Traceto.io Project/ICO Review - An A.I. Powered Decentralised KYC network

orcunland (6)in #cryptocurrency • 6 years ago (edited)

The first reported ICO was conducted by Mastercoin in 2013, with the fundraising event running for almost one month.
Mastercoin raised close to 5,000 bitcoins, valued around $500,000 at the time.

Since the first ICO in 2013, there has been a flood of ICOs with a new ICO launching every other day. In 2016 alone, 54 major ICOs raised close to $103 million dollars, with ICONOMI ($10 million) and SingularDTV ($7.5 million) being the front-runners. Last year, 2017, has been phenomenal for ICOs, raising around $1.25 billion in only for 92 ICOs. The total ICO number was around 370.

The current year 2018 has didn't face up with the ICO season yet, but statistics and professionals say that 2018 will birth more ICO than ever.

On the other hand, there is another term. KYC/AML.

Know Your Customer / Anti-Money Laundering is a due diligence process by which a company can verify the identity of its customers, making sure that the money they wish to send was acquired legitimately and that the customer is not a part of a sanctioned list, a criminal, a terrorist, or a corrupt organization.

The completed ICO count is around 700 by now. Which means a person who is participating in ICO processes from the start had given their ID/Passport information 700 different places. The residential address, passports, IDs, driver licenses, photos...

You see the problem here?

Hackers are attacking to ICO projects, not just for the money, they also attack for the information that they can harvest. I know that you heard the hacker attacks to some ICOs. But as a breakdown, ICO's are one of the most popular things to get higher ROI's. Instead of day trading, being an early bird is better than ever. So what to do now?

Answer is easy. Traceto.

What is Traceto

The Traceto KYC framework attempts to facilitate the adoption of the Know Your Customer (KYC) processes, which protects against Anti Money Laundering (AML) and Counter-Terrorism Financing (CTF) violations.

Traceto.io’s mission is to create a virtual KYC platform that will allow the decentralized ecosystem to comply with KYC related regulations. KYC standards in the crypto world are still being developed and traceto.io will leverage off its founders’ experience in compliance and regulatory technology to preempt and satisfy upcoming regulations.

The framework addresses the challenges involved in the KYC processes and, together with fusing smart contracts and artificial intelligence technology, provides the first real-world KYC solution for the virtual world.

Your provided ID/Passport etc. documents will be secured by the people whose job is doing this.

Simply, customers will be processed over a KYC process one time. And when it is needed, they will update their documents in any case. And its done. You'll be ready to participate any ICO with just one click.

What is the difference, so many similar projects

You may be wondering the difference between similar projects like Traceto. Their team has an amazing background. Founding team and advisors have over 5 decades of Compliance and RegTech experience. Which means that they have the know how about the processes. They are combining the power of the community with machine learning and artificial intelligence.

So the team steps up on this.

Also moving up the KYC/AML processes to Blockchain gives the ability to be more secure and transparent.

How does the system work

The traceto.io Network charges Requesters T2T to obtain KYC services for their customers. In order to become a Verifier, Users are also required to stake a certain amount of T2T. This stake will be small initially, but increase the number of Users and Verifiers increase of the platform. Rewards to Verifiers for performing KYC tasks and invitation bonuses will be paid in T2T.

Tokens can also be used to incentivize prospective clients and partners and as a medium of exchange for existing participants of the traceto.io Network. T2T will also be used as a form of payment should components of the traceto.io Network be used by external networks.