The introduction of the blockchain has forced multiple industries to find innovative ways of employing the blockchain technology. Every single day, the world is witnessing the creation of a new start-up platform that enables users to build a transparent blockchain network. In a crowd of blockchain use cases, one of the most interesting, and profitable, use case has been provided by the WeTrust platform.
WeTrust is a decentralised application that is aimed at creating a user first financial platform. As opposed to the banks and financial institutions today, the WeTrust platform, prioritizes the users and policyholders as first class citizens. The WeTrust team aims to offer a financial service created by leveraging Social Capital and Personal Trust Networks and eliminating the trusted third party. Headed by George Li, WeTrust is a team of engineering, technology, design, and economics people. WeTrust aims to enable every individual around the globe to have access to fair and equitable financial services without the presence of any third party.
WeTrust is building their first blockchain based platform.—ROSCA (Rotating Savings and Credit Associations). According to the WeTrust Website, ROSCA is the first of a series of products including Credit Identities and Scores, Lending, Mutual Insurance etc. and is being used by almost 1 billion people all over the globe. The WeTrust Team confirmed that this product will be launched by the end of the year.
How does it work?
ROSCA works when a group of trusted associates who agree on a contribution amount, contribution period, and rules for dispersing funds come together and allow the community to reap the benefits. This platform works for multiple purposes inclusive of Credit Access and Funding.
A user after logging in is supposed to create a ROSCA for whatever purpose they wish to get funds. After entering details such as ROSCA name, number of participants, payment frequency, and payment amount, the users are prompted to select an account address which will be bounded to their participation on that particular ROSCA. After the ROSCA is created, the participants entered by a user are invited to join that ROSCA. After this has been achieved, the user is supposed to deploy the ROSCA and wait till the contract is verified by WeTrust. Once that has been accomplished, the ROSCA begins and the participants can contribute to it.
Reasons to trust WeTrust
A crucial component of the WeTrust platform is the TRST coin. For a newly launched platform, WeTrust has shown immense progress in a period of 6 months. The TRST coin was launched in April 2017 at the rate of $0.075119 with nil market cap which saw an elevation in price to $0.0192143 and $0.186123 within the period of 7 days and 1 month respectively. TRST rose to a record-breaking market cap of $ 45,277,800 on 07 June 2017. The increase in the market cap value isn’t the only reason highlighting the potential of the coin. The price of each TRST coin has seen an increase of $0.255 and the volume has increased by a margin of 32,64,087.
Furthermore, the WeTrust was a highly influential advisory team from the crypto and fiat worlds. But none more so than Vitalik Buterin, the founder of Ethereum, who has repeatedly and outspokenly vouched for decentralised exchanges. This tweet and the following thread embodies why WeTrust is here to stay –
The main niche for decentralized exchange is NOT satisfying the needs of “whales” and professional traders.
— Vitalik Buterin (@VitalikButerin) October 8, 2017
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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