The problem of a modern financial situation is seen in a poor distribution of wealth. A study of the economic situation states that at the beginning of the 21st century the wealthiest one percent of individuals alone held forty percent of the global property. The wealthiest ten percent of people are believed to hold eighty-five percent of the world total. Today the richest become even wealthier while the societies of developing countries are suffering from poverty which leads to poor medical treatment, lack of education, high death rate etc.
Most of the individuals that are living in developing countries have lack of trust in a current financial system which leads to the unwillingness to open a bank account. Some people live in rural areas that are too distant for banks to consider the idea of renting or buying such a land to open their branches. A project called ROSCAcoin believes that the solution to this problem is cryptocurrency since it can be used without bank interference as a third-party and it can be used by everyone who has access to the Internet.
About ROSCA Coin
In order to aid those who for some reasons don't have the bank account, the team of the project created a platform with its own crypto coin that could be bought, possessed or traded by everyone. The team believes that cryptocurrency is the finest idea since the usage of this money is not restricted to some areas which mean that it is accessible almost in all the corners of our planet. Moreover, another appealing fact is that all the operations made in this coin require a low fee.
This project was constructed upon a blockchain which makes it a decentralized type of platform. This innovation grants that users won't have the necessity in the intermediary. It forms a reliable and trusted background where everyone can conduct various operations without the dread of losing their earnings. To those who mistrust online-banking, the structure warrants the strength to preserve their money and personal data since blockchain mechanism is known for its skill to repel hacker attacks. It also proves to be the best means for conceiving the background to conduct financial operations.
Considering the fact that any alterations made to the chain, where information is reserved, can be seen, it proves to be the best means for conceiving a suitable background for accomplishing monetary operations — everyone can see the modification of a set of data thus decreasing the hazard of fiscal frauds.
How ROSCA Coin works
First of all, a definition of “ROSCA” should be mentioned — a Rotating and Saving Credit Associations. It operates on seven main features or components, these are:
- Lending Circle — it motorizes such actions as preserving, lending etc. It suggests the contribution assets and distribution of funds for bidding auctions with the opportunity to withdraw the money every month. A lending circle may be employed using personal computers as well as mobile devices.
- Credit Score — is invented in order to raise the trust amongst the users that are currently participating in an above-mentioned program. For example, if a person is engaged in one, or more than one circle, he receives advantages, such as getting a higher credit score.
- Merchant Program — a special program for the ROSCA community that permits them to utilize it in order to receive necessary services. Members may exploit ROSCAcoin to trade or exchange currency amongst the community, or they may sell tokens in order to receive products or services they need. The program will enable people who travel a lot since they can purchase goods without the necessity to exchange their money into a local currency.
- P2P Platform — peer-to-peer lending guarantees that users may conduct the borrowing or landing processes without using a third-party, which means they won't have to pay unreasonable fees for their services. A borrower simply has to directly ask a person who loans the token. Then they have to agree upon the price of a token and the operation is conducted.
- Crowdfunding Platform or RCP — a program that helps to achieve goals. For example, if a person has an idea to create a product but has a lack of financial support, crowdfunding may empower him with this monetary support. Investors may invest in the creation of this product, and both — the inventor and the investor will receive their portions of revenue.
- Charity Platform — is aimed to fix the problems considering charity. More specifically, the goal is to eliminate a common notion of frauds concerning charity — when the funds collected for charity are directed to corrupted parties. This platform operates on a blockchain which ensures that each coin collected for charity purposes will be sent to those who really need help.
- Lucky Draw Platform — the program that is similar to a lottery. At the beginning of every quarter of a year, 10 tokens are collected to a singular pool. At the end of a quarter, the system will automatically pick the winners.
About ROSCA Coin ICO:
Start Date: 01.03.2018
End Date: 31.03.2018
Contributable currencies: BTC and ETH
Main ICO Phase:
Start Date: 01.04.2018
Main Sale Token Price: 38,000 RCA per ETH
Contributable currencies: BTC and ETH
Tokens Distribution and Allocation (10 billions RCA summary):
September: Market Research
October: Business Plan, Marketing Plan, Whitepaper Documentation
March: Pre ICO launch
April: ICO launch
July: ROSCA Lending Circle (RLC) Core & Mobile Development
August: ROSCA Lending Circle (RLC) & ROSCA Merchant Program (RMP) MVP Testing, ROSCAcoin listing in token exchange platform
October: ROSCA Lending Circle (RLC) Final Product Development
January: ROSCA Credit Score (RCS) Product Development
April: ROSCA Lending Circle (RLC) & ROSCA Merchant Program (RMP) Go Live
May: ROSCA Credit Score (RCS) Go Live
August: ROSCA P2P Platform (RPP) Core & Mobile Development
October: ROSCA P2P Platform (RPP)MVP Testing
January: ROSCA P2P Platform (RPP) Final Product Development
April: ROSCA P2P Platform (RPP) Go Live
July: ROSCA Crowdfunding Platform (RCP) Core & Mobile Development
August: ROSCA Crowdfunding Platform (RCP) MVP Testing
October: ROSCA Crowdfunding Platform (RCP) Final Product Development
January: ROSCA Crowdfunding Platform (RCP) Go Live
April: ROSCA Lucky Draw Platform (RLD) Core & Mobile Development
June: ROSCA Lucky Draw Platform (RLD) MVP Testing
October: ROSCA Lucky Draw Platform (RLD) Final Product Development
January: ROSCA Lucky Draw Platform (RLD) Go Live
March: ROSCA Charity Platform (RYP) Core & Mobile Development
May: ROSCA Charity Platform (RYP) MVP Testing
August: ROSCA Charity Platform (RYP) Final Product Development
November: ROSCA Charity Platform (RYP) Go Live
ROSCA managed to construct a well-protected platform, which operates without third-party interventions. It may be used everywhere thus giving the opportunity to enjoy it by people that for some reasons don't have bank accounts. It can be used for multiple purposes, such as charity. The transparency of a whole structure eliminates the risk of frauds.
For more information about ROSCA Coin Project please visit:
Official Website: https://roscacoin.io/
ANN Bitcointalk: https://bitcointalk.org/index.php?topic=3177366
Bounty Bitcointalk: https://bitcointalk.org/index.php?topic=3162562
CoinMarketCap: TBA (now on ICO stage)
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1110462
Especially for Bitcointalk from SL HE.