The developers behind Roscacoin tagged it “Finance for the ordinary”. To fully grasp what this means, you need a basic understanding of how Roscacoin works.
Roscacoin; Finance for the Ordinary
The developers behind Roscacoin tagged it “Finance for the ordinary”. To fully grasp what this means, you need a basic understanding of how Roscacoin works. Here is all you need to know about this ICO.
WHAT IS ROSCACOIN
According to the whitepaper, Roscacoin is a decentralized blockchain platform that is self-regulating as well as autonomous. This platform can create a financial solution ecosystem that leverages social capital and trusties to offer better financial options. These include;
• Eliminating higher cost of borrowing
• Diversification Risk
• Easier Financing
• Better Investment
As such, Roscacoin Ecosystem platform is expected to offer various financial solution to users using blockchain technology with smart contract feature.
- ROSCA Charity Platform (RYP)
- ROSCA Credit Score (RCS)
- ROSCA Crowdfunding Platform (RCP)
- ROSCA Lending Circle (RLC)
- ROSCA Lucky Draw Platform (RLD)
- ROSCA Merchant Program (RMP)
- ROSCA P2P Platform (RPP)
The platforms outlined above would go through progressive development till the year 2022, when the whole ecosystem is supposed to be completed. Furthermore, the team behind the project are expected to invest in other potential projects. The purpose being, to increase Roscacoin recognition.
ROSCACOIN; IT’S APPLICATION
Cryptocurrencies were created to solve problems through its application, Roscacoin is no different. Roscacoin seeks to provide a solution for people who live in remote areas or countryside that have no access to banking facilities and networking infrastructure.
Basically, Roscacoin was designed to help connect the “disconnected” people. Cryptocurrency effectively solves this problem. More importantly, this platform is interested in building a sustainable partnership that would give the needy access to financial facilities and provide financial solutions to them.
The Roscacoin Ecosystem.
Now that you understand the application of this platform, let’s explore the ecosystem a little. As said earlier, Roscacoin ecosystem offers a transparent, free and effective financial solution, which is can be either used for investment purpose or lending purpose. Here is what you need to know about them;
Rosca Lending Service (RLC)
According to the whitepaper, this is the first and primary product offered on the platform. Using Rotating and Saving Credit Association (ROSCA) methodology and blockchain’s smart contract, savings, borrowing and other ROSCA processes are automated.
Check out the whitepaper to understand the details of Rosca Lending service.
Rosca Credit Score (RCS)
Another product offered on this platform is the Rosca Credit Scors. What does this mean, you ask? It serves the purpose of increasing the trustworthiness among users of Rosca Lending Service. For example, an individual who actively participates in Rosca lending circle and fulfills the terms of contract will have a high credit score.
This offers the advantage of reducing collateral and increasing the limit of investment in Roscacoin Ecosystem platform. Users with a low credit score will get the opposite. That means, high collateral and limited investment in Roscacoin Ecosystem Platform.
Rosca Merchant Program (RMP)
This program was created for users of the platform that are into trading. As the name implies, members will be able to buy and sell goods or services using Roscacoin. Read the whitepaper to get a better understanding of how the platform works.
Rosca P2P Platform (RPP)
This is the third product offered by the Roscacoin ecosystem. It stands for peer-to-peer (P2P), which is a method of debt financing in which users can lend and borrow money without any intermediary. That means, investors can give users loan at an agreed interest rate. Recall that there is a credit score that allows investors access their risks.
Rosca Crowdfunding Platform (RCP)
According to the whitepaper, this product was created to help users achieve their dreams and support others too. How exactly does it work? There are two types of crowdfunding; soft and hard crowdfunding. An example of the former is investment pool and the latter offer machines/IoT/Physical asset.
Basically, when a user invests a percentage of stake in the investment pool or machine that generates revenue, such a person also receives a dividend from the investment. This paves way for numerous investment opportunities.
Other products offered by the Roscacoin ecosystem include the Rosca Lucky Draw platform and Rosca Charity Platform.
THE FUNDRAISING
The team behind Roscacoin issued 1.5 Billion tokens for sale out of a total of 10 Billion to raise fund for the project. That’s 15 percent of the total quantity of tokens. The token name, Roscacoin had the ticker RCA and can be purchased with Ethereum and Bitcoin. The Pre- ICO started March 2018 and is expected to last the whole month.
RCA will be distributed thus;
• 15 percent for reserve
• 15 percent for partnership
• 15 percent for token sales
• 10 Percent for Community
• 5 Percent for marketing
• 5 percent for foundation
• 35 percent for team
Forty-five percent of the funds raised from the token sales will be allocated as team salary and allowance. Another 15 percent will be used as office expense and overhead. This include office rentals, furniture, utilities and fittings.
The contractors, which include legal advisors, outsourced bounty service, outsourced designer and other outsourced services will receive 15 percent of the fund. Ten percent will be allocated to all marketing activities, i.e. digital marketing and business development.
While 5 percent of the fund will form the contingency reserve, the remaining 10 percent will serve be used for implementation for Roscacoin merchants, kiosk and building infrastructure for remote regions.
THE TECHNOLOGY
Users of Roscacoin are expected to interact with frontend interface, which include web interface, Android and iOS apps. They’ll also be able to interact with the backend systems, which is the Ethereum Blockchain (where smart contract is created) using PHP.
Of course, you must create an account on the website before having access to all these services. It basically involves you signing up, creating and inflow or outflow e-wallet, before finally creating and joining ROSCA.
Fraudulent activities are identified through an algorithm that helps the system in learning and analyzing users’ behavior. Such user will be quarantined and prevented from using all platforms’ system. To get more information about this platform, consult the whitepaper.
Sources
Website: https://roscacoin.io/
Whitepaper: https://roscacoin.io/wp-content/uploads/2018/03/Roscacoin-Whitepaper1-V1.0.pdf
Twitter: https://twitter.com/RoscacoinToken
Facebook: https://www.facebook.com/Roscacoin/
Github: https://github.com/roscacoin/roscacoin
Telegram: https://t.me/roscacoin
AAN Thread: https://bitcointalk.org/index.php
Authored by: gbenga88
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1874687
Eth Address: 0xdcef7d27bbaae609accdaf43ccf41b042beaffb4