Review | ICO | Traceto

Due to the decentralization of crypto currency and the anonymity of transactions, the issue of combating money laundering became topical, because it is the easiest way to do this with digital coins. Therefore, the regulatory financial authorities have introduced a number of rules according to which each user must undergo verification to participate in a particular project. This process involves filing documents and verifying the identity of the person. The most loyal international standard is KYC - Know Your Client. In translation, this sounds like a "customer selection rule". Due to this procedure, the client passes identification of the identity, providing data about himself. Guided by the information received, the security service determines the degree of risk of involvement in illegal activities.

In each individual project, verification is different and requires the filing of different documents. The event is quite complex and not always a potential user or an investor who has passed the identity verification on one project will be able to pass it on another. Therefore, there was a need to standardize the procedure and create a common solution. This approach greatly simplifies the verification process and gives customers access to prospective start-ups.

What problems the project solves?

The Traceto project can fully solve this problem.

First of all, the efficiency of the KYC system will significantly increase. This will be achieved through the introduction of blocking technology. Secondly, most of the processes associated with verification will be automated. This will not only simplify, but will speed up the procedure. Thirdly, the use of such a system will avoid errors associated with the human factor, as well as reduce the costs associated with storing a large amount of information.

The Traceto project can significantly simplify and speed up the verification process, while ensuring complete security and confidentiality of the data.

Principle of operation

The principle of operation is not particularly complicated. This is a standard test performed between customers who are forced to comply with KYC's requirements and potential customers. It will be implemented using blocking technology. Participation in the process takes 4 sides:

Customer services. It can be a crypto-currency platform, a stock exchange or an exchange service.
User. This is a potential customer who needs to undergo verification.
Service provider. A group of employees who will carry out identity checks by monitoring social networks.

Traceto contributes to the solution of a number of such problems:

identification of the identity of the individual;
identification of unreliable individuals;
tracking of suspicious transactions;
monitoring of client activity.

The verification process consists of a number of steps: The customer orders the service. For its payment, internal digital coins are used. The user logs into the service, and then redirects to dApp in automatic mode. There he provides the necessary data that is needed to verify and confirm the reality of the individual. The process has several options. This can be a video call, or uploading personal photos to a service. Check with artificial intelligence for being in the black list. Implemented by the service provider. Checking through accounts in social networks. Performed by a team of employees involved in the process.

Terms ICO starts on June 8 and will last until the end of the month. During the event, anyone can take part in it, the minimum investment is 0.5 ETH. Limitations on the maximum amount of investment there. Also, bonuses are not provided. To participate, you need to register an account with GBX. Tokens are an internal currency. With their help, they will pay for services, as well as pay remuneration.

The name of the token is T2T, created on the basis of ERC 20 (Etherium). For purchase, ETH is required. It is planned to issue 1 billion tokens. Sale is subject only to 40% of the total. Hard cup - 35 000 ethers. The main advantages This site optimally combines the ease of use, as well as high efficiency.The project organizers took full account of the shortcomings of earlier systems and completely eliminated them. Service is generally available, which is another positive point. The system will automatically screen out unreliable persons, which significantly reduces cybercrime and reduces risks for crypto-exchange platforms and start-ups. Guaranteed complete security and unchanged data. The verification process will be carried out promptly and with due regard for all KYC requirements, which guarantees the availability to users who have been tested to participate in promising projects with high requirements.

Team

The team consists of only 5 people.

The incumbent executive and managing director, and co-founder of Cynopsis - Chion Chi Kit. Previously worked in ING.

The incumbent technical director, as well as co-founder of Cynopsis - Diaz Lonpapan. Previously, he worked for Serv Group Pte. Ltd, and also participated in the development, one of the first Singapore-based start-ups called Quantified Assets Pte. Ltd.

The head of the department specializing in scientific research is Oi Jan Jan. He is also a co-founder. Previously, he dealt with the issue of artificial intelligence Shentilium.

The incumbent director of marketing and co-founder Dan Poh. Has six years of experience in the field of work in financial markets.

The incumbent director of cooperation, co-founder Robin Lee. He is an adviser in the international commission to combat cybercrime.

Conclusion

When implementing and developing the Traceto project, the KYC procedure will be optimized and significantly improved. This can be called the most qualitative option. According to the information received, and taking into account the experience of the team, the project has everything necessary to realize the task.