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Introduction
Anyone who has had to prove their identity in the past few years have had the plight of filling a lot of forms, either offline or online. Each service provider has their own set of forms, for example, a car dealer has their specifics and a bank has another set of information the y want to know about you. Aren't you just fed up of going through filling these forms over and over again, even after holding your identification proof, like Aadhar (for Indians), or your SSN (for US citizens)? We need a one stop solution, where you update your information once, and you only do it when you want to make a change. We need a solution, which knows all the details that is needed by all the retailers and service providers, so that we need not have write pages on who we are.
Existing KYC Issues
No existing KYC method incorporate information about the relevant history of a person, like his financial and social history. This means that every KYC company just knows who the person "now" (or what the person tries to be now). For example, what Aadhar did was create a new database about a person, without linking it to any existing credentials, like bank accounts, birth certificates, etc. The result? Fake registrations, and multiple registrations. I have met a person with two Aadhars to his name.
The second problem is the reluctance of service providers to trust e-KYC, because no single system has claimed the level of security that a KYC system should actually possess.
The Traceto.io Solution
Traceto.io provides and all in one solution for the current KYC woes in the crypto industry. It is a blockchain inspired platform. Owned by Cynopsis Solutions, who are pioneers in RegTech. Traceto.io aims to bring in customer information, including relevant history, and through improved and sophisticated artificial intelligence to monitor transactions, provide a detailed picture of an individual. One notable feature is how they force companies to recheck their customer information periodically, and update any new information, so that the KYC details always remains up to date. The AI algorithms make sure that the information is not false, and adds and extra layer of security to the platform and to your data.
T2T Token
The T2T token is native ERC20 token for Traceto.io. The main intention of introducing their own token is to facilitate development of the network, and to incentivize the people who take part in the development. Any requester who wants to access the KYC details of a person should pay a fee in T2T for access. This T2T is given as rewards to the KYC verifiers, who area select pool of individuals that build up their reputation within the network by completing small tasks.
Conclusion
The Traceto.io platform is a great boos towards strengthening the KYC approaches of ICOs. But the fact that they are meant for only ICOs is the downside to their project. Imagine if they could maybe issue their own id card, which can be swiped to provide relevant details about a person in every area of KYC demand? They have already announced that they would soon roll out the Know-Your-Employer and Know-Your-Supplier functionalities, which could radically transform how offices would work. No need of a separate ID card every time you change your workplace. No need to carry physical documents, like your driver's license, all the time. You won't forget to carry your documents anymore, because you need not have any!
**For more information**
**Website – https://traceto.io**
**Whitepaper – https://traceto.io/static/wp/traceto\_Whitepaper\_v1\_34\_11052018.pdf**
**ANN –** [https://bitcointalk.org/index.php?topic=2911588.20](https://bitcointalk.org/index.php?topic=2911588.20)
**Telegram -** [**https://t.me/tracetoio**](https://t.me/tracetoio)
**Published by dannywhelan**
**Profile - https://bitcointalk.org/index.php?action=profile;u=1606458**
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