WeTrust (TRST) is a decentralized alternative to the traditional financial services that are being provided by the banking institutions. The TRST’s financial services are created to allow users to be both borrowers and lenders. The financial services the platform provides is through models like ROSCA (Rotating Savings and Credit Association) – the first product of WeTrust, which is consisted with a group of trusted associates who agree to a fixed contribution of money with an agreed upon framework regarding on how the funds will be distributed to participants. For instance, $10 per month can be the fixed capital contribution; the distribution will be based on bidding.
How WeTrust works?
Their first product was the ROSCA dApp platform, which is global and it provides the users a more efficient way of creating and joining them. The ROSCAs only exist in a particular limited location, thus requiring a trust bond, which is why most people don’t have access to them. The dApp platform was created to provide a transparent and global solution for aid systems and to make sure that these systems can be accessed by anyone with an internet connection.
The Dapp is savings and credit platform easily allows the users to lend and borrow money from each other with interest rates that are self-determined. WeTrust is being built to create alternative asset calls that will promote group savings to helps the users to reach their individual saving goals.
The platform also creates a not expensive path for the 2 billion unbanked to track and obtain their credit and savings. The WeTrust does not invest the money that they have from the contributions, but rather the money will be kept on the blockchain, which is secure and safe.