The world we live in now is certainly not what it used to be. Survival and existence are challenged in multiple ways for all living, breathing beings. As kings or the informal rulers of the earth, humans are responsible for the development as well as the downfall of the balance of nature. Not only that, the man-kind in the recent history focusses mainly on the profit or the monetary value they will get, not on the humanity which is the essence of our existence. When achieving their financial goals, people tend to take the shortest possible routes, which can either be illegal or non-regulated. Money laundering and terrorism financing are two such ways in which the societies and legislative bodies on earth do not accept at any point.
The importance of KYC (Knowing Your Customers)
If cryptocurrencies are familiar to you, then you probably must have heard of KYC and already got involved with it. Over the years, when dealing with cryptocurrencies, you must have come across numerous obstacles on your path, like restricted KYC or the need to be a qualified investor before investing. This is mostly due to the rules and regulations which have been upgraded in cryptocurrency markets to suit a world market to protect oneself from identity thefts, terrorism funding, money laundering and such illegal dealings as KYC is becoming a much-explored source. Further, it is the known and the most proven method of controlling the product suitability and finding creditworthiness.
The problem
But the question which comes next is, does the KYC itself is sufficient to fight against the identity theft, terrorism financing, and other related matters? Currently the systems in use not capable of tackling all cryptocurrencies and associated project issues that well. The Traceto.io has identified 3 main areas which make the KYC somewhat weak in achieving this goal.
Firstly, most of the stakeholders in the financial markets are reluctant to go for the E-KYC process due to the requirement of additional due diligence, processes, and standards. Most projects do not have ample resources, neither funding nor expertise to create a secure KYC process.
Next problem is, most of the KYCs still follow the manual processes where the customer requires to fill a large number of forms and need to produce multiple paper-based documents. It is highly inefficient and may cause multiple human errors while keeping a large number of potential customers who think this process is tiresome, away from investing or simply going for KYC.
Finally, almost all these processes are analog, where the authority needs to keep the physical documents for a pre-determined period of time, wasting storage spaces while most costs are incurred in the preservation and ultimately to destroy them once they expired.
Most projects give way to anonymous funding which can lead to low priority on regulations and is mostly inefficient, tedious and problematic. On the other hand, the cost of making a sound system is huge.
Almost all physical fiat banks spend billions annually on KYC projects and the trend is increasingly becoming popular as the world keeps getting more and more integrated and connected.
What does Traceto.io do?
With the goal of addressing these problems, the Traceto.io has implemented a solution which will offer a customized KYC solution to digital money market contributors, using smart agreement and AI technologies. It gives rights, manages KYC procedures and how it seeps through to the society and expects to offer incentives to contributors to establish themselves in a symbiotic itineration with others that guarantee isolation, yet agrees with authoritarian needs.
Blockchains offer the choice of decreasing the costs along with increased personal data privacy and security to the users. The need to establish a decentralized system for regulation and compliance is what Traceto.io is responsible for.
Powered by Cynopsis Solutions, which is a company based in Singapore, Traceto.io platform will help out anyone with the regulatory needs such as that of AML, CTF, and other KYC linked processes. It counts with 50 years of experience of the founding advisors and team, the project expects to revolutionize the E-KYC procedures, thus bringing together the physical and digital planet KYC processes.
The main concern at the beginning will be on blockchain compliance for businesses either previously established or arriving through Initial Coin Offerings (ICOs), as it presents opportunities to provide a necessary solution and explore the company growth.
The Traceto.io KYC solution
(A-User, B-ICO or Exchange, C-Traceto.io dApp, D-Consent from the user or community courts, E-AI algorithms, F-KYC provider)
If anyone who is interested in joining the ICO will be directed to the Traceto.io decentralized application. At this point, the user needs to upload all supporting documents to obtain the KYC. To view these documents, the consent of the respective user or the community court is required. Once the uploading is done, the profile is shared with the Traceto.io’s Artificial Intelligence algorithms and the KYC provider which are capable of answering all KYC related questions.
Traceto.io ICO details
| Token | T2T |
|---|---|
| Token Type | ERC 20 |
| Platform | Ethereum |
| Hard cap | 30,000 ETH |
| Price per token | 0.0000750 ETH |
| Token Supply | 1,000,000,000 |
| Minimum purchase amount | 150 ETH (Private sale) |
| Bonus (Private Sale) | 15% |
| Public sale commences | 8 JUN 8:15 AM UTC |
Concluding remarks
Traceto.io will be the best solution to strengthen and improve the KYC process to deal with threats of fraudulent acts. This in return enhances the faith and the trust the users have in the financial system. Also, it stimulates the transactions which will automatically expand the user involvement further.
For more information about this wonderful ICO, visit the following URLs.
| Website| Whitepaper| Facebook| Twitter| LinkedIn| Telegram| Medium| ANN| Bounty|
Author's Details:
Bitcointalk Username: SanjeewaCrypto
Bitcointalk Profile URL: https://bitcointalk.org/index.php?action=profile;u=1673942