Week 3 - WeTrust (TRST) -$100 a week on low-cap coins +FREE TRST
Investing in coins I don't currently have. $100 a week for at least 10 weeks. Giving away free crypto each time I invest.
Week 3 - WeTrust (TRST)
Market Cap - $11,263,926
Price - $0.122238
Supply - 92,147,500 TRST
$100 nets ~818 TRST tokens
https://www.wetrust.io/
What is WeTrust?
WeTrust is an ecosystem focused on providing a decentralized saving, lending and insurance platform through the awesomeness of blockchain. The dApp is built on the Ethereum blockchain and uses Trustcoins (TRST) as their internal fee and payment token. What WeTrust is trying to accomplish is bringing Trusted Lending Circles, also known as ROSCAs (Rotating and Saving Credit Associations) to the world through the use of cryptocurrency and smart contracts. ROSCAs are already heavily used throughout the world by the nearly 2 billion people that don't have access to bank accounts.
Traditionally Trusted Lending Circles are only used in small communities, usually in underdeveloped areas where easy access to banks isn't a possibility. They are also used all over the world in the form of savings groups or savings circles. These groups have always been contingent on that level of trust between each participating member of the circle, thus the groups remain small. This is great for interest rates on the payback or loans, and the default rate will stay low. There is also generally less fraud since the people participating are already familiar with each other. There are also state run Trusted Lending Circles which cater to a larger supply and demand in higher populated areas, but they often have high fees.
WeTrust has their road map laid out through 2019. Their first product is the Trusted Lending Circle. They have a link on their main page to their working ROSCA dApp. They're also working on stablecoins, which can be pegged to local fiat currencies to avoid day-to-day volatility. Their second product will be credit identities, to establish trustworthiness. Their third product will be a Trust network offering direct, low interest loans. And finally, and most interestingly, their fourth product staged to be released is a Mutual Insurance platform.
When reading the white paper it just seemed like a huge undertaking to get all of this accomplished in the next two years. I will be keeping my eye on WeTrust from here on and probably check out their ROSCA dApp pretty soon. I hope things work out and WeTrust can be a beneficial tool.
I will be giving away 150 TRST tokens. Just leave a working Trustcoin address in the comments by Friday, July 21st and a winner will be chosen at random.
thank you my friend :) for the 150 coins so friendly :)
Hi, Thanks for sharing your review! I've been following you up through Twitter and decided to open a Steemit account to participate in your giveaways. Continue the good work! :)
0xB65D11BEDc1977dD45FaACd9aA7533f0783A3286
Welcome. Steemit is cool so feel free to post about stuff. Anything at all! I'll follow you.
Thank you @oregonpop and @schlees for warm welcome. Stay in touch!
Who won? 😃😃😃😃
@yeaho won this round :)
Welcome to steemit - forget about twitter xD
We do upvote here if we like something ;)
This week's winner was @yeaho
Trustcoin sent!
I'm in for this one. I've been enjoying your series.
0x9421741f6e23ce44d1c5c71bfab9f88eb381c30c
Cool idea - I look forward to learning about new coins each week with your posts!
Only 100M tokens ever issued....
TRST coins used in ROSCA platform...
global ROSCA market is huge... something like $500B annually (don't quote me)...
WeTrust fees much less than industry standard...
Positive PR and word-of-mouth networking loops in an unbanked demographic without sophisticated investment experience and frequently subject to unstable domestic currencies...
Groupthink investing by communities...
What would happen to the TRST coin price if $1B (a small share of the global market) were trying to chase an available float of, say, 10 million coins (the rest of the float was tied up in other ROSCAS and held by long-term investors)?
If this thing flies, it will REALLY fly.
I could see it happening. I've literally never researched TRST until today. I've heard of them in passing or a mention here or there. The potential is great!
**I wanted to post this the other day, but my "bandwidth was exceeded."
The exact mechanics are unclear from the white paper. People need to buy TRST coins on the open market to pay fees for the ROSCA manager. The fees are held in escrow but the currency used could be bitcoin, ethereum, or a stablecoin like tether. How will they get unbanked people frequently in rural areas to exchange fiat for crypto? Most exchanges nowadays require identification and other verifications that are more stringent than banks. This point is addressed in their roadmap as something that needs to be overcome in order to achieve mass adoption.
Can't wait to see what comes of this and am adding coins every month. Also adding Civic.
When I was reading the whitepaper this is one of the first things I thought of. If people have no access to banks then getting cryptocurrency isn't always easy. There are places like Wall of Coins where you can go to a Western Union type money service center and deposit fiat to a specified bank account and receive your coins that way, but people in 3rd world countries aren't likely to do that.
I got the impression that WeTrust will primarily be used in smaller financial markets in already developed areas and as a "fun" way to save among a group of friends. We are still very early and who knows how widespread and easy all of this stuff will become. We're only a year into this whole cryptocurrency popularity boom and the sky, or moon if you will, is within the realm of possibility for many of these coins with good ideas behind them!
As I understand it, there are many people in the 3rd World that lack basic identity documents like a birth certificate. Even in these failed states, however, life goes on somehow. People somehow get remittances from abroad and use cell phone minutes for currency, etc.
I could see ATMs and black markets providing the crypto in some developing countries. We'll see what happens.
Another interesting coin :)
Let´s see if i´m the only one this week again, i start feeling bad taking all your coins xDD LOL
0x1d824e216da88677bf90e07e7d3cb99bfb128bf8
Wow another friendly gift from you :) thank you for sharing :)
0x0671fd2b4fb9f064e65a9e29d6a594ead9166f3d
You have something in your wallet, my friend!