The problem of dirty money legalization regularly arises in many countries. Supervisory authorities are responsible for dealing with this issue. They amend local laws but it’s not enough to get rid of the problem.
In order to solve it, we need to apply the latest technologies which have proved to be very effective. First of all, it concerns digital technologies that nowadays have been successfully implemented in almost every field of human activities.
The developers of Traceto project having thoroughly studied the issue came to a conclusion that the best way to solve it is to integrate the KYC (Know Your Customer) principle into the project's ecosystem. Further, I will tell you how it is going to work and what are the growth prospects of the project.
Review of the application field
Nowadays, financial organizations of international level work according to the AML (Anti-Money Laundering) and CTF (Combating the Financing of Terrorism) regulations. In case of their violation, the organization is obliged to pay a fee. Such situations happened last year and they continue to happen now, thus proving ineffectiveness of the existing system.
At this stage, the use of blockchain technologies will help financial organizations to optimize reporting processes according to the standards on combating money laundering. Of course, one system cannot deal with all the existing problems, but still, it can help to solve many of them. Further development of digital technologies will open up possibilities to provide total control over the money laundering.
How does it work?
The principle of Traceto network's operation has been developed in Cynopsis. The project's operation is based on the use of a single blockchain which guarantees more secure and at the same time more transparent environment.
Components of Traceto ecosystem’s structure:
● Customers will perform the verification role for the main users of the project's ecosystem.
● Users will be verified by the above-mentioned members of the network.
● Cynopsis will act as a provider.
● Each member of the users’ community will undergo mandatory verification, check activity in social networks, and have a voice within the ecosystem.
The process will be paid by the customers. A single token, generated according to the T2T standard, will be used to pay for the services within the ecosystem. Besides, the same internal currency will be used to conduct other transactions within the network.
Developers say that in order to organize the platform's functioning, they have used the principles tested by Cynopsis. It is possible thanks to the fact that one of the directors of Traceto’s crowdfunding camping is an owner of the stated project. Actually, there are many powerful partners supporting the project, thus providing the platform with great possibilities to grow.
Is it worth investing?
Traceto is a unique project in the relevant field which means that it has all the chances to be successful. Of course, there are some weak points. Namely, experts consider the fact that technical part of the platform is poorly described in the White Paper to be a vulnerable spot of the project. Special attention is paid to the developers’ role in the process of the ecosystem’s promotion, and as we already know that the project has powerful partners and advisors, I won’t be surprised if it soon becomes very popular.
More information:
Website: https://traceto.io/
Whitepaper: https://traceto.io/static/wp/traceto_Whitepaper_v1_34_11052018.pdf
Twitter: https://twitter.com/tracetoio
Telegram: https://t.me/tracetoio
Author: saycryptohello, bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1336255