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Traceto.io: KYC on blockchain with Artificial Intelligence

Roman KononetsMay 11, 2018, 2:51:37 PM

It is 2018, the time when digital technologies and online industries develops faster than ever before, and all of that thanks to blockchain, smart-contracts and AI technologies. Already a half of the world population every day use a lot of online services and online payments systems, and if we pay attention on crypto world then we can without any doubt to tell that every user every day spend a lot of his time using these technologies, directly or indirectly.

And every crypto investor knows what is the KYC and already passed through this procedure many times, and in a half of that cases he was not satisfied by the service and the speed of KYC procedure. Of course it is not without a reason. For example If we consider such a project as Nucleus.Vision and their approach to bounty participants KYC procedure, we may be shocked by that this procedure has been going already more than three months and has not yet been even completed. Why? Seems like they do that manually and ver slowly. But what if they use such resource like Traceto? How long could it be? A day? A week? i'm sure that not more.

So let's figure out what is traceto.io and how it works.

Traceto.io is founded by Cynopsis Solutions Pte. Ltd., Per Tex, and officially registered in Singapore, decentralized Know Your Customer (KYC) network that already provides an inclusive KYC solution to cryptocurrency and Decentralized platforms. Leveraging over 5 decades of experience in Compliance and RegTech, traceto.io seeks to revolutionise e-KYC, bridging the gap between physical and virtual world KYC processes by implementing Blockchain, smart-contracts and AI technologies in their core network.

In the project's whitepaper the team stated that they developed the framework whereby the KYC problem has been distilled into 4 fundamental questions defining how an entity should know their customer, these 4:

1. Who are you? - Determining and verifying an identity e.g. passport, driving licence.

2. Who are you not? - Uncovering politically exposed persons (PEPs), sanctions or terrorists and profiles relating to adverse media.

3. What did you do? - Monitoring transactions for suspicious activities, identifying source of funds.

4. Are you still who you say you are? - Performing ongoing due diligence as identity and client activities may change over time.

Further, using this framework, blockchain, smart-contracts and Artificial Intelligence technologies the traceto.io team aims to create the only one KYC standard solution for all virtual world that need the verification process. And this solution promises to be really fast, reliable, cheap and trusted.

And it should be emphasized that Cynopsis Solutions Pte. Ltd., is already a really working business with a bit more than 450 real clients number, among which are such whales like: KyberNetwork, GBX, QuantStamp, ICON, TenX, Zilliqa and others.

Benefits from using blockchain, smart-contracts and AI technologies:

Greater transparency: especially it may be related with the question from used framework "what did you do?", because exactly blockchain technology gives us an opportunity to trace all movements of the object under consideration;

Enhanced security: blockchain is more secure than other record-keeping systems and all transactions need to be approved upon before they are recorded. The same is in traceto network, where a small subset of Verifiers assigned to each new user making his verification and confirming it with others before record it to the system.

Reduced costs: all transactions in blockchain ecosystem are low-cost and fast. And it isn'n needed to serve large centralized data servers, what is very expensive today.

AI and machine learning: these technologies are designed to make it easier to speed up the work of the network, and to date they are already widely used in our everyday life. These technologies are self-learning, which in some cases allows you to do certain work faster and better than a human.

Smart-contracts: completely reliable and rapid automation of interaction between the parties, violation of the conditions of which leads to an immediate cancellation. Smart-contracts can not be negotiated or bribed.

A couple words about upcoming ICO and token metrics

Public Sale Start: June 08 (08:15 AM UTC)

Ticker: T2T

Token type: ERC20

ICO Token Price: 1 T2T = 0.0590 USD (0.000087500 ETH)

Fundraising Goal: 23,800,000 USD (35,000 ETH)

Total Tokens: 1,000,000,000 T2T

Available for Token Sale: 40%

Whitelist: YES ( JOIN )

Know Your Customer (KYC): Yes

Min/Max Personal Cap: 0.5 ETH / Not Set

Token Issue: within 30 days after the end of the main sale