What is ROSCA
ROSCA stands for Rotating Savings and Credit Association, and is a form of mutual assistance. This is a joint lending platform that allows users to save and borrow funds, depending on the situation. ROSCA acts as a simultaneous peer-to-peer and peer-to-peer simultaneous banking service, and is most often used in developing countries where financial exclusion is prevalent.
In dividu who usually have a certain level of trust because communal bonds such as family ties, culture, language, or religious affiliation will unite and form ROSCA .
Meetings are scheduled and in each meeting, ROSCA members will collect funds together, with each member contributing a predetermined amount. One individual (usually the most in need of funds) will take the total amount. In subsequent meetings, the process is repeated with different members who receive the funds, until each ROSCAmember has the opportunity to take up the entire pool. This system can be used to reward savers by charging a small fee to people taking the first pot and charging the people who used it last. ROSCA not only promote savings, but also allow individuals to access capital in larger quantities in order to use money for productive use. For example, funds from ROSCA payments can be used to start a business or buy agricultural supplies, for example.
In ROSCA , social elements come into play. ROSCA members are more motivated to save because of the group nature of the organization. Members are also motivated to repay their loans, based on the close relationship they have with other ROSCA members. Therefore, trust among members is an important element of ROSCA's success .
WeTrust is a peer to peer platform in development. They plan to launch several finance-related projects such as Rosca , Insurance, p2p, all backed by the Ethereum smart contract.
The new WeTrust figures distributed during ICO have several benefits such as increased visibility of the project and the community of investors now have an interest to promote this project. The token price will be directly linked to the project's effort not to the entire Ethereum ecosystem. The WeTrust Token will be used to purchase access to the relevant intelligent contracts used in the system.
The WeTrust team has raised $ 4,662,000 USD, in ICO and the developer retains 10% as a founding prize. This number was locked for two years, prompting the founders to complete the project. Pre-mine or founder prizes are more profitable than other recent ICOs.
The first WeTrust app will be ROSCA . This system will allow a group of people to save money more consistently. Initally the group will agree to pay some money in the pool at a pre-determined interval. At each interval, the person paying less than the agreed amount will get a pool. The reason is that people who need money most need pots most.
WeTrust will create other projects such as Credit Identity, Loan Portal and Mutual Insurance, but these projects are not on the current Roadmap. Will their creations depend on the success of ROSCA ?
The token value is driven by pure requests for the WeTrust app. ROSCA is primarily used by cohorts in low-income groups who have problems storing and using peer pressure to motivate them to save. WeTrust plans to expand this market and have people who do not necessarily know each other using their apps to save money. Trust is delegated to the WeTrust platform and savers can be confident that the agreed rules will be followed.
In frist, the ROSCA application will work using the WeTrust token, the platform plans to bring stable coins like Tether. This will help savers ensure that the same value they enter can also be paid. This is challenging. Tether https://coinmarketcap.com/assets/tether/ is a stable USD coin, which should replicate the USD price. It has fluctuations in the past. Bitcoin itself is given a different price on the exchange that allows access to USD and to others who do not. Without price stability, ROSCA users will save their money but also risk their savings on the so-called stable stability of the coin.
There seems to be no plan by the WeTrust team to share revenue with the token holder. This section explains the favorable conditions of ICO. The cost of using the ROSCA application is 2% for ROSCA and 0.3% organizers to the WeTrust platform. Frugal users who focus on savings can find a cut of 2.3% too much to use this app. Although a 2.3% fee may reduce the risk of being unpaid and not part of the ROSCA .
IT systems have the potential to be hacked, and WeTrust is no exception. Such incidents will have an important impact on the token value. If successful, WeTrust will build a lot of profound commercial value. There are many other opportunities they can take advantage of such as group purchases, community currencies, targeted ads, and long-term community investments such as local grocery store stock.
MVP or prototype has not been released yet. It appears that WeTrust is being included in ICONOMI crypto fund. It automatically adds investors who should not consider investing in this project.
Given the global nature of WeTrust, it will also face the challenges of regularity in different countries applications will be used. In some countries, a money transfer license may be required. The team behind WeTrust is strong, GeorgeLi CEO used to work at Google and other team members have a strong CV with many industry names in their collective Cv.
I am wondering why the ROSCA application has not been taken by Dash , it seems that all the resources in place and target markets are right for this kind of app.
To learn more about ROSCA , please visit the following link.
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