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Here at WeTrust, we believe that the blockchain can be used for social good. As a demonstration of our commitment to that mission, we recently organized a Trusted Charity Circle (inspired by Trusted Lending Circles) on the WeTrust platform. Here’s how it works:1. During each week of the Charity Circle, each member will contribute 5 Ether into the pool 2. One member of the group will be selected at random as the winner of the Ether pool each week, with no member winning the pot more than once3. The recipient of the funds for that week then donates the proceeds to a charity of their choice4. Over the course of the 5 week period, every week each person ends up contributing 25 Ether to the charity of their choiceThe purpose of taking these actions above, is to demonstrate for the first time that the WeTrust Platform is capable of supporting similar use cases where participants collaborate transparently as a group in a financial endeavor, contributes tokens, and receives tokens distributed back to them over time, without the need for a trusted third party. One can imagine all the new ways application developers will use these improved capabilities to build decentralized applications.
We’re very lucky to have some major movers and shakers in the blockchain world generously agreeing to participate in our Trusted Charity Circle. Thank you: Matthew Roszak of Bloq/ Tally Capital, Jeremy Gardner of Blockchain Capital/ Auger, David Johnson of Factom, Emin Gun Sirer of Cornell, and George our co-founder!
Hi There Team, Just curious to know if you have any Blog Bounties running? Thanks. @Deanero: No blog bounty, but if there is something specific that you are written we can take a look and decide. We have a contest for Trusted Lending Circle stories, if you are interested: https://medium.com/wetrust-blog/bounty-promo-tell-us-how-you-would-use-a-trusted-lending-circle-b15365ee19fa#.pze401u30@Deanero: if you have any suggestions on blog postings we should write about, feel free to recommend as well. we listen to our community members closely and appreciate your help! |
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A blockchain can be used to create a cryptocurrency to act as a medium of exchange.
A blockchain or cryptocurrency, IMHO, cannot vette people for loans, and then prosecute them if they are fraudulent in their loan application and/or don't pay the loan back.
I think any of these coins based on that concept is doomed to fail (WeTrust, HumanIQ)
If you want to do something like this, use an existing coin as the currency, and then create the software etc to facilitate the peer to peer loans (ie, create a Kickstarter using Bitcoin or Monero or Dash or some other coin, and let that software run in a de-centralized fashion)
@AusKipper: We aren't policing the loans. We're creating tools for people to police themselves and organize as they choose. To thwart bad actors, WeTrust will have four deterrents: 1. Reputation risk/ Reviews: ROSCA groups will be limited to "trusted associates" - family, friends, co-workers, fraternal groups, and professional/ religious organizations. Defaulting on payments could mean social shame and loss of reputation amongst an individual's closest associates. The idea is that for ROSCAs with small enough dollar amount commitments, reputation risk will be sufficient enough to keep participants honest. Reviews may also be left by other members to show how they felt about any participant. 2. Legal risk: ROSCA formation will allow trusted associates to e-sign and bind each other to a legal contract which requires faithful adherence and payment to the ROSCA. Defaulting on payments and stealing could mean legal repercussions. Legal recourse will only be used if individuals are participating in a "high-stakes" ROSCA and legal action would be worthwhile. I've spoken to our legal advisor and she believes it will be possible to create auto-populating templates that will be tailored to each person's ROSCA terms. 3. Collateral risk: Collateral commitments may be required prior to joining a ROSCA. The collateral will be entered into a smart contract which will surrender the property to the ROSCA group if the ROSCA agreement is breached. Collateral can be liquid-cash like assets like Bitcoin or even less liquid assets such as auto/ home titles. Our system will benefit significantly from the ability to accept less liquid assets, since the majority of middle classes’ net worth is locked in real estate. Collateral would allow capital to be used more efficiently. 