<center></center>
You might have heard about crypto industry becoming popular day by day. But, why every government is against it? Can they not see the benefits of cryptocurrencies? To understand the reason behind this, you will have to understand the basic principle behind the crypto industry. Crypto industry is based on decentralization which means that no single organization have a control over it and that is what scares the government most.
The call for regulation of the crypto industry has been becoming unavoidable because of Know your Customer compliance (KYC) protocols. Recently, South Korea has made mandatory to comply with this rule and soon other countries will also follow the same path. [Traceto.io](https://traceto.io/) is a one of the main reason for the massive adoption of KYC.
**Current situation and problem**
Know your Customer (KYC) is a rapidly expanding industry but it challenges to distort the root of anonymity it was founded on. Today, all the KYC data is within the control of federal agencies which certainly violets the right to privacy. Also, in most of the countries, government or companies are reluctant to move toward E-KYC (means that most of the work is manual). Some of the other issues include
- Data security
- Lack of efficiency
- Zero Privacy
- Unstable outcomes of KYC
- Lack of reusable KYC
<center></center>
**What is Traceto.io?**
TraceTo.io combines smart contract and artificial intelligence to develop a virtual KYC platform which will allow the decentralized ecosystem to comply with KYC regulations. KYC standards for the crypto world are still in the development phase.
[Traceto.io](https://traceto.io/) is a decentralized KYC network that gives ownership and management of KYC process back to the community. They want to develop a solution which will guarantee users privacy yet comply with the regulatory requirements.
The platform will provide KYC services combining feedback from the community of network participants to build an individual profile which is updated and reverified. A network of verifier nodes on Ethereum blockchain will contribute to the KYC process by performing tasks like video OTP verification.
**How does Traceto.io platform work?**
If any person is interested in joining an ICO or exchange, then he will be redirected to the [traceto.io](https://traceto.io/) app and will be asked to upload their documents. These documents can only be viewed with the consent of the users or the community court. The information provided by the users will be encrypted and stored 'user-side' vault. Then, the user's profile is shared with Traceto.io's KYC provider and their AI algorithms. The machine learning algorithms will be used to run Facial recognition analysis on individuals. At last, the network will provide a KYC score which will depend on following factors
- Score from an identity and CTF (Counter Terrorism Funding) service provider (Cynopsis in this case)
- Social profile score from the community of verifiers
- Trust rating from an invited user
- Score from AI and ML algorithms performing fraud and anomaly detection
**Traceto.io ICO**
[Traceto.io](https://traceto.io/) tokens (T2T) will be used within its ecosystem for the works like compensating a network of verifiers (keeps the user's data secure without actually knowing the data) and payment for KYC services. There are a total of 1 billion Traceto.io tokens, out of which only 40% will be available for the public sale (which will begin on 8th June 2018). The company has also set up a hard cap of $30 million USD. The T2T token will be available at the rate of 1T2T= $0.1. USD.
**Traceto.io and its future**
The world is shifting toward decentralization and its time that an important applications like KYC platform, is not owned by a single organization. This becomes more important since the application deals with privileged personal information. So, we need a system which is decentralized, secure, self-sustaining, and transparent and gives the right to users to manage their information. [Traceto.io](https://traceto.io/) is trying to bring all these solutions on one platform. Certainly, with all the security fuss that is going on currently, Traceto.io is one of the company to keep an eye on.
**Website** - [https://traceto.io/](https://traceto.io/)
**Whitepaper** - [https://traceto.io/static/wp/traceto\_Whitepaper\_v1\_34\_11052018.pdf](https://traceto.io/static/wp/traceto_Whitepaper_v1_34_11052018.pdf)
**ANN** - [https://bitcointalk.org/index.php?topic=2911588.0](https://bitcointalk.org/index.php?topic=2911588.0)
**Telegram** - [https://t.me/tracetoio](https://t.me/tracetoio)
**Published by** - Etheran
**Profile** - [https://bitcointalk.org/index.php?action=profile;u=1108165](https://bitcointalk.org/index.php?action=profile;u=1108165)
hiveblocks