First we hear the word WeTrust what we imagined in the mind, yes WeTrust collaborative saving and insurance based ethereum smart contract platform to create a full-stack financial system that leverages existing social capital and trust networks, eliminating the need of a “trusted third party”, which allows for lower fees, improved incentive structures, decentralized risks, and a greater amount of capital to reside among the participants. Autonomous, frictionless, and decentralized thats WeTrust.
WeTrust vision grow to be trust networks and blockchain technology to create a financial system that has aligned interests with all of it’s participants. WeTrust’s first product for serving the people for Rotating and Saving Credit because more than two billion people in this world do not have a bank account and the existing financial system has many contradictions.The un-banked and under-banked are most hurt from this lack of access and misalignment of interests, and are always in search of alternative financial solutions.
First produc WeTrust is a ROSCA platform powered by the blockchain. This enables the creation of social safety nets that address economic uncertainty and provides opportunity for growth. It is the first of a series of products that include credit identities and scores, lending, mutual insurance and much more — all of which leverage the untapped social capital and trust networks that already exist.
Why start with ROSCA as WeTrust’s first dApp? (check out Whitepaper & Video for more details!)
Marketplaces can succeed if there is a balance between supply and demand and critical mass is required from day one if users are to find usefulness in the WeTrust platform. This begs the inevitable “chicken and egg problem” in which a strong network is essential before users join and vice versa. To overcome this problem, we believe a ROSCA product is the ideal vanguard dApp as it facilitates network effects and leverages existing networks and behavior norms.
Serves as Insurance and Credit
Interest stays within local community
No need for “trusted third party” intermediaries
Low default rates
Trustcoins are a crucial component of the WeTrust platform. The coin is a reward to any actor that facilitates trust and is paid by any actor that uses the Trust Network. Market forces and Supply and Demand will dictate the amount of “Trustcoin” per transaction.
There are four essential parties in the WeTrust ecosystem: General Users, Sponsors, Forepersons, and Referral Partners. We want to ensure TrustCoin is used properly to incentivise these actors to behave in a way that fosters growth and integrity on the system. These roles are not mutually exclusive, and one person can wear any or all of these hats.
- General Users use any of our services such as ROSCAs, credit scoring products, borrowing, or insurance services. Users are WeTrust’s number one focus, as they determine the success of the platform. They help us understand how to use the product, and provide feedback on how to improve it.
- Sponsors support the overall development of the platform by participating in bug bounties, programming, and completing other tasks which WeTrust will reward with Trustcoin. Future roles may also include Tellers to facilitate on/off-ramp in fiat-crypto conversion, participating in claims auditing, etc…
- Forepersons: The organizer, evangelist, advocate, and product expert on the ground working with users of the WeTrust Platform. We depend on the Foreperson to educate, recruit, enforce and coordinate groups. In the ROSCA context, forepersons are allowed to set the fee rate for the ROSCAs they organize.
- Referral Partners evangelize the platform and receive Trustcoins from WeTrust for referring users to participate on the platform.
Prior to reaching a steady state where platform resources can be supported through fees, a token sale will be utilized to acquire the necessary funds to build out the platform. Subsequently, the WeTrust team expects to utilize funds in the following areas:
- Research: This includes research in mathematics, game theory, statistical and actuarial models, and computational simulations that will ensure that the proper incentives are in line for all parties.
- Software Development: This includes budgets for software development, smart contract development, security reviews, and developing a seamless user experience.
- Business Development: This includes expenses for building partnerships with NGOs, forming and growing ROSCA communities, and hiring community managers to help evangelize around the world.
- Marketing: This includes all expenses related to: educating the public about our platform, travel and admission expenses to blockchain conventions, sponsoring blockchain events/ conferences/ hackathons, driving users to our platform, developing the WeTrust brand, and relaying our message to ROSCA users.
- External Costs: This includes the token sale structure, security audits, tax/ legal advisory, regulatory compliance, bug bounties and other fixed costs (office spaces, telecommuting equipment) associated with technology and development.