Traceto.io’s mission is to create a virtual KYC platform that will allow the decentralised ecosystem to comply with KYC related regulations. KYC standards in the cryptoworld are still being developed and traceto.io will leverage off its founders’ experience in compliance and regulatory technology to preempt and satisfy upcoming regulations.
Traceto.io is a decentralised digital KYC network that gives ownership, control and management of KYC processes back to the community. It intends to provide incentives to users to organize themselves in a symbiotic relationship with each other that guarantees privacy yet complies with regulatory requirements.
An ERC 20 token, the traceto token (T2T), will be issued. This utility token is the primary token used for traceto.io’s smart contract. Know Your Customer systems of yesterday present a myriad of problems. Issues include data security, lack of efficiency and privacy, data siloing, unstable outcomes of KYC, vulnerability to social engineering and a lack of reusable KYC.
The world is moving towards decentralization. In this new world, an application cannot be owned by an individual or an organization, especially when that application deals with the privileged personal information. Such aggrandization of power has great potential to result in systemic abuse from both internal and external factors. Thus, a system that is decentralised, privacy preserving, and self-sustaining is called for.