as checking regulatory agreement. When you log on to an exchange or token sale participating for the very first time, users are forwarded to the Traceto DApp and inquired for the appropriate identity evidence. The relevant data given by the user will be encoded and kept ‘user-side’ in a vault, using a planned spread storage network that entrée will be managed through the user or public of The identity and CTF agreement the Service Provider will be arranged admission to the decrypted credentials, such the risks that a user is a Politically Exposed Person (PEP) or likewise implicated in illegal activity, those can be regulated by screening documents against watch-lists and authorized person’s lists
Traceto offers all users through a KYC score, which is a composite of the following stated contributions
• Total of the identity and the CTF Service Provider known as Cynopsis
• Social profile scoring from a public of verifiers
• Trust rating from the Requested User
• Score given from the ML algorithms operating fraud and irregularity revealing through users confirmed accounts
What are the problems with current KYC system?
The subject of KYC is fairly sharp in this quickly developing business since it pressurizes to misrepresent the very fabric of privacy it is originated. A lot of people would desire to keep it free and away from the switch of the state interventions. They would also like to fend off from accepting it, accepting the commonly accepted false that KYC submission is costly for nothing. Traceto intentions to counter the KYC problems surrounding the unlikely guess that privacy that cryptocurencies are originated on can dominate submission with AML and CTF regulations. Therefore, the network produced will predict well with the practical procedures while giving the continuing due watchfulness procedure using a combination of AI and Smart Contracts. This Fascinating project offers a decentralized Know Your Customer network, which delivers a comprehensive clarification for the businesses in the cryptocurrency field by integrating the blockchain with automatic identity verification
The present KYC procedure is adequate and totally ineffective, there are 3 problems recognized with the existing processes
E-KYC Process
Many financial organizations and contributors have been unwilling to approach E-KYC. Non face-to-face onboarding involves extra analyzing process to be led on the client as officials view this as growing AML and terrorism financing risks
Manual KYC Process
Most of the KYC processes are manual. Customers fill a range of sheets and statements before being approved access to their requirement
Analog KYC Process
This process is conducted and stored in a physical document. This process takes additional costs allied to the formation, protection and destruction of these physical paper documents
Traceto’s Approach to solve this problem while accelerate the KYC process
Traceto is built on an innovative KYC structure. It has verified and acknowledged to agree with the standard protocols and during the operational process there’s a common character which will influence the officials that agreement is not a major concern since it will propose a continuing analyzing process. Likewise, identity verification together with authorizations, politically exposed persons and difficult media screening will start the KYC screening process through containing AI, ETH Blockchain and Smart Contracts
Traceto Token Sale
The token sale will begin by a three day earl access that will be delivering for the people who donate a least of $1,000 a 5% reduction. Afterwards, the main sale takes place from 8th June till June end with a least input of 0.5 ETH. Traceto is planning to collect $25 million through selling 400 million from total of 1 billion tokens
The Team
• Chionh Chye Kit - Chief Executive Officer & Co-founder
Chionh manages the whole Traceto process
• Dias Lonappan - Chief Technical Officer & Co-founder
Dias is responsible for the overall technology realted things in the Traceto
• Ooi Gene Yan - Chief Data Science Officer & Co-founder
Ooi is responsibale for the problems relative to data
• Dan Poh - Chief Marketing Officer & Co-founder
Dan is responsible for the marketing and promotion for the business
• Robin Lee - Co-founder
Robin is responsible to manage all the experience in the business
The Conclusion
The ICO gives a feasible influence to augmenting the crypto space infrastructure and the well experienced and skillful team with an experience in Blockchain and the RegTech and Traceto has a benefit and can capture the objective market. The achievement of the end product relies heavily on the adoption and feasibility and also the uniqueness of the project. When the launch with associates such as Kyber and promising partnership in the works is with Kyber Network, this positively helps to encourage acceptance of the product, if you want to know more about this magnificent and unique project, you may refer following links that we have stated below for more details about this project
Official Links for More Details
Official Web: https://traceto.io/
Whitepaper: https://traceto.io/static/wp/traceto_Whitepaper_v1_35_en.pdf
Facebook: https://www.facebook.com/traceto.io
Twitter: https://twitter.com/tracetoio
My details
my bitcointalk url : https://bitcointalk.org/index.php?action=profile;u=1364186
The idea of this project is a timely needed thing.It will help to solve many problems in this field.Thank you for the info