Traceto: New Efficient Solution For KYC Issue
Traceto.io is a decentralized KYC framework that is aimed at helping its members solve problems with ICO. It was developed by Cynopsis that made ICO for KyberNetwork, ICON, Quantstamp and other well-known projects. The Traceto’s operating principle is premised on the existent KYC process developed by Cynopsis. All the interactions between ordering parties, clients and inspectors take place in blockchain.
How Does Traceto Works?
There are four participants in the operating process:
Requester is a KYC ordering party (f.e. ICO or exchanger);
User is a client who is checked;
Service provider (the affiliated company);
Community that consists of the Traceto’s members checking the social media profiles of the client. They also vote to give access to the client’s information.
The process is sponsored by the requester that has to buy T2T tokens. Cynopsis and community members are also paid in T2T.
The standard procedure is the following:
The exchanger places an order and makes a deposit in T2T.
The user registers on the requestor’s service and gets to the dApp. Then he uploads his documents and passes the liveliness test. The Traceto’s Whitepaper does not contain a detailed description of the check. Usually it involves uploading a photo and a document or making a video call.
Cynopsis checks the user with the help of AI.
The selected service member also checks his social media profiles.
Tokenomics
Only 40% of the total 1 billion tokens are for sale with a hard cup of 30000 ETH. The developers keep 25% of tokens with a lockup period of 2 years. Unsold tokens will expire.
As for the timeline, the early backer sale is already done. Private sale commences begin on 26 April 2018. The early access sale starts on 21 May 2018. Public sale commences begin on 8 June 2018.
Founders
All members of the founder team are from Singapore. The founder team is quite strong, as all members are very experienced in the KYC field.
Business Rivals
Three prospective competitors are mentioned in the Whitepaper. These are Civic, uPort and Selfkey. They address different markets.
All these projects are aimed at KYC identification made by an authorized third party. Instead of this Traceto uses many providers including its affiliated company and the user community. Such a solution is safer and more elegant.
Traceto offers AML services that are more complete and qualified. Potentially it is more efficient and productive thanks to the community power.
Controversial Points
In such a manner, Cynopsis has a finished product that runs the KYC procedure using AI algorithms and human resources. Developers decided to transfer the operating process into blockchain, as they believe that service members should control data access. However, they keep the full access.
It has been affirmed that the main aim of Traceto is to give control back to people. The Whitepaper also refers to the privacy of personal information. However, it does not rule out the fact that all data will be kept by the provider and AI (and whom it belongs?). And the tokenomics leaves much to be desired. As long as there are too many questions, it is hard to walk away with a conclusion at this point.
However, there are a few strong points. As Cynopsis has a huge client base, there will be no problems with the audience. The affiliated company will give Traceto all the necessary resources, experience and an automation system. Moreover, the idea of creating a community is wonderful, as it will help solve the problem with human resources.
Traceto looks good against the background of its competitors and has a chance of success.
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Автор обзора: nataliaprofi https://bitcointalk.org/index.php?action=profile;u=1580452
Author's telegram username: @nataliaprofi
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