Home CryptoCurrency News ROSCAcoin: Decentralized banking ecosystem for the unbanked

ROSCAcoin: Decentralized banking ecosystem for the unbanked

Access to conventional financial services is something that paradoxically is not so conventionally frequent to find. Many in the world do not have this possibility for different reasons, however thanks to the benefits of blockchain technology, new platforms and developments oriented towards this sector are emerging, and they seek to provide a solution for the unbanked. In that sense we will talk about ROSCAcoin.

ROSCAcoin is defined as the first decentralized and self-regulatory platform in the world specially designed to provide services to the unbanked. Based on the blockchain of Ethereum, the objective of this platform is to offer financial services solutions to people whose access to them is very limited.

ROSCA, or Rotating and Saving Credit Association is based on a loan model of funds, in which a group of people agrees to cooperate for savings and loan purposes within a pre-established period, all with the transparency and security of blockchain.

ROSCAcoin seeks to be a complete financial ecosystem. With its native token – the RCA – you will move all the activity of that ecosystem through the implementation of smart contracts. The smart contract defines and manages the process and rule of the ROSCA loan circle, user information and transaction history.

As for the financial services ecosystem itself, the platform will consist of seven large blocks of financial solutions:

  • ROSCA Loan Circle (RLC), where users can borrow money and lend money.
  • ROSCA Credit Shop (RCS), which will be a bank substitute to access credits.
  • ROSCA Merchants Program (RMP), designed to encourage a community of merchants among the users of the platform.
  • ROSCA P2P Platform (RPP) for P2P loans and thus overcome the regulatory complexity, facilitating operations and interactions in the platform.
  • Crowdfunding Platform of ROSCA (RCP) for soft financing (loans) and hard (investment in projects).
  • ROSCA charity platform (RYP) designed to open a space for corporate social responsibility.
  • Lucky Draw Thread Platform (RLD) through which users are given the opportunity to win a special gift on the platform.

Due to the network nature of the product, the user can create or join the circle of loans of ROSCA within the trustworthy community and expand its own network of network, which stimulates the growth of the community and therefore, the strength of the platform’s entire financial services ecosystem. Users will have incentives for their participation in the set of services, as well as assistance to people who need financial support. They can also naturally earn interest based on the interest they have offered.

The platform will support stable currencies as they are linked to fiduciary currencies that improve stability and reduce the volatility characteristic of any cryptocurrency.

ROSCAcoin is launching its ICO whose proceeds will be used to continue the development of this platform. The sale of the RCA token will have a referential value of 1 RCA = 0.045 USD.

To know more technical details about this platform and its ecosystem, we recommend checking its White paper, as well as to be updated on its news, we recommend following them at their Telegram channel.

 

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