WeTrust is a collaborative lending platform, implemented on Ethereum, composed of several products.
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Trusted Lending Circle. In real life, a Trusted Lending Circle (TCL) is a group of people, that know and trust each others, which give money to the circle at regular interval. The gathered money can be used by one of them, according to some criteria previously decided. The circle can have a responsible for collecting the funds. WeTrust implements a TCL on Ethereum blockchain. The product consists of a smart contract which automates the savings and lending process. The lending can be regulated by lottery, bidding, or round robin. The savings are gathered at regular interval, for the same amount from all the participants, and at each round, the smart contract assigns the funds.
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Credit identity. The second product of WeTrust, is an app that manage the credit identity of a user. The credit identity can be used as a sort of reputation when asking for a loan or when vouching for someone else.
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Trust Network. The third product is a platform to connect borrowers and savers and allows for direct loans with minimal fees. The platform leverage the credit identity and the social connections of users. Users can vouch and earn fees for taking responsablity for others' loans.
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Mutual Insurance. The fourth product is an insurance platform which involves smart contracts to evaluates whether or not a set of non-subjective criteria was met (i.e. drought, low rainfall..) and pay out accordingly.
The whole platform use its own token Trustcoin (an ERC20 token on Ethereum) for fees and rewards.
- White paper (archive version): https://web.archive.org/web/20170928134451/https://bravenewcoin.com/assets/Whitepapers/WeTrustWhitePaper.pdf