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Topic: [ANN] WeTrust - collaborative savings and insurance platform (Read 11339 times)

newbie
Activity: 56
Merit: 0
This is the most undervalued Project out there !!

The founder of Ethereum Vitalik Buterin supporting this project as an advisor says it all.... and also its founded by an ex google employee

Project has a finished product which is going to be released at the end of the month ( Beta version on the 14th of dec)

with an entry price of 0,49$ at the moment, this project has huge potential!

Low market cap: $47.053.278 USD
Low total coin supply: 92,147,500 TRST
newbie
Activity: 56
Merit: 0
Utrust was successful I hope wetrust do too.. good luck Wetrust
full member
Activity: 266
Merit: 101
Great Chart Gallery of WeTrust on BitScreener: https://bitscreener.com/coins/trust/chart_gallery
newbie
Activity: 42
Merit: 0
I added WeTrust to the Cheddur app (https://www.cheddur.com/) to allow new users to learn about WeTrust and join the community. Cheddur allows you to link wallets, exchanges, and other services that support TRST so that new users can easily get started. You can also review the project and post your TRST addresses on your profile to receive tips / payments / donations in TRST from other users Smiley

Can others from the community please review the profile for quality and help me add supported services? The more active the WeTrust profile is (via user reviews and addresses), the higher it ranks in search results and the more likely newcomers are to discover the WeTrust project!

Screenshots:

https://i.imgur.com/ae12oLl.png

https://i.imgur.com/4lOBmQK.png

https://i.imgur.com/OUpecFT.png
sr. member
Activity: 714
Merit: 250
Why this project has only one page in bitcointalk forum. Is there any other pages? I anticipated much more posts for such a valuable project with a bright idea.

This project has developed well, it was developed a year ago. I do not understand why this article might be here at this point, I think it should be sunk deep compared to other posts.
newbie
Activity: 5
Merit: 0
Why this project has only one page in bitcointalk forum. Is there any other pages? I anticipated much more posts for such a valuable project with a bright idea.
hero member
Activity: 868
Merit: 506
hold this coin, this is s nice coin

I am also holding this coin for a long term and see how it goes. Project is good although I believe it is a hard task to achieve but possible depending on their dedication and effort.
full member
Activity: 434
Merit: 100
Strategy & Operations at WeTrust
WeTrust's Token Sale Announcement is now LIVE. This thread is outdated. Check out the new thread here: https://bitcointalksearch.org/topic/ann-trst-wetrust-for-the-people-by-the-people-1773367

All at Project Development, thank you for your support. See you at our new thread!
full member
Activity: 434
Merit: 100
Strategy & Operations at WeTrust
@tuvok007 - We will have a token sale to be announced in the next few months to fund future development. Our MVP is nearing completion, so the community will have a chance to play with it very soon. Stay tuned. Lots of exciting press and announcements will soon come!

legendary
Activity: 1358
Merit: 1001
No really, how can a guy invest in this? No token sale or anything like it?
full member
Activity: 434
Merit: 100
Strategy & Operations at WeTrust
@schnib - We just double checked. For the subscriber list, please enter you email and wait a while - the message should appear below the entry field. If it still doesn't work, join our Slack! We will also provide updates there.

Cheers!
sr. member
Activity: 270
Merit: 250
hmm, we tested it on firefox and it seems to be working fine - can you tell us what error message you see?

thanks!


wenn i click on subscribe just nothing happens at all.
newbie
Activity: 40
Merit: 0
@gambit1, thanks for your question. I wasn't 100% clear on the question, so please do not hesitate to follow up.

We are currently focused on building out the product and community, but will start pursuing a funding event sometime in the future.
Please let us know if you have any feedback on our project and you're welcome to join our slack here: https://www.wetrust.io/slack-invite
hero member
Activity: 980
Merit: 508
What is the model for investment in this?
full member
Activity: 434
Merit: 100
Strategy & Operations at WeTrust
@avatar_kiyoshi - We just added SSL certification to our website. Thanks for pointing that out. https://www.wetrust.io/ Smiley
newbie
Activity: 40
Merit: 0
@Patatas, thank you for your questions. I'll try my best to address them, but please do not hesitate to follow up if I have misunderstood the spirit of your questions!


