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September 06, 2017, 01:33:27 PM |
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Token Sale will commence on 03/01/2017 12:00:00 AM UTC and conclude on 04/12/2017 at 11:59:59 PM UTC. There is a minimum threshold of BTC1,000 and maximum of BTC6,000. WeTrust is a collaborative saving and insurance platform. It is autonomous, frictionless, and decentralized. WeTrust utilizes the Ethereum blockchain to create a full-stack financial system that leverages existing social capital and trust networks, eliminating the need of a “trusted third party”, which allows for lower fees, improved incentive structures, decentralized risks, and a greater amount of capital to reside among the participants.
WeTrust’s first product is a Rotating and Saving Credit Association platform, inspired by the ~1 billion people around the world who are using mostly informal organizations to lend/ borrow, and support each other financially within their communities. ROSCAs will bootstrap the community, and WeTrust plans to build future products that include sovereign credit identities, trusted lending, mutual insurance, and more.WeTrust’s vision is to leverage social capital, trust networks and blockchain technology to create a financial system that has aligned interests with all of it’s participants. Two billion people in this world do not have a bank account and the existing financial system has many contradictions. One cannot get an affordable loan without having a well-paying job and good credit. In addition, legitimate insurance claims directly reduce an insurance firm’s profits. The un-banked and under-banked are most hurt from this lack of access and misalignment of interests, and are always in search of alternative financial solutions.
We believe today’s banks and insurance companies play an important role in society. However, in contrast to other industries where undifferentiated products result in low margins, they thrive because of their important role as a “trusted third party”. Yet, our research shows that there is an alternative to the dependency on a “trusted third party”. It is an alternative which can helps reduce the friction necessitated by centralized intermediaries and result in a world where everyone has access to fair, market-priced credit and insurance.
Our first product is a ROSCA platform powered by the blockchain. This enables the creation of social safety nets that address economic uncertainty and provides opportunity for growth. It is the first of a series of products that include credit identities and scores, lending, mutual insurance and much more -- all of which leverage the untapped social capital and trust networks that already exist. ROSCA MARKET SIZE WORLDWIDE (sources cited in Whitepaper) Why start with ROSCA as WeTrust’s first dApp? (check out Whitepaper & Video for more details!) Marketplaces can succeed if there is a balance between supply and demand and critical mass is required from day one if users are to find usefulness in the WeTrust platform. This begs the inevitable “chicken and egg problem” in which a strong network is essential before users join and vice versa. To overcome this problem, we believe a ROSCA product is the ideal vanguard dApp as it facilitates network effects and leverages existing networks and behavior norms.
What Happens in a ROSCA? ROSCAs provide Economic Security AND Opportunity: (used by over 1 Billion worldwide) Serves as Insurance and Credit Interest stays within local community No need for “trusted third party” intermediaries Low default rates
Trustcoins are a crucial component of the WeTrust platform. The coin is a reward to any actor that facilitates trust and is paid by any actor that uses the Trust Network. Market forces and Supply and Demand will dictate the amount of “Trustcoin” per transaction.
There are four essential parties in the WeTrust ecosystem: General Users, Sponsors, Forepersons, and Referral Partners. We want to ensure TrustCoin is used properly to incentivise these actors to behave in a way that fosters growth and integrity on the system. These roles are not mutually exclusive, and one person can wear any or all of these hats.- General Users use any of our services such as ROSCAs, credit scoring products, borrowing, or insurance services. Users are WeTrust’s number one focus, as they determine the success of the platform. They help us understand how to use the product, and provide feedback on how to improve it.
- Sponsors support the overall development of the platform by participating in bug bounties, programming, and completing other tasks which WeTrust will reward with Trustcoin. Future roles may also include Tellers to facilitate on/off-ramp in fiat-crypto conversion, participating in claims auditing, etc...
- Forepersons: The organizer, evangelist, advocate, and product expert on the ground working with users of the WeTrust Platform. We depend on the Foreperson to educate, recruit, enforce and coordinate groups. In the ROSCA context, forepersons are allowed to set the fee rate for the ROSCAs they organize.
