Enhancing Financial Inclusion with WeTrust: A Decentralized Crypto Platform
Investing in Crypto We Trust
When it comes to financial services, trust is key. It drives the development of new technologies, improving existing ones, and enabling new products. But it can also lead to destabilizing booms and busts.
The collapse of FTX has shaken confidence in cryptos. Investors have lost billions since FTX started to wobble in November.
WeTrust is a collaborative savings and lending platform
WeTrust is a crypto platform that is designed to enhance global financial inclusion by eliminating the need for a trusted third party using blockchain technology. The platform offers a variety of services including loans, savings and mutual insurance. It also aims to reduce fees and enhance the incentive structure.
The team behind WeTrust is strong and includes George Li (CEO) who used to work for Google. The rest of the team has a solid background from some of the world’s top companies.
The company is launching its token sale with a goal of raising $5 million. This crowdsale will last six weeks and participants will receive Trustcoin tokens upon completion of the ICO. The token will be used for various functions on the WeTrust platform, including facilitating ROSCAs. Users will be charged a fee of 2% to the ROSCA organizer and 0.3% to WeTrust. These fees may be too high for frugal users focused on saving money.
WeTrust is a decentralized peer-to-peer lending platform
WeTrust is a decentralized financial company that uses blockchain technology to allow individuals to have access to services like Roscas, lending and insurance. The team has a rich background at some of the world’s top companies and is using their skills to create an alternative to centralised financial systems.
Peer-to-peer (P2P) lending links borrowers and investors directly, eliminating the need for intermediary financial institutions. This allows borrowers to receive loans with flexible terms and lenders to earn interest on their investments.
However, there are some challenges to the P2P lending market. For example, cryptocurrencies can fluctuate significantly in value, which may affect the collateral used to secure loans. This can lead to a decrease in the value of the loan and result in losses for lenders. In addition, borrowers can often face difficulty finding reliable lenders. WeTrust addresses these problems by leveraging the Ethereum blockchain to enable trustless transactions through smart contracts. This prototype includes features that support borrowers, recommenders, and lenders/investors.
WeTrust is a decentralized insurance platform
Decentralized insurance is a natural application of blockchain technology. It mitigates risks associated with cryptocurrency investments, such as hacks and rug pulls, and covers the losses of investors. Many businesses are exploring this new approach to business model design.
Blockchain technology has the potential to revolutionize the insurance industry by reducing costs and allowing for more transparency. It also reduces the need for intermediaries, as it records information in encrypted blocks that are immutable and verifiable. It can also decrease fraud and increase customer satisfaction.
Decentralized insurance is becoming more popular as crypto investors seek to protect their investments. One example is a company called Etherisc, which offers coverage against exchange hacks and other attacks. Another is Bridge Mutual, a decentralized insurance platform that offers protection against stablecoin price crashes and other threats. This platform uses smart contract technology to manage risk and provides streamlined procedures. This makes it an ideal choice for the crypto industry.
WeTrust is a decentralized lending platform
The WeTrust platform is a decentralized lending and savings platform that aims to boost financial inclusion on a global scale. It has a strong team, including the CEO GeorgeLi, who worked at Google. It has lofty ambitions and is backed by a large circulating supply of coins. The current decline in prices can be seen as an opportunity to invest in the project.
Decentralized lending protocols allow users to lend their crypto assets through smart contracts, without relying on credit scores or other traditional evaluations. These platforms also offer features such as liquidity pools, allowing lenders to share their assets with other members of the pool. Flash loans, which provide instant and uncollateralized loans, are another popular feature.
Decentralized lending and savings platforms also offer a variety of risk management tools to protect investors. Some protocols set collateralization ratios, which require borrowers to deposit more than they are borrowing. A drop in the value of collateralized crypto can trigger margin calls, which force borrowers to liquidate their assets or pay interest.