Traceto.io (T2T): Decentralized KYC App

Everyday, tens of ICOs light up the now-popular Bitcointalk.org forum and Medium.com, eager to make a huge break and live up to the expectations of their developers. Their emergence is a testament to how ambitious the whole world of cryptocurrencies and blockchain is and the potential it has. Despite this, however, it is rare to review an ICO that has been unequivocally hailed as one of the few to watch.

The calls for regulation of an otherwise unregulated crypto industry seem to be finally becoming vocal and unavoidable, thanks to the Know Your Customer compliance protocols.

Popular as KYC, it is now mandatory to comply with this rule in South Korea and a few selected parts of the world. It is extremely probable that this rule will eventually come true, though whether it does or not, there’s no doubt it will benefit both parties – authorities enforcing it and crypto investors.

Traceto.io is partly the force behind the massive adoption of KYC, given the decentralized Know Your Customer (KYC) network it has created. Cryptocurrency and blockchain product makers required to comply with it will delight knowing that Traceto that combines Smart Contract and Artificial Intelligence has their backing.

ABOUT TRACETO

Traceto.io is a decentralised digital KYC network that gives ownership, control and management of KYC processes back to the community. It intends to provide incentives to users to organize themselves in a symbiotic relationship with each other that guarantees privacy yet complies with regulatory requirements.

The Traceto offers a decentralised Know Your Customer (KYC) network that provides a comprehensive solution for companies in the crypto space by combining automated identity verification with the blockchain.

With the recent explosion in the popularity of the cryptocurrency market, the need for more effective and streamlined approaches to KYC is self-evident. The aspect of anonymity inherent to the technology makes the need for new approaches to KYC even more pressing.

Traceto.io is powered by Cynopsis Solutions Pte Ltd., a RegTech company founded and based in Singapore. We help clients with regulatory requirements including anti-money laundering (AML), counter terrorism financing (CTF) and other KYC related procedures.

TRACETO: PROBLEMS TO SOLVE

The topic of KYC is quite thorny in this rapidly growing industry as it threatens to distort the very fabric of anonymity it is founded on. Many would prefer to keep it unregulated and away from the control of the federal agencies. They would also love to stay away from adopting it, accepting the widely-accepted lie that KYC compliance is expensive for nothing.

What the project aims to counter is the KYC issues surrounding the far-fetched assumption that anonymity that cryptos are founded on can override compliance with AML and CTF regulations. And so, the network created will augur well with the real-world regulations while providing the ongoing due carefulness process using a blend of AI and Smart Contracts. With that, it isn’t a wild guess why the Traceto.io T2T pre-sale will be among the most closely followed until it comes to a close in March 2018.

HOW TRACETO WORKS

The network is based on a revolutionary KYC framework tested and accepted to agree with the conventional regulations. When it becomes operational, there’s a general aura that it will convince the regulators that compliance isn’t a big deal as it will offer an “ongoing due diligence process.”

Also, identity verification alongside sanctions, PEPs, and rigorous media screening will constitute the KYC screening process. By including AI and Ethereum blockchain’s Smart Contracts, it will be future-proof as well.

The Traceto Ecosystem will deploy several DApps to facilitate the KYC network:

User DApp – provides Users an interface to access the Traceto Network. The onboarding process begins when the user uploads his or her PII and passes the liveliness test.

Service Provider DApp – allows a Service Provider to check KYC information and update  reputation scores. The scores will be encrypted and put on to the chain. Cynopsis Solutions will act as the initial Service Provider upon launch of the network.  

Corporate Requestor DApp – gives Corporate Requesters an interface to pay for Users’ KYC requests and renew them upon expiry. It also offers access to User public keys and KYC scores.

Community DApp – allows community Verifiers to conduct social verification of new users, apply to become a Verifier, handle requests from Requester parties to view user documents, and perform other governance roles.

Decentralised Application (DApp) is the User’s main interface to the traceto.io Network. The onboarding process begins by asking the User to upload his Personally Identifiable Information (PII) and pass a liveliness test. The PII is then encrypted and stored in a secure encrypted vault.

TRACETO TOKEN (T2T) ICO DETAILS

General Info
Category: KYC
Location: Singapore
Website: Visit
Whitepaper: Read
Bounty: Join
Telegram: Chat

Token Info
Token: T2T
Platform: Ethereum
Type: ERC20
Price in ICO: 1 T2T = 0.0000875 ETH
Tokens for sale: 35,000 ETH

Investment Info
Accepting: ETH
Distributed in ICO: 30%
Min. Investment: 150 ETH (Private Sale)
Hard Cap: 30 000 000 USD

MILESTONE

Q1 2018

Launch of ICO site.

Q2 2018

ICO Complete.

Q3 2018

Testnet with APS Community system, UI/ UX in progress.

Q4 2018

Testnet with CAPS Web and mobile apps complete.

Q1 2019

traceto.io Network Launch.

Q2 2019

Full ZCAPS MainNet Zero knowledge AML screening complete.

Q3 2019

Video OTP Public governance test.

Q4 2019

Public System.

TRACETO TEAM

Chye Kit Chionh - the Founder and CEO. 

Chye is an expert in financial compliance and has almost 20 years of experience with financial and capital markets in Asia, having spent a significant amount of that time with Macquarie Group and ING Bank. 

Dias Lonappan - CTO and Co-Founder. 

Dias already has 4 years of experience serving as a CTO in the blockchain field with Quantified Assets PTE. 

Gene Yan Ooi - Chief Data Scientist and Co-Founder. 

He has been a Software Engineer at Cynopsis Solutions for the past 4 years. He is the creator of one compliance solution product and also helped develop the Artemis KYC software system.

Dan Poh - CMO and Co-founder. 

Dan has served as Director of Sales for a year with Cynopsis Solutions. He has held various positions within the financial sector at institutions such as Barclays Capital, JP Morgan and Deutsche Bank, where he served as a Compliance Officer.

Robin Lee - Co-Founder. 

Robin is the Chief eXperience Officer and Co-Founder of Inzsure and responsible for managing the overall experience of the business.

There are a number of advisors working with the Traceto ICO. Among them is Dr. Loi Luu, CEO of Kyber Network. As exchanges are one of Traceto’s major targets for their product, the involvement of Dr. Luu is certainly promising. 

TRACETO FOUNDERS IMAGE

TRACETO ADVISERS IMAGE

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