- Referral Partners evangelize the platform and receive Trustcoins from WeTrust for referring users to participate on the platform.
Prior to reaching a steady state where platform resources can be supported through fees, a token sale will be utilized to acquire the necessary funds to build out the platform. Subsequently, the WeTrust team expects to utilize funds in the following areas:- Research: This includes research in mathematics, game theory, statistical and actuarial models, and computational simulations that will ensure that the proper incentives are in line for all parties.
- Software Development: This includes budgets for software development, smart contract development, security reviews, and developing a seamless user experience.
- Business Development: This includes expenses for building partnerships with NGOs, forming and growing ROSCA communities, and hiring community managers to help evangelize around the world.
- Marketing: This includes all expenses related to: educating the public about our platform, travel and admission expenses to blockchain conventions, sponsoring blockchain events/ conferences/ hackathons, driving users to our platform, developing the WeTrust brand, and relaying our message to ROSCA users.
- External Costs: This includes the token sale structure, security audits, tax/ legal advisory, regulatory compliance, bug bounties and other fixed costs (office spaces, telecommuting equipment) associated with technology and development.
100 Million Trustcoins (TRST) will be issued once the crowdsale is concluded. Of the 100 Million Trustcoins:- 80 Million Trustcoins will be sold to the token sale participants
- 10 Million Trustcoins will be kept for the founding team
- 8 Million Trustcoins will be used to future expenses, marketing, additional team members
- 2 Million Trustcoins will be used for token sale bounties
WeTrust’s Token Sale (Trustcoins, TRST) will commence on 03/01/2017 12:00:00 AM UTC and conclude on 04/12/2017 at 11:59:59 PM UTC or until cap of BTC6,000 is reached. There is also a minimum threshold of BTC1,000. Funds will be returned to participants if minimum is not reached. We will have the following bonus schedule: WeTrust’s Token Sale Bonus Schedule1st Day -- 30% 1st Week -- 25% 2nd Week -- 20% 3rd Week -- 15% 4th Week -- 10% 5th Week -- 5% 6th Week -- 0%
More details about the escrow signees and a detailed blog post with instructions how to contribute coming shortly. Our development is working hard to deploy the MVP version of our dApp in the coming week or so. Stay tuned. George Li | co-founder, ProductGeorge is an ex-Googler who previously co-founded CottonBrew, a Stanford StartX computer vision company. Prior, he held roles in Corporate Strategy and Infrastructure at Google, and was a consultant at McKinsey. He holds a M.S in Management Science Engineering from Stanford and B.S. in Electrical and Computer Engineering from Rutgers University. Patrick Long, CPA | co-founder, Strategy & OperationsPatrick previously worked in Finance at RMS, and Ernst and Young in Assurance Services where he earned his CPA. In his spare time, he manages a crypto-currency fund raised from friends and family and is always scouting for new opportunities. He holds a B.A. in Economics from UC Berkeley. Ron Merom | Platform ArchitectRon previously worked at Google as a Software Engineer where he specialized in voice recognition, emerging markets and social interactions. Ron has a strong interest blockchain technology and wants to use his technical expertise to make a social impact on the lives of those less fortunate. He holds a M.Sc. in Computer Science from the Weizmann Institute of Science and a B.Sc. in Computer Science and Environmental Science from The Hebrew University. An Zheng | Principal Engineer An previously worked at Sandora as a Senior Software Engineer. An holds a M.S. and B.S. in Systems Engineering from a highly ranked, world renowned university. Tom Nash | Front End DeveloperTom previously worked at Hydrant as a Junior Web Developer, but recently has taken a sabbatical to travel the world and work on freelancing. He is a quick learner and an ambitious individual capable of taking on any task thrown at him. He holds a B.S. in Computer Science from Lancaster University. Shine Lee | Smart Contract DeveloperShine is a entrepreneur at heart. After graduating from UC Davis about a year ago, he created