Traceto- Offering an Inclusive KYC Solution to Cryptocurrency Market Participants

crypshu (28)in #traceto • 6 years ago (edited)

Introduction

The Traceto ICO offers a decentralized KYC or Know Your Customer network, which provides a wide-ranging solution for businesses in the cryptocurrency space by merging the blockchain with automated identity verification. It is a decentralized identity system that streamlines KYC procedures. Cynopsis Solutions is the parent company, and it offers a software product known as Artemis which is presently used in the crypto space by ICON and Kyber for conduction Anti-Money Laundering/ KYC procedures on investors.

Enabled by fusing smart contract and artificial intelligence technologies, this company offers a complete KYC solution to cryptocurrency market participants. Traceto.io is a decentralized digital KYC network that gives ownership, control, and management of KYC processes back to the community. It aims to offer incentives to users to organize themselves in a mutual relationship with each other that guarantees privacy yet complies with regulatory requirements.

Leveraging on over 5 decades of experience in compliance amongst the founding team and advisors, traceto.io seeks to revolutionize the e-KYC process, bridging the gap between physical and virtual world KYC processes.Traceto.io is powered by Cynopsis Solutions Pte Ltd., a RegTech (regulatory technological) company founded and based in Singapore. They help clients with regulatory requirements including anti-money laundering (AML), counter-terrorism financing (CTF) and other KYC related procedures.

Problems with current KYC processes

✍️ EKYC - Non-standardized and vary across jurisdictions
✍️ Due to error-prone and tedious Manual, KYC is often useless
✍️ Analog KYC processes also present compatibility issues as the parent organization seeks to digitalize KYC
✍️ Current KYC is grossly inefficient and can be overcome by using the blockchain

How will it solve the current inefficiencies of KYC process?

✍️ It plans on using a digitalized and standardized form of identity across the countries and nations
✍️ It will take care that the person doesn’t come under 3 broad categories of profiles that are: Politically exposed persons (PEPs), sanctioned persons or terrorists, and profiles with adverse media
✍️ The passage of time may render the previously checked profiles out-of-date, resulting in an increased AML or CTF risk so it will keep updating the data according to the new international KYC standards
✍️ Robust ongoing transaction monitoring of clients activities

Strengths and Opportunities

The ICO isn’t developed from scratch. There is an existing product, which is generating revenue, and it comes from a firm with a record of accomplishment of success. More than 50 clients use Artemis in the crypto space, and this makes adoption possible. One promising partnership in the works is with Kyber Network which could help promote the implementation of the product.

Weaknesses and Threats

So many ICO projects are targeting the identity authentication and KYC market. Also, the entire AML software market value may reach $1.4 billion before 2023. This means there is a lot of competition in this industry.

Traceto Token

Corporations which run KYC processes on users will use Tracetotoken (T2T) to compensate that processing identity information and to maintain a network of community verifiers. Corporate Requestors (exchanges or token sales) pay for user’s KYC requests (and renewals) via the DApp in T2T in exchange for the user’s KYC score, associated to their public-key. These Corporate Requestors will drive demand for T2T.