What you'll learn 👉
Introduction
WeTrust is a block chain start-up that aims to expand access to financial services by providing new types of commercial banking services to a wider audience.
WeTrust will be a platform for different types of mutual support in financial services, such as mutual insurance funds and peer-to-peer loans.
The first decentralized application on the platform creates and manages the association of an alternative savings and loan allocation (ROSCA).
WeTrust Coin – The Company
WeTrust is a common platform for savings and insurance. It is an autonomous, coordinated and decentralized platform.
WeTrust uses Ethereum to develop an integrated financial system that leverages existing social capital and insurance networks.
The need for a third party is eliminated and small levies, attractive structures, decentralized risks and more capital owned by participants are offered by the start-up.
WeTrust’s first product is ROSCA’s Credit Association for Alternation and Conservation, which was created thanks to a part of the world’s population, who mainly use informal credit and loan organizations and alternately support themselves economically in their communities.
ROSCA wants to improve these communities and WeTrust plans to develop products for the future that include loans under a state guarantee, with reliable lending and mutual insurance.
In WeTrust’s ecosystem there are four main factors: general users, sponsors, dispatchers and referral partners.
The company wants to ensure that WeTrust Coins are used correctly to encourage these individuals to behave in a manner that promotes growth and integrity in the system.
These tasks are not mutually exclusive and a participant can perform many of these functions.
Perhaps the biggest advantage of this cryptocurrency are their advisors – Vitalik and Bo Shen; both well known and respected figures in crypto-world.
WeTrust Coin – The Cryptocurrency
WeTrust Coin is the essential component of the WeTrust platform. WeTrust Coin is a coin for users using the insurance network and transferring the currency to another person in the WeTrust network.
In terms of crowdfunding, trustcoin coins (TRST) are the currency for services provided by WeTrust and other service providers in the WeTrust ecosystem.
The coin is a reward for each participant who creates trust and is paid by participants using the Trust Network. Market forces such as supply and demand determine the amount of WeTrust Coins per transaction.
WeTrust plans to generate TRST fees from products such as Trusted Lending Circles, Trusted Direct Lending and Mutual Insurance to support the development costs.
Conclusion
WeTrust is an ambitious company that has just launched its first product, the ROSCA platform, which enables municipalities to create trustworthy credit circles without the need for traditional financial institutions.
The platform and other upcoming WeTrust services will be marketed to the 2 billion people worldwide who have no bank account or for some reason cannot access traditional financial institutions.
The company plans to further expand the platform in the coming months. They plan to launch a number of other financial and insurance-related products in the next few years.
People who do not have access to banking services or experience a lack of banking services suffer most from lack of access and disparate interests and are constantly looking for alternative financial options. And that is where TRST enters the story – it could be a huge success.
You can’t buy it directly for fiat on any exchange. You can choose the best coin exchange for your region and buy BTC there, then trade it for TRST on exchanges. Read here how you can quickly convert other coins to bitcoin and the other way around.
Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase is trustworthy and has acceptable fees and it is a leading platform for buying BTC.
If Coinbase doesn’t support your country, use Cex.io – read how Cex.io works – it is a good Coinbase alternative. Coinmama is also safe exchange for buying cryptocurrencies – click here to visit Coinmama.
If your country is not available on Coinbase – check for best Coinbase alternatives (such as Cexio and Indacoin – see here Indacoin exchange review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is legit place to trade crypto), instantly and directly to bitcoin.
Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet (if it is supported) – our recommendation is just go and buy Ledger Nano S or Trezor Wallet
or KeepKey
, those are the safest options. You can read our articles on how to use Ledger Nano S wallet and where to buy it and Trezor Wallet Review or check out other top hardware bitcoin wallets here. You can also create a paper wallet – learn here more about crypto wallets. We have also compared top 3 hardware wallets: Ledger vs Trezor vs KeepKey.