his own Ethereum mining farm which generates enough passive income for him to be self-employed. He joins WeTrust as a developer working on Solidity smart contracts and brings his cryptocurrency domain experience. He holds a B.S. in Computer Science from UC Davis. Mivsam Yekutiel, Ph.D | Research and Global Partnerships ManagerMivsam has Ph.D. in Quantum Chemistry from the Otago University in New Zealand and did some post-doc work in renewable energy at Tel Aviv University. In the last 20 years, teaching and volunteering has always been a part of Mivsam’s life and she cares deeply about the social impact she has as a person. Leon Di | Head of Product Marketing Leon Di has 9 years of experience in Silicon Valley technology firms in Hardware Engineering and Technology Marketing roles. As a Product Manager, he has managed accounts with Intel, Apple, and other major tech companies. He holds MS and BS degrees in Electrical Engineering. Justin Zheng | Marketing AssociateJustin is a marketing guru. He was one of the marketing masterminds behind FirstBlood.io’s record breaking $6 million crowdfunding campaign that was completed in less than 15 minutes. We welcome him as part of our marketing machine to bring WeTrust known to the greater public. Jessica Aharonov | Graphic Designer Jessica is a graphic designer with extensive experience in branding, editorial design, and motion graphics. She created Arodesign Studio, an international graphic design agency that has worked on projects spanning the globe, including United States, Singapore, UK and New Zealand. Vitalik Buterin | Founder of EthereumVitalik Buterin is a programmer, writer and founder of Ethereum, the decentralized web 3.0 publishing platform and co-founder of Bitcoin Magazine. In 2014, Buterin won the the World Technology Award for the co-creation and invention of Ethereum. Bo Shen | Founder of FenBuShi CapitalBo Shen is a founding partner at Fenbushi Capital, an early stage venture capital firm exclusively focused on blockchain-enabled technologies. He co-founded Invictus Innovations Incorporated, the team behind BitShares. He is also a veteran in the traditional financial world having served roles in senior management within the insurance, hedge fund, and brokerage industries. Brian Hoffman | Founder and CEO of OB1/ OpenBazaarBrian Hoffman is the Founder & CEO of OB1/ OpenBazaar, an an open source project to create a decentralized network for commerce online—using Bitcoin—that has no fees and cannot be censored. Prior to OpenBazaar, Brian started a multitude of online companies and was a consultant at Booz Allen Hamilton and Accenture. He holds a B.S. in Computer Science from James Madison University and a M.B.A. from Carey School of Business at John Hopkins University. Emin Gun Sirer | Blockchain AdvisorEmin Gun is an Associate Professor in Cornell whose research spans operating systems, networking and distributed systems. He is an outspoken member of the hacker community (@el33th4xor), runs a technology blog called Hacking Distributed that questions current practices, and is a co-director at IC3, The Initiative for Crypto-currencies and Contracts. He holds a B.S.E. in Computer Science from Princeton University and a Ph.D. in Computer Science from the University of Washington. Michael Casey | Fintech AdvisorMichael Casey is a Senior Advisor for the Digital Currency Initiative at MIT's Media Lab and a partner at Agentic Group. A writer and researcher in the fields of economics, finance and information technology, most of Casey's career was spent as a journalist at the Wall Street Journal. He has authored four books, including The Age of Cryptocurrency, which he co-wrote with Paul Vigna. He holds a B.Comm from the University of Western Australia and an M.A. in Asian Studies from Cornell University. Benedict Chan | Blockchain AdvisorBenedict is the Platform Lead at BitGo and has vast experience in creating blockchain and wallet platforms. He created Ether.Li - first multi-signature web wallet. Ben advises the team on smart contracts, wallets, and security matters. He holds a B.S. in Computer Science from University of South Wales Australia. Michael Hexner | Business Strategy AdvisorMichael is a seasoned entrepreneur and investor with over 40+ years of experience running companies in both the retail and technology space (Wheel Works, SmartPillars, Fundamental Capital, etc.). He