A decentralized platform for financial products on Ethereum blockchain.
Who?
A promising team behind: George Li, an ex- member of Google’s executive team as CEO
Patrick Long as COO, with Financial background and also to be mentioned: Vitalik Buterin, the Founder of Ethereum is participating as an Advisor of this project.
Wherefore?
- “improve financial inclusion on a globale scale”: the team wants to eliminate the “catch22”, I do need a lot of money to lend money, the poorest ones can not participate. We need a financial inclusion over multiple layers.
- “provide decentralized financial services”: So an insurance will not profit through your money by selling a product and also their name as a trusted third party.
- “create transparency that fosters trust”: no needed trusted third party anymore!
Why?
I can’t tell you in better words, than they did: “Digital technology has enabled revolutionary changes, yet billions of people around the world remain unbanked, without access to the savings and credit that drives the modern economy. Decentralized money has been created, and Blockchain technology holds untapped promise of providing fair, efficient financial services on a global scale.”
How?
With ROSCA and their Trusted Lending Circles
ROSCA = Rotating Savings & Credit Associations
Trusted associates help one another, they agree on the following 3 steps: Contribution amount, contribution period and rules (also called Smart Contracts). Any member will profit as this is a pareto optimal outcome.
So we don’t need a trusted third party anymore, trusted associates can lend and help one another and last but not least we do create a financial service that is in balance with social capital and personal trust networks simultaneously.
See their video:
Help me to improve the content by leaving comments below! I am happy for an upvote :-)
Love, cryptoleen
source of the content and the picture: https://www.wetrust.io/