4. Smart contract bounty (self-enforcement): If a ROSCA participant violates the terms of the ROSCA, the ROSCA group may start a “Bounty” on the retrieval of funds. If the funds are retrieved, the “Bounty” is paid out to the person who enforces the terms of the ROSCA. These deterrent options will be on an "opt-in" basis and participants will be able to choose the level of security they want. I think due to the ease of creating not just fake identities, but multiple fake identities, and inputting them into this type of system makes points 1-3 more or less ineffective. 4 (the bounty) I think is a good idea and could have some effect, though how effective people will be tracking down fake identities without the support of a police database and the ability to legally conduct raids on private property etc I am not sure. I think 4 is likely to be ineffective. I still think you should be using an existing coin and not creating your own. I think WeTrust will fail, but, I dont want this to make you feel disappointed or anything, use my negativity to give you the energy required to go out and prove me wrong, because, I would love to be proven wrong. I like the idea of having a de-centralized bank but I just dont think it will work, ESPECIALLY when your creating a new token instead of using an existing one. Time will tell. *edit* OR, before your ICO you could cancel it, listen to me (fat chance right? lol), change your plan to develop the software but use as existing coin (ie, you could work with Dash or someone), then launch the ICO again. Then you would not only get the support of people that would have supported you for this, but also the supporters of Dash (or whatever coin you chose) because they know your software, if it works, will increase the value of the token they already hold. Even then I still think it will fail but you will have a snowballs chance in hell at least. Thanks for your thoughts! One can multiple fake identities but it may not be easy to convince your friends to join this group that has some unknown identities. It comes down to how you would be able to convince other people (friends, trusted associates) to participate with you in this ROSCA circle. That would be difficult, because they would be able to see the email account, want to know their names, meet them etc... At this time, you can invite others, and get invited to a Trusted Lending Circle, so you won't have the opportunity to interact with someone you do not know. The concept of a lending circle (aka rosca) is very different from lending club where you interact with strangers. In a Trusted Lending Circle, you verify that you know these participants before joining. Is that helpful? thanks! |
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Vitalik really? He is a strange/controversial person for me, but there are big money behind him so I believe he wouldn't put his face behind a scam/trustless project. That's another good news for WeTrust.
We will try our best to deliver our roadmap - and I think we will also be able to help the ecosystem as a whole. The Ethereum community has been so helpful to us so far, and we look forward to continue working with everyone. |
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We've been working with two advisors behind the scenes and have recently added them as official members to our board of advisors. Please revert to the initial posting for the updated list. Thanks for all of your continued support.
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1000 BTC is worth 1.2 million USD, which is a quite large amount of fund, it may be possible, but to be honest, this project is difficult to raise 1000 BTC.
Don't underestimate this project, it consists of strong devs, therefore 1000 BTC is doable and achievable, I have faith on WETRUST. @jujugoboom: thank you for your support! |
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Looks more or less interesting, first question what amount of btc is already raised?
The way you asked that question, I'm quite sure you're yet to read the thread to learn about the project and discussions here because If you did, You would've known the WeTrust ICO starts in two weeks time so There's no way BTC will be raised already To The Wetrust Team, The ICO is just two weeks away and The information about the people escrowing the funds are yet to be announced to the community. I hope You know that no one will invest If there's no escrow. By the way, The revamped view of your website looks decent and professional. Kudos to the Web developer. @nelson4lov: we have just announced our escrow partners, apologies for the delay! |
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I hope the TRST crodwsale will be provided escrow so that investors will be more confident and secure/safe.
Great jobs TRST Team!
