WeTrust (TRST)

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WeTrust can be thought of as an insurance company mixed with a crowdfunding platform which, in short can be called a Financial Applications Platform.

Our Joke Name

WeTrust = Wet-rust

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (TRST)

Coin or Token

Circulating Supply (92 Million)

Total Supply (100 Million)

Block time (under 60 seconds)

Market Cap Ranking

Review

WeTrust can be thought of as an insurance company mixed with a crowdfunding platform which, in short can be called a Financial Applications Platform. While most of their projects are still in development they have developed a project that enables peer to peer lending and saving called ROSCA

Key Features

  • Rotating Savings Credit Association ( ROSCA )
  • Incentivize developers

Rotating Savings Credit Association

Now this is an interesting product that has been developed by the team at WeTrust, It is a group lending and savings platform in which a group creates a ROSCA pool which the group then all contribute into at a predetermined interval and a set amount. Any of the users who are contributing can also take money from the pool as agreed by the other contributing members of the pool. This has a strong use case in countries that have no access to banks or financial services, there are also features of ROSCA that help with incentivising saving and deincetivince withdrawing from the shared pool.

Incentivize developers

WeTrust, upon the ICO raising funds, 10% or 400,000 USD was set aside as a founders reward which is currently locked into a smart contract only to be released after 2 years in the hopes that it will incentivize developers to finish the project, The concern that comes to mind here is what happens when the 2 years are up and projects are not finished.

Key Team Members

  • George Li
  • Patrick Long
  • Tom Dimopoulos
  • Hoang Nguyen

Summary

WeTrust have already proven themselves to be able to create a very practical working product that will give users access to a p2p saving and lending platform. The WeTrust road map is full of great ideas that would make life easier for those without access to traditional financial service and also help develop communities around finances.

Pros

  • Practical working product
  • P2P saving

Cons

  • Founders reward
  • Still in development
  • No backing (asset, profits, commodity)