IMPROVING KYC IN THE CRYPTOCURRENCY MARKET - TRACETO.IO

The rise of cryptocurrency have led to regulators looking for evolving ways to combat illicit activities. Most of the regulators have resulted to using KYC(Know your customers) to combat illicit activities.

According to Wikipedia, Know your customer (alternatively know your client or 'KYC') is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and its anti-money laundering(AML) regulations and countering terrorism financing (CTF) which governs these activities.

Traceto.io offers solutions to better the KYC process in the cryptocurrency market.

PROBLEMS WITH THE REGULAR KYC
1.) Most regulators have refused to embrace the E-KYC to combat illicit activities.

1. Some KYC processes are manual and customers find this tedious as it requires them to fill up series of forms.
2. Some KYC processes are still done using analog. Analog process has compatibility issues and is usually not successful.

Where does Traceto.io comes in?
Based on experience gotten over the years, the team at Traceto.io came up with 4 fundamental questions for screening that defines how an owner should know its user or customers.
They are:
1.) Who are you?: This is the screening where proofs of identification issued by government are provided.

1. Who are you not?: This screening is there to serve as protection against potentially high risk customers.
2. Are you still who you say you are?: This screening paramount to effective AML, CTF and KYC processes. It is necessary to ensure business owners are not dealing with customers who have become non-compliant over time.
3. What did you do: This screening is supposedly the last stage of KYC as it involves transaction. This is done to help identify suspicious activities and large currency transaction done by the customer.

WHY USE TRACETO.IO
The mission of traceto.is is to create a virtual KYC platform that will allow the decentralised ecosystem to comply with KYC related regulations. Traceto.io which is a decentralised digital KYC will give owners control and management of KYC process.
Using traceto.io, an ERC20 token called the traceto token(T2T) will be issued. This token which is the primary token of traceto.io will be used for its smart contract.

HOW DOES TRACETO.IO WORKS?
Traceto.io grants the owner of an ICO or any crypto business a membership contract that gives them access to the scores of users who have undergone the Traceto.io KYC process and also enable them to add user to the Traceto.io network over a fixed period of them

A user who is interested to join an Initial Coin offering (ICO) is redirected to the traceto.io application where he/she is mandated to upload their documents which are then encrypted and stored within the application. After which, he/she are required to pass screening and liveliness test.

The profile of this users are shared with the traceto.io Artificial Intelligence Algorithm and KYC provided. The algorithm are used for transaction monitoring which is part of the 4 fundamental questions defined earlier.

PRODUCTS AND SERVICES
Several products that satisfies the blockchain specifications have been developed on the traceto.io network. They involve:

User DApp: This is the decentralised application is the user interface on the traceto.io network.

Service Provider DApp: This is the interface of the service provider that gives them the access to receive information.

Corporate Requester DApp: This is the interface of Corporate Requesters where they pay to access Users KYC requests. It also gives them access to the User’s public key and KYC score.

The above listed and many more have proven that Traceto.io is more unique amongst others as they are in to battle illicit activities and take KYC to the next level.

TOKEN DETAILS
Token Name: Trace Token (T2T)
Token Type: Utility
Platform: Ethereum (ETH)
Hard Cap: $30,000,000
Token Price: 1 T2T = 0.0000750 ETH

ROADMAP

THE FOUNDING TEAM

For more info:

Website: https://traceto.io

Whitepaper: https://traceto.io/static/wp/traceto_Whitepaper_v1_35_en.pdf

Telegram Group: https://t.me/tracetoio

Follow on Twitter: https://twitter.com/tracetoio

Follow on Facebook: https://www.facebook.com/traceto.io

Follow on Medium: https://medium.com/traceto-io

ANN Thread: https://bitcointalk.org/index.php?topic=2911588.0

Bounty Thread: https://bitcointalk.org/index.php?topic=3439768

Writer :-Lynda
Bitcointalk username: Lynkels
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1820069