@judyrob, @iqbal26: Bounty information for signatures, translations, and rewards, coming soon! also, join our slack channel for real-time info. Look forward to having your support!
@MarMoCoin: We are solving real-world problems relating to financial inclusion, and crypto is only one small component that will help us reach our goal!
@sotisoti: We will accept BTC and ETH. I'm not an expert in Inchain, however, our approach is to digitize a saving approach used by 1 billion people through something called ROSCA (definitely check this
video out). ROSCAs today are used only people who trust each other in real life, and provide both Economic Security AND Opportunity. It represents a form of Insurance and Credit, where interest stays within local community. There's no need for “trusted third party” intermediaries. Default rates are also lower than what banks observe. Despite the benefits, it is not without shortcomings. ROSCAs have challenges with scaling (most of these organizations don't grow beyond a small circle of trust due to logistics), challenges with dealing with accounting, potential fraud, etc... This is where our platform comes in to provide better transparency, safeguards, use of 'trust inference' based on social graph -- all of which will ultimately amplify the strengths of social capital and reputation based networks, while addressing their weaknesses.
regarding your question about minimum raise: we are currently debating the minimum internally, but are thinking it might be 1,500 BTC. We'll have a number published in the first post of this thread soon.
tldr; we are digitizing ROSCAs, which are a resilient and proven form of simple insurance, as a way to bootstrap trusted networks, build a social graph, and eventually build out additional products such as credit identity, trusted lending, and more sophisticated forms of mutual insurance.
Would love to hear more on your view of our approach toward mutual-insurance!
@malcovixeffect: Stablecoins have the transactional qualities of cryptocurrencies and are critical for widespread adoption as they are pegged one to one with fiat currencies and resistant to day-to-day volatility. Our end goal is to have users be able to use our platform without having to understand the underlying complexity. Several stablecoins that are under development or are in active usage, including
MakerDAI,
String Labs Phi, and
Tether.
Colu and Waves Platform are also working on various initiatives that enable the support of digital tokens that are linked to fiat value. What are your thoughts on our view of stablecoins?
@electronicash: What do you think is a more appropriate cap value for our crowdsale? The funds raised are not used for underwriting insurance policies, but creating the platform that would enable individuals to create their own mutual-insurance groups in the form of ROSCAs. (definitely check this
video out which explains the simple yet elegant way in which people are able to access both credit and insurance through this mechanism of what is essentially a time-shifting of payments within a group in order to deal with economic uncertainty). Would love to get more constructive feedback from you, please let us know what you think!
