Introduction
With Know Your Customer (KYC) compliance protocols, finally the calls for regulation of an otherwise unregulated crypto industry seem to be becoming vocal and unavoidable. Popular as KYC, it is now mandatory to comply with this rule in South Korea and a few selected parts of the world. Mainstream as KYC, it is presently obligatory to follow this control in South Korea and a couple of chosen parts of the world. It is amazingly plausible that this manage will, in the end, work out as expected, however, whether it does or not, there's no uncertainty it will profit the two gatherings - specialists authorizing it and crypto financial specialists. Traceto.io is partly the force behind the massive adoption of KYC, given the decentralized Know Your Customer (KYC) network it has created.
Problems with KYC
As KYC threatens to distort the very fabric of anonymity it is founded on, many would prefer to keep it unregulated and away from the control of the federal agencies. Accepting the widely-accepted lie that KYC compliance is expensive, many are staying away from adopting it. The aim of the project is to counter the KYC matters surrounding the far-fetched assumption that anonymity that cryptos are founded on can override compliance with AML and CTF regulations. While providing the ongoing due carefulness process using a blend of AI and Smart Contracts, the network created will augur well with the real-world regulations.
Speeding up KYC Compliance
To agree with the conventional regulations, the network is based on a revolutionary KYC framework tested and accepted. There is a general impression which proves the regulators that compliance is not a big deal as it will offer an “ongoing due diligence process”. Furthermore, identity verification alongside sanctions, PEPs, and rigorous media screening will constitute the KYC screening process. By including AI and Ethereum blockchain’s Smart Contracts, it will be future-proof as well.
Traceto Token
The design of the Traceto Network requires a token whose value is implicitly linked to the growth and adoption of the Network .Mechanisms used to reward good behavior and promote expansion need to be tied solely to the success of the Network. A utility token owned by the traceto.io Network is required. Traceto token which is an ERC 20 token will be issued. This is the main token which is used for Traceto's smart contract.
To get KYC services for their customers, the traceto.io Network charges Requesters T2T. Users are also required to stake a certain amount of T2T in order to become a Verifier. The stake will increase as the number of users and verifiers increase. Rewards to Verifiers for performing KYC tasks are paid in T2T. Invitation bonuses are also award in T2T. Tokens can also be used as a medium for existing members of the Traceto Network. T2T will also be used as a form of payment. Every time a small percentage of the tokens are burned when T2T is spent to procure KYC services.
Token distribution
Please follow official Traceto links for more information:
Traceto Website
Traceto Whitepaper
Traceto Bounty Thread
Traceto Ann Thread
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