@sri.bima: apologies for the long delay and thank you for your patience! we are pleased to say we've finalized our escrow partners- Vlad Zamfir, Joe Urgo, and Jae Kwon will be serving to secure BTC and ETH received during our crowdsale. read more here https://medium.com/wetrust-blog/wetrust-announces-escrow-partners-79e077a1d7d6#.v2a24lea7 |
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another coin with great project so interest to follow and keep my eyes on this thread, hope we can trust your project like the coin name  waiting for more information about escrow details and confirmation also for bounty information, happy working and good luck trust dev and team apologies for the long delay. we are pleased to announce that we have finalized the process of securing trusted members of the community to act as escrow partners for our crowdsale. Vlad Zamfir, Joe Urgo, and Jae Kwon will be serving to secure BTC and ETH received during our crowdsale by acting as trusted key holders of our multi-signature wallets. read more here https://medium.com/wetrust-blog/wetrust-announces-escrow-partners-79e077a1d7d6#.v2a24lea7 |
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we'll make an announcement on the escrow in <24 hours. stay tuned. thanks for being patient everyone  |
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10% of supply reserved for the team plus another 8% for future team members, expenses, and marketing seems like a lot considering you hope to raise up to 12,000 BTC...
What type of oversight/accountability will there be for the 18% of the supply in your control? Is there a time limit or a set of objectives that must be completed before that 18% can be sold on the markets?
Sorry if this is answered somewhere obvious already, I couldn't find it.
@stormia: Sorry for the delay, we'll get this published soon, I know the community is waiting for this information. thanks for your patience. |
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Post from weTRUST is showing up on my newsfeed but when I open the page it gives me the same error you are getting @Anarchy101, @zipak: the link works fine for me. where are you based? |
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Since this is an insurance based platform,i hope it does not end up like failed INCHAIN project
@bitcoinsforall: Our insurance is indeed on our longterm roadmap. However, in the near term, we are modeled after the concept of Lending Circles, where you can save, bank, lend, among your trusted associates in a safe manner, with rates/fees based on market demand for credit - all within your own circle. This tradition is used by 1 Billion people around the world, it works well has lot's of strengths, but has some flaws. We make the strengths stronger, and diminish the weaknesses. Maybe we need to change our marketing message a bit, but our first goal is banking services that build on top of social capital and trust networks. Our dApp is now launched, up and running @ rosca.wetrust.io. You can now save, bank, and lend among trusted associates, and grow what is effectively your own decentralized credit union in a safe manner. Bitcoin allowed you to send money in a decentralized manner. WeTrust allowed you to access banking services in a decentralized manner. Thank you for your support and look forward to hearing more feedback!! |
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I don't have a blog. but as you know that it is a nice article many sites and have unlimited reader
one example steemit
but it's up to you guys to sir want to be held or not.
I just make a suggestion if a lot of the writing about "we trust" would be better
Almost all ICO have a blog/news article bounty program. I believe that this is not a waste of money. From this there is a benefit. There is a benefit when articles are in good quality and this is difficult to check when they are written in different languages. And what if some people will produce great ammount of articles on the very end of ICO? How this behavior can be benefit for the project? Such things took place in Iconomi ICO. Articles are good but hard to manage. Yes I agree with your comments. The main challenge is distribution. If you are a good writer, who will see the message? Even if you are an exceptional writer, then we can post it, tweet it, and our twitter bounty participants can amplify the message. But we are already doing that, and it would be reaching the same audience. Therefore, what we would really be interested in is if you have a blog that gets a good number of visitors and it doesn't overlap completely with our existing readers. If you are that writer, then yes, let's talk!! |
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@btcYoshimitsu: that sounds very interesting, can you send me examples of their bounty programs? the challenge here is evaluating the quality of the writing and the number of readers you have. would like to hear your perspective on this! thank you for your comments.
For number of readers you can use services such as alexa and do not forget to take a look at bounce rate values. Also if you have worldwide team, you could make a campaign limited to your team (mother) language at first, this way you will have more quality control over those articles @falala69: yes I like your approach. I would say, if there are any fans of our project here who have a blog or write for a good website that has good number of readers (we'll verify using similarweb.com and alexa), then please PM me with the name of the website you write for and your proposal. Thank you for your advice! |
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I don't have a blog. but as you know that it is a nice article many sites and have unlimited reader
one example steemit
but it's up to you guys to sir want to be held or not.
