Traceto- Distributed Network for KYC Compliance

Traceto is a decentralized Know Your Customer (KYC) service provider incorporating third-party identity verification providers, community feedback, machine learning and smart contract technologies to establish continuous compliance with international identification requirements.

The aim of the Traceto is to offer an ongoing KYC service which combines feedback from a community of network participants to build individual profiles. Traceto is a distributed network of third-party identification verification providers, community input, and machine learning algorithms that collectively assign individuals KYC scores to attest to their identities. This allows other entities to verify identity without viewing personal identity documents, which remain encrypted. The Traceto.io token (T2T) will be used to compensate a network of Verifiers, who act as gatekeepers to users’ identity information (on behalf of corporate requesters or regulators) without having access to it themselves and to pay for KYC services.

Application of Blockchain Technology

Traceto is a distributed network for establishing user identity and performing the necessary monitoring and ongoing due diligence to achieve regulatory compliance. The network is composed of Verifier Nodes that facilitate KYC transactions, vote on key network parameters, score users social profiles, handle requests for access to unencrypted identity documentation and decide which Service Providers should serve the network. The Traceto.io network will be accessible via a DApp.
The payment method for KYC Service Providers will be the ERC20 compliant T2T tokens and it will be the reward token for the Verifier Community for their support of the network.

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 Ecosystem

The Traceto Ecosystem will deploy several DApps to facilitate the KYC network:

User DApp – An interface to access the Traceto Network will be provided. When the user uploads his or her PII and passes the liveliness test, the onboarding process starts.

Service Provider DApp – allows a Service Provider to check KYC information and update reputation scores. The scores will be encrypted and put on to the chain. Primary Service Provider upon launch of the network will be Cynopsis Solutions.

Corporate Requestor DApp – Gives Corporate Requesters an interface to pay for Users’ KYC requests and renew them upon expiry. Also, give access to user public keys and KYC scores.

Community DApp – Through this community verifiers will be able to conduct social verification of new users, apply to become a Verifier, handle requests from Requester parties to view user documents and perform other governance roles.

Traceto ICO Strengths and Opportunities

Traceto is not being built from scratch. Traceto comes from a company with a track record of success in its target industry with an existing KYC product that is already generating revenue. There is plenty of opportunity for adoption of Traceto with over 50 clients in the crypto space using Artemis.
One promising partnership that has already been announced is with Kyber Network. Kyber aims to use Traceto as their revenue of conducting KYC. Also as ICOs continue to develop, it could help Traceto to get both new users and enterprise customers.
By providing a product that properly streamlines compliance with internationally agreed upon standards, specifically tailored toward the crypto space, the adoption of Traceto could help fast track wider mainstream acceptance and usage of blockchain technology.