What Is Traceto And How Does It Work?
With new development in the crypto world, the requirement for more productive and well-organized approaches to Know Your Customer (KYC) is clear. Traceto ICO provides a remedy by integrating blockchain with automated identity verification for companies in the Crypto space.
How does Traceto work?
Cynopsis solution is the parent company that initiated Traceto; it offers Artemis that has already been utilized by Kyber and ICON for controlling Anti-money laundering and KYC procedures for investors. KYC is a procedure whereby organizations show regulators that business risks have been assessed before and during any business transactions with customers. Traceto streamlines KYC procedures.
The user uploads Personal Identification Information and encrypts it with a public key, which will be initially stored on IPFS. A short video is required from users to verify their identity; Traceto introduces this. Traceto also makes use of facial recognition in combination with a time signature of the uploaded video as means to prevent fraud.
The data is kept in a safely encrypted vault and can be decrypted by the users. Sometimes the requester can also decrypt the data after some verifiers have permitted him. Verifiers do not have any access to encrypt user’s data; they are only responsible for building Traceto’s social reputation system by conducting an additional level of diligence. Traceto aims to use social verification as an added feature to the KYC process.
Various DApps such as Service Provider DApp, User DApp, Community DApp and Corporate Requestor DApp will be assigned to the KYC network to aid its effectiveness.
The Team behind Traceto ICO
The Chief Executive Officer and Founder of Traceto is Chye Kit Chionh. He has a broad knowledge of financial compliance and also has vast experience with Asia’s capital and financial market. He was the managing Director for Asia’s Macquarie Group.
The co-founder and CTO of Traceto is Dias Lonappan. He has run various projects that are block-chain based which includes privacy protection architecture and healthcare analysis.
The chief Data scientist of Traceto is Gene Yan Ooi. For more than four years, he has served as a software Engineer at Cynopsis Solutions.
The co-founder and CMO of Traceto is Dan Poh. He was the Director of Sales of Cynopsis Solutions. He has worked in the financial sector and various institutions such as JP Morgan, Deutsche Bank, and Barclays Capital.
Pros and Cons of Traceto
Traceto’s partnership with Kyber Network is promising and fulfilling. Kyber aims to use Traceto as a way of co-ordinating KYC. This incorporation will make Traceto more effective in its dealings. As more ICOs come into existence, a constant pipeline can aid Traceto in getting new users.
One of the strengths Traceto has got is the team behind it. The team consists of people who have vast experience in the financial sector. Its team is conscious of problems associated with regulatory compliance that serves as threats to the cryptocurrency market.
Traceto is designed to adhere to the Financial Action Task Force standards; these standards are the international policy that kicks against the financing of terrorism and money laundering. This will make Traceto safe for users.
With the high competitions in the blockchain industry, Traceto gives their competition direction with the aid of a chart that indicates the differences between Traceto’s product and Selfkey, uPort, and Civic.
The Road Map of Traceto
On June 8th, 2018, Traceto will start its public token sale and end it 30th June 2018. Account holders of GBX who have GBX account balances with a minimum 1000 USD Rock token (RKT) before the Early Access Sales begin on the 21st of May 2018.
The early Access sales last for 72 hours, Traceto will let GBX account holders have access to the sale if a minimum of 1,000 USD worth of RKT is deposited on May 22nd.
Traceto is a network designed for performing diligence to users to accomplish regulatory compliance. Users will have access to Traceto.io network with the utilization of DApp. It intends to make sure that transactions are carried out correctly and well-secured by adhering to the regulatory compliance.