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.
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.
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.
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:
100 Million Trustcoins (TRST) will be issued once the crowdsale is concluded. Of the 100 Million Trustcoins:
WeTrust’s Token Sale (Trustcoins, TRST) will commence on 03/01/2017 12:00:00 AM UTC and conclude on 04/14/2017 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 Schedule
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, Product
George 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 & Operations
Patrick 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 Architect
Ron 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 Developer
Tom 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 Developer
Shine 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 Manager
Mivsam 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 Associate
Justin 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 Ethereum
Vitalik 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 Capital
Bo 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/ OpenBazaar
Brian 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 Advisor
Emin 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.
Benedict Chan | Fintech Advisor
Michael 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 Advisor
Benedict 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 Advisor
Michael 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 Advisor
Daniel 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 Advisor
Fennie 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.
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