A number of people have become millionaires by trading or holding cryptocurrencies. This makes thousands of people to get attracted to the crypto field each day. With the number of users increasing each day the system is getting filled up with scammers who have multiple usage and even bots to perform tasks which makes them wealthier.
The systems use KYC which is known as know your customer. This is a legal procedure which is used by a lot of business and banks to make sure of that their users are real and holds specific documents on their name. The purpose of KYC is to provide a cross check of the user’s name, date of birth, residential address and nationality. This can make sure that the user is not a fraud and is an actual human with holds documents which can prove his existence.
With the revolution in the crypto world, thousands of people are into it and are making money out of. This leads to several problems when it comes to the crypto related platform such as ICO, exchangers and crypto businesses who doesn’t know about their customers and the money involved. Moreover such platform holds KYC system which has problems. The main problems are data security, lack of efficiency and privacy, data soloing, unstable outcomes of KYC, vulnerability to social engineering and lack of reusable KYC.
The user who wants to get his KYC approved has to send his privileged personal information which is owned by others in this process.
What if there was a decentralized platform for KYC?
Let me introduce you to this project which went after the biggest problems are has came up with a decentralized, privacy preserved and self sustaining system. It is known as Traceto.io.
Traceto.io is a decentralized digital KYC network that gives ownership, control and management of KYC processes. Traceti.ion has an ERC 20 token known as traceto token (T2T) which will be issued. This utility token will be the primary token which will be used for traceto.io’s smart contract.
How the ecosystem does works?
The system is divided into 3 parts, corporate requester, user and verifier.
The Corporate Requester- is an ICO, exchanger or other crypto business that requires KYC services provided by traceto.io network. A membership smart contract is entitled to the corporate requester who has access to the users which have already undergone the KYC process. Also, they can let know the system if some new users get on board which are not known to the traceto.io network.
The User- is the one who KYC to be done. He will be redirected to the traceto.io network platform for his KYC here he has to sign up for and has to upload his Personally Identifiable Information (PII) and has to pass screening and liveliness tests.
The Verifier- is a trusted user who holds platform tokens and regulates the KYC related tasks. The verifiers undergo strict background check, screening and ongoing due diligence. The verifier has been given special powers that they can decrypt the data upon quorum.
The platform is planning to use artificial intelligence since it can provide the platform with deep learning which will make things easier for KYC process. AI will use algorithms for facial recognition and determining facial similarity. AI will also monitor transactions and detect fraud.
Personally, I really like this project as it take part in the biggest field for the wellness of the users. By providing an encrypted and decentralized data platform the privileged data is safe and secure. The project is one of the kinds and has miles to go.
To get more information about Traceto, you can visit official website or join Telegram chat group by following links below:
Traceto Website: https://traceto.io/
Traceto Whitepaper: https://traceto.io/static/wp/traceto_Whitepaper_v1_35_en.pdf
Traceto Bitcointalk ANN Thread: https://bitcointalk.org/index.php?topic=2911588.0
Traceto Telegram Chat: https://t.me/tracetoio