WeTrust – Safe Blockchain Crowdfunding Trusted Lending Circles?

WeTrust is a platform for trusted lending circles. The platform uses blockchain technology to organize people. It recently completed its crowdsale. Here’s our WeTrust review.

What Is WeTrust?

WeTrust, found online at WeTrust.io, is a platform that aims to improve the banking and insurance industries using a platform for trusted lending circles.

Today’s banking and insurance systems have some big problems. They’re too reliant on third parties, for example, and they’re built to provide profits to shareholders.

There’s also the fact that 2 billion people in the world are “unbanked” and cannot access conventional financial institutions. Excessive risk taking and a conflict of interest with customers are also problems. WeTrust wants to solve all of these problems.

The project first launched to the public in January 2017. WeTrust launched its crowdsale on March 2, when it released 80 million Trustcoins (TRST). The company’s first product, the ROSCA platform, was released in January 2017.

How Does WeTrust Work?

WeTrust uses the Ethereum blockchain to create a full-stack financial system that leverages existing social capital and trust networks. This eliminates the need for a trusted third party, thus making the overall banking and insurance systems more efficient.

That means lower fees, improved incentive structures, decentralized risks, and a greater amount of capital available to participants.

The company’s first product is their Rotating and Saving Credit Association platform. The platform was created to address the fact that 1 billion people around the world use mostly informal organizations to lend, borrow, and support each other financially within communities.

The Rotating and Saving Credit Association platform, or ROSCA, will bootstrap the community. In the future, the platform plans to add features like sovereign credit identities, trusted lending, mutual insurance, and more.

ROSCA enables the creation of social safety nets. These nets address problems like economic uncertainty. They also provide opportunities for growth.

Future products from WeTrust will include products that use credit identities and scores, provide loans, offer mutual insurance, and more. All WeTrust products will “leverage the untapped social capital and trust networks that already exist.”

How Does A ROSCA Work?

WeTrust’s first product is their Rotating and Saving Credit Association platform, or ROSCA. How does a ROSCA work?

ROSCAs provide economic security and opportunity within a local community. It ensures interest stays within the local community, and there’s no need for trusted third parties to act as intermediaries. Members enjoy low default rates while accessing insurance and credit.

Essentially, a ROSCA is a trusted lending circle. Instead of funneling money to banks and other third parties in the form of interest, the lending circle keeps the money local. It spreads risk throughout the community, and allows members of the ROSCA to bid on financing opportunities. The lowest bid wins.

What Is The Trustcoin?

WeTrust uses a token called the Trustcoin (TRST). Trustcoins are a crucial part of the platform. The coin is rewarded to any actor that facilitates trust, and is paid by any actor using the Trust Network. Like with other tokens, market forces and supply/demand will dictate the amount of Trustcoin per transaction.

There are four parties in the Trustcoin ecosystem, including:

General Users:

These are the people using services like ROSCAs, credit scoring products, borrowing, or insurance services. They’re the most important focus of the WeTrust ecosystem, as they ensure the success of the platform.


Sponsors support the overall development of the platform by participating in bug bounties, programming, and other tasks that improve the platform. In the future, sponsors may also play roles as “tellers” and facilitate on/off-ramp in fiat/cryptocurrency conversions. They could also participate in claims auditing.


The foreperson is the organizer, evangelist, advocate, and product expert on the ground working with users of the WeTrust platform. WeTrust depends on the Foreperson to educate, recruit, enforce, and coordinate groups. In the ROSCA system, for example, the foreperson is allowed to set the fee rate for all ROSCAs they organize.

Referral Partners:

These partners “evangelize the platform” and receive Trustcoins in exchange for their promotional work.

There’s a total supply of 100 million Trustcoins. 80 million Trustcoins were sold in the token sale. 10 million were kept for the founding team. 8 million are allotted to pay for future expenses, marketing, and additional team members, and 2 million Trustcoins are used for token sale bounties.

Who Developed WeTrust?

WeTrust was created by a team of computer science and engineering professionals, including several developers who previously worked at Google.

Key members of the team include ex-Google employee George Li (Co-Founder) and financial specialist and cryptocurrency specialist Patrick Long, CPA (Co-Founder). You can view complete details about other members of the team bitcointalk.org.

WeTrust Conclusion

WeTrust is an ambitious company that just launched its first product – the ROSCA platform – which lets communities create trusted lending circles without the need for conventional financial institutions.

The platform – and other upcoming WeTrust services – is marketed towards the 2 billion people worldwide who don’t have a bank account, or cannot access traditional financial institutions for any reason.

WeTrust also launched its token, the Trustcoin (TRST) earlier this year.

The company plans to continue growing ROSCA over the coming months. They plan to launch a number of other financial and insurance-related products over the next few years. Stay tuned for more information as WeTrust continues to grow.

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