I want to ask 2 questions about WeTrust.
1.Will ROSCA participants pay interest for getting loan?
2.Will TRST holders get paid sharevfrom interest paid through ROSCA?
I am waiting someone from WeTrust to please answer this.1.Will ROSCA participants pay interest for getting loan?
2.Will TRST holders get paid sharevfrom interest paid through ROSCA?
@DomainMagnate:
Thank you for these great questions.
Here are my answers, let me know if you need more info:
1. ROSCA is a zero-sum game financial organization. The participants can choose if they want a bidding or a lottery ROSCA. In a bidding ROSCA is chosen, some participants will pay interests for usually receiving the funds early (they are the borrowers) and some will get the interest and will usually will get the funds later (the savers). These interests are between the users. Also, the foreperson (one of the users) can determine what fee he/she would like to take for facilitating the ROSCA. This is for the foreperson to decide and for the participants to agree.
At this point, WeTrust don't charge fees for using the ROSCA platform. In the future, we are planning to charge small fees for ROSCAs larger than 5 people.
2. TRST holders will not get paid for shares. Our plan, subjected to changes, is for TRST holders to be able to pay the fees with TRSTs and be quoted lowers fees than with other coins.
Regards,
Mivsam for WeTrust.
Your video says ROSCA is similar to Chit Funds in india.
In chit fund,each participant get back exact amount that he/she contributed and the winner for each round is chosen by lottery.I guess lottery ROSCA will be much similar to that.