is an expert in creating businesses from scratch by identifying real world problems and creating a crystal clear vision to lead his organization. He holds a B.S. in Political Theory from Williams College and a M.S. in Conflict and Dispute Resolution from Creighton University. Daniel Cawrey | Marketing AdvisorDaniel previously worked at Velocity as Chief Communications Officer and ZapChain as Chief Operating Officer. He brings marketing and strategy expertise from years of experience running crypto-currency projects. He holds a B.S. in Information Science from Central Michigan University. Fennie Wang | Legal AdvisorFennie is currently working at MONI Limited as General Counsel and previously Wilmer Hale as an associate. She holds a B.S. in Business Administration and Legal Studies from UC Berkeley and a J.D. from Columbia University.TRANSLATIONS INDONESIAN (kendedes, bestcoins1, basket ball, nyteo) - Bitcointalk, Bitcoin Forum, Cryptocointalk, Indonesia Bitcoin Forum | WHITEPAPER
RUSSIAN (OculusMan, glasbren) - Bitcointalk, Bitcoin Forum, Bits Media, Cryptocointalk | WHITEPAPER
ROMANIAN (ltcrstrbrt) - Bitcointalk | SLIDE DECK | WHITEPAPER
POLSKI (mike77777) - Bitcointalk | SLIDEDECK | WHITEPAPER
SPANISH (th3nolo) - Bitcointalk| SLIDE DECK
PHILIPPINES (jwiz168) - Bitcointalk
KOREAN (rolings) - Bitcointalk
FRENCH (jcga, anafiene) - Bitcointalk | Bitcoin Forum | SLIDE DECK
CROATIAN (albrots, lehnelora, sunce33) - Bitcointalk, Bitcoin Forum | WHITEPAPER | SLIDE DECK
SKANDINAVISK (aijiz138) - Bitcointalk
SERBIAN (jovan85) - SLIDE DECK | WHITEPAPER
TURKISH (karmenali) - Bitcointalk
PORTUGUESE (shooterXD, bagikoin) - Bitcointalk, Bitcoin Forum | WHITEPAPER
GERMAN (schnötzel, fortelen) - Bitcointalk, Bitcoin Forum
ARABIC (samcoin) - Bitcoin Garden | SLIDE DECK | WHITEPAPER
ITALIAN (ParmaBTC) - Bitcointalk | SLIDE DECK
VIETNAMESE (Watanabe1505) - Bitcoin Garden | SLIDE DECK | WHITEPAPER
SLOVENIAN (kingorbust) - Bitcoin Garden
INDIAN (bitcoinsforall) - Bitcointalk
JAPANESE (shin hye) - Bitcoin Garden | SLIDE DECK
UKRAINIAN (burmik123) - Bitcoin Garden | SLIDE DECK | WHITEPAPER
_______________________________________________________________________________ ________________________ All Bitcointalk members and followers of this Announcement,As a decentralized platform promoting financial inclusion, WeTrust gives strong consideration to the feedback from our community of supporters and users. Based on your feedback and an internal review of our budgeting and roadmap, we have made an update to the minimum and maximum funding levels, which we believe will improve our ability to deliver a better product for the community. The new minimum is 1000BTC, and new maximum is 6000BTC. Here's why:Our initial budgeting for a floor of 1500 BTC was done when BTC was valued at $720, and with the recent increase in price, combined with feedback from our supporters, we have decided to update the minimum to reflect these changes. We have taken these considerations to heart, and after much deliberation, have decided to lower the minimum funding “floor” to 1,000 BTC.
In parallel, after a detailed examination of our budgeting needs and product goals for the next few years, we have also decided to lower the maximum funding “cap” to 6,000 BTC. We don’t want our supporters to provide funds we don’t need for our development goals, and we want them to be confident that any funds raised in the crowdsale will go towards furthering our core mission. For a detailed breakdown of our budget going forward, click here for our Medium post of our cost breakdown.
We truly appreciate the knowledge and passion our community brings to our project, and we encourage everyone to share their thoughts and ideas as our project grows and evolves! I'm sure you will have many questions, and we will be happy to address them. Thank you for your continued support. Help spread the word!
Yours in financial inclusion,
The WeTrust Team _______________________________________________________________________________ _____________________ Vlad Zamfir (Ethereum, CASPER), Joe Urgo (Coinbase), 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._______________________________________________________________________________ ______________________ Like what you see? Come chat and collaborate with us here! Credit scores.... wow ... this will be big I think.
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