Q: Almost 90% of the platforms claim to do the same things, which you're doing with an excuse that Bitcoin isn't capable of doing them. Take decentralization for example.  

The initial product we are building is an app with smart contracts that replicate the way in which Rotating Savings and Credit groups (ROSCAs) operate offline. A ROSCA is simply a group of people (typically friends, co-workers, alumni, relatives) who agree to contribute a fixed amount of money every fixed period of time (say, monthly). They also agree on how the money will be distributed/ invested. For example, it could be distributed via an auction (based on interest), or distributed if someone has a family emergency, or invested into farmland when the total funds hit a threshold. You can imagine many scenarios where the group saves and decides on usage of funds jointly.

The most common is an auction-based system, which is also a very structured mechanism for close associates to build savings together effectively - akin to group exercise. One can also view ROSCAs as a simple form of mutual insurance, where you would bid higher interest for the pool when you need the money, and you refrain from bidding until the rainy day (and accumulate interest while doing so).

The reason we start with a ROSCA is because they operate among circles of friends, and each ROSCA is invite only. This addresses case where incentives don't align between lender/ borrower in p2p networks. Personal reputation among friends and professional networks creates a drastically reduced incentive to default, relative to the decision making process used when defaulting against a faceless bank or group of strangers that have lent you money on the internet.

After groups of individuals establish ROSCAs and circles of trust that are proven via transactions and tethered social profiles, we will also build ways to connect the different groups. This will then enable creation of larger, more capable and better-resourced ROSCAs - with additional features such as organization management tools, insurance frameworks, etc...

Note that we deliberately want to start with ROSCAs because they are by nature, used among groups of individuals that know each other offline, and these groups have hundreds of years of operational history and these learnings can be built into the design.  In fact, these ROSCAs are used in almost all countries and have an operational history starting near 200BC. They're called tandas (Latin America), chit funds (India), cundinas (Mexico), susu (West Africa and the Caribbean), hui (Asia), Game'ya (Middle East), kye (계) (South Korea), tanomosiko (頼母子講) (Japan), pandeiros (Brazil), juntas (Peru), etc.

Q: You know [by] making lending P2P [it] has always resulted in something terrible as seen in the past.  A new platform for scams I'd rather say.

One of the biggest challenges of P2P lending is that individuals are lending to strangers, and that there are few avenues for recourse when there is a default.
What we are building is a structure to enable the activities of Rotating Savings and Credit groups, which are used among individuals that know each other. Our platform is a way to codify, track, and grow existing trust based networks, and facilitate growth of existing networks with 'nearby' networks when there is a desire to amplify the organization's capabilities to save, invest, etc... We want to start with something well known and anchor our initial community with folks who know each other personally. There will no lending between people who do not know each other until our platform is secure, is able to detect potential fraud, and has the correct incentives to deter fraud.

Q: Why do you we should trust a third party with our savings? Bitfinex said that too and we know how it ended.  

Our platform creates the smart contracts that govern the savings and credit framework. We will design the platform such that we are not an attractive target. In addition, each individual and ROSCA group holds their own private keys to their accounts and there is no 3rd party that would have access. Security is a core concern of ours, and there have been too many cases like the Bitfinex example, where even the best precautions may not ever be sufficient.

Q: Do you comply with standard insurance polices or everything will be controlled by your developers?

We choose ROSCA as entry point (simple and doable given unstable platform environment) and will build out insurance products as this platform grows and become stable. Insurance isn't quite ready yet for the blockchain, but the ROSCA will be a stepping-stone that facilitates the creation of trust networks, which is the foundation for mutual insurance. Rest assured, the insurance product will not be built unless we see a clear path for it to be successful. The underlying blockchain network must be stable and there has to be a simple way claims to be paid out. At this time, we want to focus on building a stepping-stone and community that will allow us to transition when the perfect time comes.
    
