WeTrust price is $0.00072938
The current price of WeTrust (TRST) is $ 0.00072938 and it has increased by +0.00% in the last 24 hours.
WeTrust is a unique collaborative saving and insurance platform that puts the power in the hands of the users. The platform is designed to be autonomous, frictionless, and decentralized. By utilizing the Ethereum blockchain, WeTrust has crafted a financial system that functions without a centralized authority. This innovative approach eliminates the need for a "trusted third party", significantly reducing fees and improving the incentive structure for participants.
The idea behind WeTrust is to leverage existing social capital and trust networks, essentially decentralizing risks and allowing more capital to stay within the member's circle. The platform's inaugural product is a Rotating and Saving Credit Association (ROSCA) platform, a system inspired by communities worldwide who are using similar models to lend, borrow, and support each other financially.
WeTrust is not just about ROSCAs though. The team's vision is to expand into a range of future products such as sovereign credit identities, trusted lending, mutual insurance, and more, utilizing the power and flexibility of the blockchain technology.
While specific creators or a dedicated team isn't explicitly mentioned, WeTrust is a community-driven project that operates on the Ethereum platform. Endorsing decentralized decision-making, it implies that the platform's further development and future direction are influenced by its community of users more than a central authority. It is safe to say that the Ethereum developers indirectly power WeTrust's existence, while its day-to-day operations are handled by the platform's community.
WeTrust works by providing a decentralized platform for collaborative saving and insurance, making use of the Ethereum blockchain. Users of the platform can form Rotating Savings and Credit Associations (ROSCAs), which are essentially groups where each member contributes a certain amount into a pot, which is then given to one member on a rotating basis.
Since WeTrust doesn't rely on a central authority or middlemen, it’s able to offer lower fees, as well as provide an improved incentive structure that benefits all participants. It uses existing social capital and trust networks to manage risk more effectively and keep more value within the community.
As a token, TRST is used within the WeTrust platform to incentivize certain behaviors, such as honesty, cooperation, and active participation.
WeTrust sets itself apart by combining the innovative capabilities of blockchain technology with the age-old practice of community-based saving and lending. It promotes a democratic financial system that does not need to rely on banks or insurance companies.
WeTrust also strives to deliver products that cater to a variety of users' financial needs. While the ROSCA platform is their first offering, the WeTrust team has plans to expand their product line to include other financial solutions like sovereign credit identities, trusted lending, and mutual insurance.
Moreover, the TRST token plays a unique role within the WeTrust ecosystem. Not just a mere digital currency, TRST is a crucial component for maintaining integrity and encouraging engagement within the platform. It's used as an incentive mechanism, promoting honesty and active participation among the users.
The market cap rank of WeTrust (TRST) is #3206, with a market cap of $ 70.6K. The 24-hour trading volume is 1.3K. TRST's circulating supply is 96.8M, while its total supply is 100.0M.
You can buy WeTrust (TRST) on any of the following exchanges: Livecoin, IDEX, Bittrex, HitBTC. Always ensure you are using a reputable exchange and remember to exercise caution with your investments.
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