TRACETO: Providing Solution to KYC Problems With A Trusted Network

phlaser(42)

Published in

#traceto

Words

504

Reading

3 min

Listen

Play

All companies, small or big or multinationals are in the business of getting to know and understand what their customers wanted, mostly in order to serve them better. Know your client (alternatively, know your customer or 'KYC') is the process whereby a company identifies and verifies the identity of its customers. The term is also used to refer to the banking and anti-money laundering regulations that govern these activities. Be aware that your clients' processes are also used by companies of all sizes to ensure that their agents, consultants or distributors are opposed to bribes. Banks, insurers and export creditors increasingly require customers to provide detailed information on anti-corruption due diligence.

PROBLEMS ASSOCIATED WITH KYC
The traditional means adopted to carryout KYC was stepped up as a result of threat to the world at large. Terroism has made so many companies and countries to pay more attention on security and identity. Some problems discovered with the traditional KYC been carried out are:

It is Manual: This involves filling of forms from one desk office to the other by the customers, before they could access what they wanted. This is stressful for the clients and wastage of resource and manpower by the company.
It is Analog: In this 21st century with highly developed machineries, KYC is still done and stored on physical documents. It often cost the companies or organisations extra money for adequate storage, record keeping and destruction of such documents, if and when needed.

Electronic KYC: Many institutions and financial bodies refused to move into E-KYC as it requires thorough due diligence on the clients, which regulators see as increasing AML (Anti Money Laundering) and terrorism financing danger.

Using innovation of the blockchain technology combined with Articificial Intelligence (AI) to the financial world, Traceto intend to solve the problems associated with KYC with just four questions:

Who you are?
Who you are not?
Are you still who you say you are?
What did you do?

With these questions, Traceto can detect a fruadulent client and easily report to the adequate authorities for further actions.

THE TRACETO TOKEN (T2T)
It is an ERC-20 token, which will be issued and solely to be used for the traceto.io smart contract. Traceto token will serve the following:

Clients requesting KYC services will be charged T2T.
All verifier must stake a small fraction of T2T, which will increase as the number of users and verifiers increase as well.
Reward to verifiers for performing KYC task will be paid in T2T.
T2T will also be used to reward intending clients and partners.
T2T will be used as medium of exchange between existing partners on the traceto network.

The token details is as shown below:

Token Name: Traceto Token (T2T)
Token Type: ERC20
Platform: Ethereum (ETH)
Accepted: ETH
Hard Cap: $30,000,000
Token Price: 1 T2T = 0.0000750ETH excluding transaction fees.
Whitelist/KYC: YES