I just make a suggestion if a lot of the writing about "we trust" would be better
Almost all ICO have a blog/news article bounty program. I believe that this is not a waste of money. From this there is a benefit. @btcYoshimitsu: that sounds very interesting, can you send me examples of their bounty programs? the challenge here is evaluating the quality of the writing and the number of readers you have. would like to hear your perspective on this! thank you for your comments. |
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1500BTC minimum would be quite hard to achieve given the high rate of bitcoin.Also people like to diversify their investment portfolio so they do not put all their eggs in one basket.I think the minimum limit should be adjusted with high bitcoin price
@zahra4577: We think 1,500 BTC is fair and necessary to develop the features we're looking to build. It may be adjusted slightly if BTC takes a sharp turn upwards, but at this point, we will keep it at 1,500 BTC. Yes 1,500 btc is a little bit suspicious. That is so much money. Sorry but I can't see how you can justify that. That is just crazy. You will never have to work ever again with that kind of money. For major projects 1,500 BTC is not too big some projects ICO can collect 2,000 BTC in 2 days so why not What is needed now is an optimistic look at how the market reaction to this project Aim high, who knows the project will just get what it needs to proceed with the project. I would like to see as well what the team can deliver given they raise the minimum or if they get the maximum or somewhere in between. our high aim will lead to us for good effort and this good effort lead to us our top.. I have a suggestion to the DEV to make bounty blog/review because I think it will be more visitors viewed this project as seen from the large number who wrote about this project It was very helpful to this project will be a success if it wants to be realized I hope the team listen to this and I am ready to participate. hehe @dongajow: if we create a bounty for blog/review, where would you publish your article? do you have a blog? please describe in more detail how this would work, we can better evaluate whether or not we should create this bounty |
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very happy。
@tiaozhanziwo: how did you hear about our project? thank you for spreading the word! |
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I think "we trust" would be better known if there is a bounty of articles
less legit in my opinion rely solely on fb and twitter social media
I am ready to participate if there's a bounty of articles
You should be grateful there is even social media bounty, some project carried out ICO without any bounty and have a successful ICO example is Golem. Concerning article the team can even pay Forbes to get their article listed there and will have better quality and exposure. Do with what you have. Did Chronobank paid Forbes when they were featured? I think this project is good and yeah articles from known reliable sites would be nice. @Invester: I don't know what Chronobank.io did, but WeTrust is has not paid for any sponsored articles. All the coverage we've gotten so far has purely been from the goodwill and support from the various media outlets. you want to the media like what? steemit?, newbium? medium?, blog? Google plus? the media mentioned above have the opportunity that many visitors I was able to @dongajow: just to clarify, are you saying that you would like to write an article and publish to your own steemit, medium, etc... ? If so, please PM me and do share information about your blog. We would be interested in collaborating. Most popular crypto-media websites like Smith and Crown are very interested in producing good content for their readers, and do not want bounties because they want to stay neutral. We are one of only 4 projects: Chronobank, WeTrust, Golem, and Mainstreet Fund, that have received a full report out of a total of 40 upcoming and recently completed ICO projects: https://www.smithandcrown.com/icos/You can read about their coverage and full report on WeTrust here: https://www.smithandcrown.com/wetrust-new-financial-product-built-blockchains. This doesn't mean an endorsement, but it does help people conduct their due diligence. If you know any media outlets that we should be speaking to, please PM me. Thank you for your advice and feedback! |
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I wanted to make account but there was only option for newsletter subscribing. I think once the campaign will get kicked off then we will see button for signup am I right or I am missing something there ? It is another good looking project which has true potential of turning into something big in future.
@fantoos: Yes, currently there is only subscription for newsletter. When the crowdsale starts you will be able to see a "Join Crowdsale" button! thanks for your interest! |
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I have participate the siganature and twitter campaign, but why not in the comfirm list
Hey, Campaign manager update the list of participants once daily so you will have to wait for it I guess. ok thanks ,,hope this coin is a good coin @eastwind_ja: thank you for your understanding and patience! |
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