TraceTo ICO Review: T2T Token Rating,Info, Legit ?

TraceTo ICO

0.1$
TraceTo ICO
6.9

TEAM COMPOSITION

8.5 /10

BITCOINTALK.ORG THREAD

6.0 /10

Community and Media

6.0 /10

TOKEN DISTRIBUTION

7.0 /10

WHITEPAPER

7.0 /10

Pros

  • Well experienced team.
  • Good reach in the cryptoasset’s ecosystem.
  • A project is which is based on problem which is needed to solve in current.

Cons

  • Tough competition in the identification market.
  • Blockchain is in its initial stage.

15Have you ever heard this term “KYC”?

I am sure you have heard. If not then Know your customer (KYC) involves the set of processes where an organization demonstrates to regulators that they have analyzed various risks, including money laundering, terrorism financing, credit worthiness and product suitability prior to end throughout any business relationship with the customer.

After the global financial crisis many companies, business and regulators has moved towards the KYC verification. We have also seen the increase in terrorism organization as a result closely connected peoples are paying more attention to AML and CTF process. It is the large part of KYC verification process.

However with the sudden increase in KYC process we are facing many problems with this.

Many financial institution and market participants don’t want to use the E-KYC process. It needs more due details which is conducted on the client because regulators see this as increasing AML and financial risks. Nowadays most of the conducted KYC process are manual. Customers have to fill number of forms and declarations to get the service what they need.

There is also an Analog KYC process which are conducted and stored on physical documents. This leads to extra cost in terms for creation, preservation, and destruction of paper based information. The current KYC processes are grossly inefficient and many of its drawbacks can be overcome by using blockchain and blockchain related technologies.

The rise in crypto assets will also increase the demand of more efficient KYC, AML and CTF procedures. Here the TraceTo.io comes into the play!

What is TraceTo?

The platform provides decentralized KYC (Know your customer). This helps to create a wide-ranging solution for businesses in the cryptocurrency space by mixing blockchain technology with automated identity verification.

TraceTo develops a network which is based on their KYC framework. This will satisfy real-world regulations. The platform also provides an ongoing due detailed process that is demonstrable to regulators. They fuse smart contracts with A.I. to perform actions.

White Paper

How the TraceTo Network works?

A user who wants to join ICO or exchange is redirected to the TraceTo.io decentralized app. Users need to upload their required documents. These details are encrypted and stored within the application. Permission from the user or community courts is required to view these documents.

The profile is then shared with the platform KYC provider and also to the ecosystem’s Artificial Intelligence algorithms. These algorithms are also used for monitoring the transaction.

TraceTo network provides “real-world” standard KYC solution for the virtual world by combining smart contracts and artificial intelligence.

If the user came earlier at the platform then the KYC score will be retrieve instantly. The platform works on different component such as – identity verification, PEPs sanctions and adverse media screening. Ongoing due details and transaction monitoring.

About TraceTo Ecosystem?

TraceTo is a decentralized digital identity system for streamlining KYC procedures. The main company behind TraceTo is Cynopsis Solutions. The company offers a KYC software product called Artemis that is already used within the crypto space by Kyber and ICON for conducting KYC/ Anti-Money Laundering (AML) procedures on investors.

Artemis initiate the on-boarding, KYC, AML risk assessment and documentation processes for customers. TraceTo introduces blockchain into the system as a means to meet the increasing challenges presented by KYC in the crypto space.

In the Ecosystem Personal Identification Information (PII) is uploaded by the User, encrypted with a public key, and will initially be stored on IPFS. TraceTo introduces a “liveliness” element to conduct identity verification for users, requiring them to record a short video. TraceTo utilizes facial recognition in addition to a time signature of the video upload as mechanisms to further ensure against fraud.

A Corporate Requester, such as an ICO or exchange that requires KYC services, utilizes the TraceTo Token to access User reputation scores or identity documents, for a fixed period of time.

TraceTo aim to include a unique system of decentralized verification by a network of peers into the overall reputation score assigned to the digital ID of a User. A Verifier is a trusted User who stakes T2T to gain the opportunity to earn T2T by performing KYC related tasks. Verifiers undergo stricter background checks, screening and ongoing due diligence. Verifiers also serve as gatekeepers to User data.

The data, stored in a secure encrypted vault, can only be decrypted by either the Users themselves or the Requester after receiving permission from a minimum number of Verifiers. Verifiers themselves never have access to encrypted data of Users. Instead, they are tasked with conducting an extra level of due diligence incorporated into TraceTo’s social reputation system.

Verifiers perform an extra level of KYC through information that is available in the public domain, via social media or public records. TraceTo intend to utilize social verification to supplement the regular KYC process, as a step toward further decentralization. The resultant reputation score will be included with a User’s digital ID.

ICO Information 

Token contribution

Use of Funds

Conclusion

The idea of project is good because it is based on the problem which people are facing nowadays and not like other ICO’s who launch their ICO for the assumption of problem will be faced after 50 years. The company needs to understand that the competition is high so the developers needs to play with the platform by keeping the competition in the mind.

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Cheers!!

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