[ANN] [TRST] WeTrust - For the People, By the People!

[zahra4577]

Will WeTrust act like a crypto bank to lend cryptocurruncy to others? Will token holders get share of interest that WeTrust will collect from borrowers?

[modernbuddha]

Important Update: WeTrust FINALIZES Escrow Partners!

Vlad Zamfir (Ethereum, CASPER), Joe Urgo (Founder/CEO of sourcerers.io), Jae Kwon (Tendermint/ COSMOS.network)

We are pleased to announced 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 helping to secure BTC and ETH received during our crowdsale by acting as trusted key holders of our multi-signature wallets.



Here's a brief bio on our signees:

                  Vlad Zamfir: Vlad is a researcher working on the Ethereum transition from Proof-of-Work to Proof-of-Stake. Vlad is enthusiastic about fault tolerance, consensus protocols, coalition-proof consensus mechanism design, blockchain governance and blockchain ethics.


                  Joe Urgo: Joe is the Founder/CEO of sourcerers.io, a recruiting and consulting firm for Ethereum-based projects. Joe also currently serves as Director of Operations at Ethlance and Editor at The Dapp Daily. Previously, Joe spent 3 years at Coinbase as an Operations Manager, and worked at Three Arrows Capital as a Derivatives Trader.


                Jae Kwon: Jae is a technical entrepreneur, the author of the Tendermint whitepaper, and a force behind Cosmos, the internet of blockchains. Jae’s mission is to create sound cryptoeconomic systems for the safety and livelihood of everyone on this fragile planet.




We hope you're all pleased with our choices and the WeTrust team is looking forward to your participation in our upcoming crowdsale on 3/1!

[Jcga]

Welcome to them

Vive WeTrust project !

[cryptospreader]

Will WeTrust act like a crypto bank to lend cryptocurruncy to others? Will token holders get share of interest that WeTrust will collect from borrowers?

@zahra4577: No, WeTrust is building a platform for Trusted Lending Circles so people can save and access credit within their Trusted Circles. Please check out our blog post on how Trustcoins work! https://medium.com/wetrust-blog/how-do-trustcoins-work-593a0c26c478#.peaqu1vhw

[georgebtalk]

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

@rozee: 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

[georgebtalk]

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

[Unread]

Important Update: WeTrust FINALIZES Escrow Partners!

Vlad Zamfir (Ethereum, CASPER), Joe Urgo (Founder/CEO of sourcerers.io), Jae Kwon (Tendermint/ COSMOS.network)

Welcome to the team was happy to see them. but how do we verify that they wetrust escrow ?

[modernbuddha]

Important Update: WeTrust FINALIZES Escrow Partners!

Vlad Zamfir (Ethereum, CASPER), Joe Urgo (Founder/CEO of sourcerers.io), Jae Kwon (Tendermint/ COSMOS.network)

Welcome to the team was happy to see them. but how do we verify that they wetrust escrow ?

@Unread: We will have them issue a public statement soon.

[housebtc]

I have not read anywhere how the team is going to ensure that those that got the money from their platform are going to refund the loan, this is the main issue in program like this, if the default rate is high and there is no way to enforce refund it may impact the project

[mummybtc]

@modernbuddha

I joined your sig. campaign on 18/02/17 and I checked the signature campaign list was updated and my stake was not updated. I believe I should by now have one week stake added to my account by now, if not I will like to move on to another project where I'm sure I understand how their stake counts work.

Please help me to rectify this.

Wish you guys the best

[xtyling]

Iconomi is going to invest in this project

So target should be reached easily!

[Antona]

Iconomi is going to invest in this project

So target should be reached easily!

I think Wetrust ICO can be successful

[modernbuddha]

I have not read anywhere how the team is going to ensure that those that got the money from their platform are going to refund the loan, this is the main issue in program like this, if the default rate is high and there is no way to enforce refund it may impact the project

@housebtc: 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.

[modernbuddha]

@modernbuddha

I joined your sig. campaign on 18/02/17 and I checked the signature campaign list was updated and my stake was not updated. I believe I should by now have one week stake added to my account by now, if not I will like to move on to another project where I'm sure I understand how their stake counts work.

Please help me to rectify this.

Wish you guys the best

@mummybtc: We are working on our bounties. It will be fixed soon. Thanks for your patience.

[disconnectme]

I have not read anywhere how the team is going to ensure that those that got the money from their platform are going to refund the loan, this is the main issue in program like this, if the default rate is high and there is no way to enforce refund it may impact the project

@housebtc: 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 will like to ask how you are going to enforce the collateral risk, lets say I demanded for 10BTC what example of collateral would be demanded from me to collect such amount.

I will also like to ask if there is a cap on the amount one can demand for interms of loan, because some people only have capacity for 1BTC leverage and will be demanding for 5BTC in loan

[zenophobia]

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.

[senopratama]

Joined signature campaign sir
level: Member
Post: 88

[georgebtalk]

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!

[enunrom]

Hello sir,  joined twitter campaign.

[jujugoboom]

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.