Review on WeTrust by Fanuel PORPORTY
WeTrust - Financial Inclusion through Decentralized Technology
The WeTrust cryptocurrency (TRST) aims to become a decentralized financial services platform created to provide an intuitive and comprehensive alternative to traditional financial services provided by banking institutions. A platform that would restore power to consumers and that would allow everyone to take out credit and borrow. WeTrust provides financial services, based on the mutual aid model like the ROSCA (Rotating Savings and Credit Association), which allow individuals to be both lenders and borrowers.
WeTrust was created to provide a comprehensive and transparent solution for mutual aid systems, ensuring that anyone with an Internet connection can access it. Since ROSCAs exist only in certain limited places and they require a bond of trust, many individuals do not have access to them. WeTrust plans to change this with its first product, the ROSCA dApp platform. The platform will make creation and participation in ROSCAs more efficient and simpler.
WeTrust's ROSCA dApp credit and savings platform will allow users to lend money to and borrow from each other at self-determined interest rates. WeTrust wishes to reach the two billion unbanked people in order to manage their savings and credits. After downloading the ROSCA application from WeTrust, users can create an account and then join an existing ROSCA or create their own ROSCA. Once the ROSCA has the required number of members, the users will pool their money at regular intervals, and the funds will then be released for one ROSCA member.
Pros
- Excellent team with former Google members and the founder of OpenBazaar
- Recognized advisors in the world of cryptos: Vitalik Buterin and Bo Shen
- Market with enormous potential, especially for the many people who do not have access to banks and insurance
Cons
- Little communication and marketing
- Market in which it is complicated to settle
