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Alternate cryptocurrencies => Announcements (Altcoins) => Topic started by: nguyenquangminh on May 19, 2018, 02:58:57 PM



Title: Traceto.io ICO: A decentralized app for KYC
Post by: nguyenquangminh on May 19, 2018, 02:58:57 PM
In order to solve a crucial problem for ICOs and crypto exchange platforms when it comes to Know Your Customer (KYC), which is designed to prevent fraud, traceto.io wants to create a decentralized app where sensitive information is encrypted and stored within the app.


It aims to tackle the KYC issues surrounding ‘a false assumption that anonymity overrides the need to comply with anti-money laundering (AML) and counter terrorism financing (CTF) regulations’.

Additionally, they believe that there is ‘a low priority allocated to compliance’ and ‘a lack of budget and experienced compliance personnel to build watertight KYC processes’.

WHAT IS KYC?
According to traceto.io, KYC is ‘the set of processes where an organization demonstrates to regulators that they have assessed various risks, including money laundering, terrorism financing, credit worthiness and product suitability prior to and throughout any business relationship with the customer’.
The issues with KYC is that the current process is, according to the company, ‘grossly inefficient’. This is due to the reluctance of companies to move towards E-KYC, meaning today’s practice is largely manual.


HOW DOES THE TRACETO.IO APP WORK?
The way it works is that the person interested in joining an ICO or exchange will be redirected to the traceto.io app and asked to upload their documents.
These documents can only be viewed with consent from the User or Community Courts.
Afterwards, the user profile is shared with traceto.io’s KYC provider and their artificial intelligence algorithms.
The network they’re aiming to build will ‘satisfy real-world regulations’, ‘provide an ongoing due diligence process’ and ‘fuse smart contracts with A.I.’.
With a longstanding experience in both RegTech and compliance, traceto.io is powered by RegTech company Cynopsis Solutions Pte. Ltd. – who already has 50+ crypto clients.
Cynopsis Solutions’ main work revolves around anti-money laundering (AML) and counter terrorism financing.

WHAT IS THE TOKEN VALUE?
Traceto.io estimates that there will be a ‘projected high demand’ for the network. Additionally, there will be an ‘ease of onboarding’ due to ICOs and Exchanges participating in the T2 network.

WHO IS IN THE TEAM?


Web: traceto.io
Group Airdrop & ICO: https://www.facebook.com/groups/174689159952121/