WeTrust is a collaborative lending and insurance platform built on the blockchain. Their mission is to leverage cutting edge technology to enable financial inclusion and improve access to market priced capital. WeTrust also wants to be seen as an alternative to traditional finance and provide community based form of credit scores, insurance, and banking.
The first product being built at WeTrust is a Rotating Savings and Credit Association (ROSCA) platform running on a decentralized blockchain. WeTrust ROSCA allows users to save and issue credit as a group, at self-determined and fair interest rates.
The ROSCA product will have two main interface points: a web portal and an iOS/Android native application. The website will be basic and barebones to allow access for anyone with a basic PC or mobile phone.
ICO: WeTrust’s Token Sale (Trustcoins, TRST) is from 03/01/2017 12:00:00 AM UTC to 04/12/2017 at 11:59:59 PM UTC or until cap of BTC6,000 is reached.
Advantages of current ROSCAs vs formal banking:
- Interest rates are fair and based on supply/ demand from savers/ borrowers.
- Multiple proprietorship – proprietorship lies not with one or two persons, but the group as a whole.
- No collateral – collateral and guarantees of repayment are typically ensured by social ties and desire to maintain reputation; social ties range from clan, geographical, occupational, etc. and result in lower default rates compared to lending from institutions.
- Group saving is proven to be more effective to achieve individual savings goals due to accountability – akin to group exercise