In regards to compliance, we are working with a reputable US law firm with over a hundred years of history and ample experience in FinTech. The two lead attorneys have over 20 years experience with SEC compliance and securities litigation and General Counsel experience serving prominent crypto-currency/ FinTech startups (>$70m raised from top VCs, leading a successful acquisition for >$500m).

Q: In case I die, who is the next person my kids would ask for my coins? A lot of complications I see.

If we make a wallet in the future, and you hold a wallet and private keys, we will provide recommendations on how to store your private keys such that one's loved ones do not lose access to your funds in the event of death.

Regarding our initial ROSCA product, we will also list out all the potential edge case scenarios that may occur, and the resolution path for how to deal with them when they do occur.  The team is hard at work debating edge cases and designing solutions to resolve. We will share these with the community and fill any gaps that are raised. When new edge cases occur, individual ROSCA groups will be able to resolve through their internal vote, and we can adopt best practices from ROSCAs as the corpus grows.
full member
Activity: 434
Merit: 100
Strategy & Operations at WeTrust
@avatar_kiyoshi - Appreciate the kind words. We've been working hard to deliver a good product! In regards to your questions:

Q: This platform still under development? The web is not use SSL.  As long this platform for insurance, so you have regulations?

We are currently building out the MVP which is about collaborative savings - ROSCA. It should be ready in 3-4 weeks and you can follow the progress on our Slack or at our public Github. The MVP will run on an Ethereum compatible web browser (e.g., Chrome w/MetaMask or Mist).

Regarding our website: Thanks for the constructive feedback. We will integrate the SSL very soon.

Regarding your insurance question: We choose ROSCA as entry point (simple and doable given unstable platform environment) and will build out insurance products as this platform grows and become stable. Insurance isn't quite ready yet for the blockchain, but the ROSCA will be a stepping-stone that facilitates the creation of trust networks, which is the foundation for mutual insurance. Rest assured, the insurance product will not be built unless we see a clear path for it to be successful. The underlying blockchain network must be stable and there has to be a simple way claims to be paid out. At this time, we want to focus on building a stepping-stone and community that will allow us to transition what the perfect time comes.
   
Regarding compliance: We are working with a reputable US law firm with over a hundred years of history and ample experience in FinTech. The two lead attorneys have over 20 years experience with SEC compliance and securities litigation and General Counsel experience serving prominent crypto-currency/ FinTech startups (>$70m raised from top VCs, leading a successful acquisition for >$500m). We want to get it right and will work with the best people to do so.
legendary
Activity: 1750
Merit: 1115
Providing AI/ChatGpt Services - PM!
What makes it different from the existing platforms ?
 - Almost 90% of the platforms claim to do the same things which you're doing with a excuse that bitcoin isn't capable of doing them.Take decentralization for example.
 -You know making lending p2p has always resulted in something terrible as seen in the past.A new platform for scams I'd rather say.
 -Why do you we should trust a third party with our savings ?Bitfinex said that too and we know how it ended.
 -Do you comply with standard insurance polices or everything will be controlled by your developers ?
In case,I die,who is the next person my kids would ask for my coins ?A lot of complications I see.
legendary
Activity: 1106
Merit: 1000
Nice platform. Nice website interface.

So, this platform still under development? Even the web is not use SSL.
As long this platform for insurance, so you have regulations?
full member
Activity: 434
Merit: 100
Strategy & Operations at WeTrust
@smeee: That app mockup is just a rough version what we are imagining. Don't take it too seriously Smiley

We are building and writing smart contract logic to automate the social lending (the ROSCA concept) at the moment. It is doing well and Ron, Shine and Ben are hard at work currently writing test cases to make sure there isn't anything we have not thought of. Then, on top of the smart contract layer, Tom is building out a UI interface that will run on an Ethereum compatible web browser (e.g., Chrome w/MetaMask or Mist). This will serve as our MVP and with this, we can test out how ROSCAs will work on the blockchain. This should be finished within 3-4 weeks. Users will be able to invite their trusted friends to join in their savings and lending pool.

You can visit our Github to see the progress as it is being made or join our Slack to chat with the developers firsthand!
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