Traceto - Blockchain, KYC, Artificial Intelligence, Compliance based platform

The growing popularity of the blockchain based platforms lacks the strong KYC system that provides useful support to the local authority as well as flexible enough to change as per the need of the particular region. There is no any company who is working solving the KYC problem in the blockchain industry.

The Traceto detected the big gap between the system and decided to provide a complete solution to the KYC need that fulfills the requirement of legal authority without compromising on the data quality.

The challenging part of the KYC registration is authentication. Anyone with the fake document can register in any blockchain base platform and get involved in the online transaction without requiring physical verification. The Traceto work on both the part of the verification process and assures the data collected from the users is 100% accurate and doesn't require any further verification of the users.

Global impact of the blockchain platform

Many developed countries are banning the blockchain platform and ICOs in the region and not allowing the users to transact in the blockchain based platforms. The blockchain-based platform runs anonymously without needing any operating authority to support the system. Many users from all around the globe are transacting through the blockchain base platform without involving the legal authority. The local authorities are not receiving any information about the transaction done through the blockchain which is making them uncomfortable. Therefore the local government has started banning the blockchain based platforms and ICO that do not provide any information to the local government.

The result of the restriction is the blockchain platform is stuck around the few people. General people are not able to utilize the latest technology and enjoy the various features offered by the blockchain base platform. It is limiting the expansion of the network.

What is KYC?

KYC is the process that involves regulating the users that register on the particular website by asking them to provide local authority document. KYC stands for "Know Your Customer." The document allows the companies to know the personal identity and avoid the risk of money laundering, terrorism financing, creditworthiness, and product suitability before building a business relationship with the customer.

Anti Money Laundering (AML) and Counter-Terrorism Financing (CTF)

Anti-money laundering regulation is designed to guard against the unauthorized transaction using the various financial system. It also protects the fund from transferring to the terrorist activities in the country and eliminate the risk of getting power in wrong hand.

Product Suitability

Product suitability controls the selling of the financial product sold to the consumers without knowing the risk involved in the purchasing. There are plenty of chances that the user's profile might not be suitable for the certain product sold to them.

Credit Worthiness

Creditworthiness checks to prevent allocating the additional fund allocation to the consumer whose repayment capacity is not good.

Traceto Focus

The Traceto is focusing on the addressing AML and CTF problem of the industry. It is a big pain point of may crypto related businesses. The Traceto platform will enable the users and legal authority to work together to gain benefit and utilize the platform effectively to improve the current financial system.

The vision of the Traceto Platform

The Traceto platform is working on creating a virtual KYC platform which will allow the decentralized ecosystem to comply with local regulations related to the KYC. The verification process will be managed through the platform. The users will ask to submit their document which later the Traceto team will verify to confirm the identity of each who registers on the platform. It will enable the platform to authenticate the user's data and provide the reliable information to the local government to build the trust in the blockchain based platform.

Traceto is the decentralized digital KYC network platform that gives complete ownership, control and management of the KYC processes to the community itself. The platform will encourage the user for providing their KYC verification document by giving them an incentive for their contribution. The Traceto intend to provide an incentive to the users for organizing themselves in the platform and build the strong relationship with each other that provide a high level of privacy and complies with the regulatory requirements.

The Traceto will be offering the Traceto token to the users who will be fueling the system. Users can utilize the Traceto token in the platform for various activities. The utility token will be the primary token which will be used for Traceto smart contract.

The powerful KYC token will help the organization and local government to work together and utilize the latest technology for their benefits. It enables the data security, reduce the privacy issue and lack of reusable KYC.

Our world is moving towards the decentralization. The big corporations or the government will not manage the future transactions. The individuals or the organization will manage it. We have to prepare yourself accordingly and provide the great service to the users to use the latest technology efficiently and securely.

Traceto Token

An ERC 20 Token, the traceto token will be distributed through a public offering to the users. The users have to purchase the token to get the access to the platform and utilize the various services offered by the platform. To become a verify users of the Traceto platform, the users have to take the stake of a certain amount of T2T.

Initially, the stake for registering to the platform will be small. The amount of token stake will increase as the number of users and verifiers increases in the platform. The community grows the price of the token sale will rise, and it will become more costly. Rewards will be given to the verifier for performing the KYC tasks. The reward will be distributed through the T2T tokens. The platform is also giving the opportunity to the users to earn more tokens through referring program. The users get bonuses when they recommend other users to join the platform.

Token will be used to incentivize the prospective clients and partners. It will also work as the medium of exchange for existing participants to the traceto network. You can use the Traceto token to make the payment of your purchase in the network or any other external networks.

Unlike other blockchain based platform, the traceto offering a wide range of services to the users. All the activities done on the platform will be managed through the tokens. Users can exchange the token for the services. The token is going to play a big role in the growth of the Traceto platform.

Conclusion

The traceto has clear thought behind the developing secure and reliable KYC verification platform which will be supported by the blockchain technology, KYC, Artificial technology and other compliance. By utilizing all the latest technology the Traceto building the best platform that will solve ancient cryptocurrency transaction problem. It will get all the authorities to the one single platform where everyone will have benefit from it. The legal authority will allow the blockchain based cryptocurrency market to flourish in the local market and make the technology available to general public as well. It will open the door for the users to experience the new cryptocurrency technology and do the online transaction securely.

More information on the project ( traceto.io ) please visit their website listed below:

 WEBSITE: https://traceto.io/

 WHITEPAPER: https://traceto.io/static/wp/traceto_Whitepaper_v1_34_11052018.pdf

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

 TELEGRAM: https://t.me/tracetoio

 FACEBOOK: https://www.facebook.com/traceto.io

 TWITTER: https://twitter.com/tracetoio