ROSA is a mutual lending platform that allows the user to both save and borrow funds, depending on the situation. A ROSCA acts as a simultaneous peer-to-peer banking and peer-to-peer lending service, and is most commonly used in developing countries where financial exclusion is prevalent.
In developing countries worldwide, more than 1 billion people or 17% use ROSCA to store / borrow and support each other in their trusted communities. In addition, more than 2 billion people or 39% of the world's population do not have bank accounts in the world, and they may need help for some financial activities, such as credit. The banking system is at odds with its purpose of serving the rich, not the poor. For people who do not have a bank account, there is no good salary, it will be very difficult for them to receive financial support, such as bank loans from traditional financial institutions. In fact, this is a group of people most in need of help. In addition, the fees for commercial bank loans will be high for this group of people.
In ROSCAs, the social element comes into play. Members of ROSCAs are more motivated to save due to the group nature of the organization. Members are also motivated to pay back their loans, based on the close relationship they have with the other ROSCA members. Therefore, trust between members is a crucial element of a successful ROSCA.
ROSCA world market volume is estimated at more than 500 billion US dollars per year. (Calculations will be 1% -10% of the country's GDP, oriented to India). In addition, the P2P lending market is growing rapidly and has a market capitalization of $ 70 billion per year globally.
MISSION ROSCA
- Build ongoing partnerships with wealthy and business people who will invest to provide financial solutions and seek access to financial opportunities for those in need.
- Create a decentralized financial solutions system using blockchain technology.
- Create a transparent platform for each involved party to enable users with the power to monitor and manage their financial solutions without third party involvement.
- Create a crypto community where rich and commercial companies connect directly with their stakeholders
The value of the token is driven by pure demand for the WeTrust applications.
USE ALLOCATED FUNDS TEAM
- 45% of funds received from RCA tokens will be distributed according to salary and team benefits, as they believe that team members are a key asset in the ROSCAcoin organization.
- 15% will be allocated for office and overhead expenses, such as office rent, utilities, furniture and supplies.
- 15% will be allocated to contractors, including legal counsel, remuneration for outsourcing services.10% is financing marketing activities, and these costs include business development and digital marketing.
- 10% for other projects, such as sales for sales agents ROSCAcoin, kiosks and building infrastructure for remote areas.
- 5% of the funds set up reserves for unforeseen circumstances.
The WeTrust team have collected $4,662,000 USD, in the ICO and the developers are keeping 10% as a founders reward. This amount locked for two years, which incentives the founders to complete the project. The pre-mine or founders reward is advantageous compared to other recent ICOs.
The first application of WeTrust will be a ROSCA. This system will allow a group of people to save money more consistently. Initally the group will agree to pay an amount of money in a pool at a pre-established interval. At each interval the person who pays less than the agreed amount will get the pool. The reasoning is that the person has the most need for money, needs the pot most.
WeTrust will create other projects such as Credit Identities, Loan Portal and Mutual Insurance, however these projects are not on the Roadmap at this time. Will their creation depend on the success of rosca
At frist, the ROSCA app will work using the WeTrust token, the platform plans to bring in stable coins such as Tether. This will help the savers ensure that the fiat equivalent they put in can also be paid out. This is challenging. Tether https://coinmarketcap.com/assets/tether/ is a stable USD coin, which should mimic the price of USD. It has had fluctuations in the past. Bitcoin itself is being priced differently on exchanges who allow access to USD and to others who do not. Without price stability ROSCA users will be saving their money but also gambling their savings on the stability of the so-called stable coins.
Given the global nature of WeTrust, it will also face regularity challenges in the various countries the application will be used. In some countries a money transfer license could be needed.
ROADMAP
- 2017
October - business plan, marketing plan, documentation
- 2018
April - launch of ICO
July - Core Development & Development ROSCA Lending Circle (RLC)
August - ROSCA Lending Circle (RLC) and ROSCA Merchant Program (RMP) Testing MVP, enabling ROSCAcoin in token
October - Development of final product ROSCA Lending Circle (RLC)
- 2019
April - ROSCA Lending Circle (RLC) and ROSCA Merchant Program (RMP) Go Live
May - ROSCA credit rating (RCS) Go Live
August - Platform ROSCA P2P (RPP) Core & Mobile Development
October - testing MVP P2P (RPP) MVP platform
- 2020
April - ROSCA P2P Platform (RPP) Go Live
July - ROSCA Crowdfunding Platform (RCP) Core & Mobile Development
August - MVP Test on platform Crowdfunding Platform ROSCA (RCP)
October - Development of final development of ROSCA Crowdfunding Platform (RCP)
- 2021
January - ROSCA Crowdfunding Platform (RCP) Go Live
April - ROSCA Lucky Draw Platform (RLD) Core & Cellular Development
June - MOS Testing ROSCA Lucky Draw Platform (RLD)
October - ROSCA Lucky Draw Platform (RLD) Development of final product
- 2022
January - ROSCA Lucky Draw Platform (RLD) Go Live
March - ROSCA Charity Platform (RYP) Core & Cellular Development
May - ROSCA Charitable Platform (RYP) Test MVP
August - ROSCA Charity Platform (RYP) final product development
November - ROSCA charity platform (RYP) Go Live
TEAM
ADVISOR
SUPPORTERS AS SEEN ON
To learn more click on the link below:
Website I Whitepaper I Twitter I Facebook I Telegram I ANN Thread I Github
Author Info:
Forum Username : olitaptapan
Forum Profile link : https://bitcointalk.org/index.php?action=profile;u=1566451
ETH adress : 0x4D301c9357A384C1aF2F4ef3418C97F16d9043d8
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