THE FUNDAMENTALS OF TRACETO PROJECT
Have you ever thought of the process of undergoing rigorous procedures just to get your know your customer verification approved?.....Well we know how cumbersome it is to do that and at the end we may end up getting our KYC unapproved.We will look at what Traceto is all about by simplifying the fundamentals of their operations and why they seem to be an exciting prospect.
WHAT IS KYC?
We have to understand the dynamics of KYC which simply involves the sets of processes where an organization tries to prove they have accessed various risk such as terrorism,money laundering,product sustainability e.t.c throughout any business relationship with the customer.
BASIC PROBLEMS OF THE KYC
The rate at which crimes are being committed in the world on a daily basis coupled with increase in the rate of terrorism has prompted both regulators and businesses to step up their standards and below are the problems associated with the current type of KYC;
MANUAL KYC: The rigorous method of customers getting their KYC done by filling variety of forms has lead to loss of revenue from custmers who find the KYC a tedious process and since the KYC has to pass through different personnel,it makes it prone to errors thereby making it simply inefficient.
ANALOG KYC: The process of conducting and storing of KYC processes through physical documents is known as the Analog KYC thereby making it very expensive not forgetting that such documents could be destroyed or misplaced.Compactibility issues could also arise in the case the parent organization seeks to digitalise and move to electronic KYC.
E-KYC: The reluctance of many financial institutions and market participants to move to E-KYC due to Non face-to-face onboarding requiring due diligence to be conducted on the customer as regulators views this as increasing financing risks.
WAYS IN WHICH TRACETO INTENDS TO CURB THE PRESENT DAY MENANCE
Having known the problems of the present day KYC processes,Traceto has come up with a great concept for combating this menace by using blockchain and it's related technologies thereby bridging the issues encountered with the present day KYC methods giving us efficient AML and CTF procedures.Below are ways the highlighted problems will be combacted;
With vast experience in banks and Regtech start-ups,the Traceto team have broken down ways on how to effectively combat the problems encountered with the present day KYC processes into four(4) fundamental questions which areas follows;
Who are you?
This has to do with physical proof such as identity card,passport or driver's license showing the identity of a person in particular region as approved by he government of the said region.While physical identities have served their purpose,the Traceto team believes a more effective and digitalised form of identity will come into place soon.
Who are you not?
Undergoing screening methods also serves as a means to protect customers during boarding through the help of international watchdogs which help co-ordinate anti-terrorism financing efforts.
Are you still who you say you are?
International organizations such as Financial Action Task Force (FATF) makes sure companies are not dealing with customers that fails to adhere to regulatory standards with the help of AML,CTF and KYC.
What did you do?
This final steps of KYC relates to transactions carried out by an individual whereas banks and other financial institutions are oblidged to carry out additional customer due diligence process known as transaction monitoring which helps identify suspicous delaings carried out by a customer.
Having AML and CTF enganced in the cryptocurrency industry,wallets nd exchange operations servicesalso needs to be enhancedto put in place a robust ongoing transaction monitoring of clients activities.
After all said and done,Traceto main objective is to create a virtual KYC platform that allows decentralised ecosystem to comply with KYC related regulations through the use of a utility ERC20 token,the traceto toekn with symbol (T2T) used for traceto.io's smart contract.
In order to actualise this objective,four(4) different DApp willbe brough to help ease the actualization of this project which are as follows;
WHAT IS KYC?
We have to understand the dynamics of KYC which simply involves the sets of processes where an organization tries to prove they have accessed various risk such as terrorism,money laundering,product sustainability e.t.c throughout any business relationship with the customer.
BASIC PROBLEMS OF THE KYC
The rate at which crimes are being committed in the world on a daily basis coupled with increase in the rate of terrorism has prompted both regulators and businesses to step up their standards and below are the problems associated with the current type of KYC;
MANUAL KYC: The rigorous method of customers getting their KYC done by filling variety of forms has lead to loss of revenue from custmers who find the KYC a tedious process and since the KYC has to pass through different personnel,it makes it prone to errors thereby making it simply inefficient.
ANALOG KYC: The process of conducting and storing of KYC processes through physical documents is known as the Analog KYC thereby making it very expensive not forgetting that such documents could be destroyed or misplaced.Compactibility issues could also arise in the case the parent organization seeks to digitalise and move to electronic KYC.
E-KYC: The reluctance of many financial institutions and market participants to move to E-KYC due to Non face-to-face onboarding requiring due diligence to be conducted on the customer as regulators views this as increasing financing risks.
WAYS IN WHICH TRACETO INTENDS TO CURB THE PRESENT DAY MENANCE
Having known the problems of the present day KYC processes,Traceto has come up with a great concept for combating this menace by using blockchain and it's related technologies thereby bridging the issues encountered with the present day KYC methods giving us efficient AML and CTF procedures.Below are ways the highlighted problems will be combacted;
With vast experience in banks and Regtech start-ups,the Traceto team have broken down ways on how to effectively combat the problems encountered with the present day KYC processes into four(4) fundamental questions which areas follows;
Who are you?
This has to do with physical proof such as identity card,passport or driver's license showing the identity of a person in particular region as approved by he government of the said region.While physical identities have served their purpose,the Traceto team believes a more effective and digitalised form of identity will come into place soon.
Who are you not?
Undergoing screening methods also serves as a means to protect customers during boarding through the help of international watchdogs which help co-ordinate anti-terrorism financing efforts.
Are you still who you say you are?
International organizations such as Financial Action Task Force (FATF) makes sure companies are not dealing with customers that fails to adhere to regulatory standards with the help of AML,CTF and KYC.
What did you do?
This final steps of KYC relates to transactions carried out by an individual whereas banks and other financial institutions are oblidged to carry out additional customer due diligence process known as transaction monitoring which helps identify suspicous delaings carried out by a customer.
Having AML and CTF enganced in the cryptocurrency industry,wallets nd exchange operations servicesalso needs to be enhancedto put in place a robust ongoing transaction monitoring of clients activities.
After all said and done,Traceto main objective is to create a virtual KYC platform that allows decentralised ecosystem to comply with KYC related regulations through the use of a utility ERC20 token,the traceto toekn with symbol (T2T) used for traceto.io's smart contract.
In order to actualise this objective,four(4) different DApp willbe brough to help ease the actualization of this project which are as follows;
- User DApp
- Service Provider DApp
- Corporate Requestor DApp
- Community DApp
Project Name: Traceto
Token Symbol: T2T
Website: https://traceto.io
White Paper: https://traceto.io/static/wp/traceto_io_whitepaper_2002_v1_27.pdf
Crowdsale Hard Cap: $30 million USD
Total Supply: 1 billion
Token Distribution: 30% to TGE, 30% to Company, 25% to team,
15% to Marketing, Operations and Admin
Price per Token: 1 T2T = $0.10 USD
Maximum Market Cap (at crowdsale price): $100 million USD
Accepted Payments: ETH
Countries Excluded: US, China, Canada
Bonus Structure: N/A
Presale Terms: Closed
Token Symbol: T2T
Website: https://traceto.io
White Paper: https://traceto.io/static/wp/traceto_io_whitepaper_2002_v1_27.pdf
Crowdsale Hard Cap: $30 million USD
Total Supply: 1 billion
Token Distribution: 30% to TGE, 30% to Company, 25% to team,
15% to Marketing, Operations and Admin
Price per Token: 1 T2T = $0.10 USD
Maximum Market Cap (at crowdsale price): $100 million USD
Accepted Payments: ETH
Countries Excluded: US, China, Canada
Bonus Structure: N/A
Presale Terms: Closed
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