The Uma chit fund is a sophisticated version of the Rotating Savings and Credit Associations that can be found all over the world, but with a few key differences. It caters to persons who have limited access to financial services and provides them with opportunities to participate in savings and lending schemes. An online chit fund company backed by blockchain technology was established with the primary goal of allowing customers to save a portion of their income for future requirements and expenses. This is the core motto behind the establishment.
People can make significant strides toward reaching their goals by managing their savings in a more effective manner.
What are chit funds, and how do they work?
It has been more than a century since chit funds, which are a type of rotating savings scheme, were introduced into India's financial system.
Because of the platform's smart contract capabilities, it offers a plethora of extra features in addition to unequalled levels of data encryption, data security, and transparency.
The platform's only objective will be to contribute to the financial well-being of its users and subscribers. The holders of chits will be able to save and borrow money at the lowest possible rate of interest in order to meet their financial obligations.
The interest rate would be communicated to the entire chit team, which would be comprised of a certain number of persons ranging from 10 to 100 in number, and they would all receive it. This would also allow individuals who own chits to earn some additional money (in the form of dividends) from the user who would borrow a fixed amount from the entire chit pot as a result of the user borrowing a fixed amount from the entire chit pot.
Uma chit funds aspires to be the world's leading and most trusted chit fund company by the year 2020. The platform's only objective will be to contribute to the financial well-being of its users and subscribers.
The holders of chits will be able to save and borrow money at the lowest possible rate of interest in order to meet their financial obligations. The interest rate would be communicated to the entire chit team, which would be comprised of a certain number of persons ranging from 10 to 100 in number, and they would all receive it. This would also allow individuals who own chits to earn some additional money (in the form of dividends) from the user who would borrow a fixed amount from the entire chit pot as a result of the user borrowing a fixed amount from the entire chit pot.
Being supported by one of the most cutting-edge technologies (a Blockchain with smart contracts enabled) would allow us to expand the number of applications for our platform, which would ensure more transparency, accessibility, and dependability among chit holders.
The perfect fusion of the Uma Chit Fund and Blockchain Technology has been achieved.
Something that distinguishes Uma Chit Funds from other chit fund projects now on the market is the fact that the platform is supported by the highly popular blockchain technology, which also includes smart contracts that can be used to make investments.
What precisely are smart contracts, and how do they work?
As long as all of the stated terms and circumstances are followed, Smart contracts, which are lines long stored on a blockchain, will automatically execute and fulfil their obligations. finish the transaction without human intervention.
Consequently, complete transparency will be preserved, and users/members will be certain that our end of the contract will be fulfilled without the involvement of a third party. All information and history will be kept digitally and linked together in a centralised database under the distributed ledger system (blockchain). Additionally Each record is encrypted in order to add an additional layer of protection. A blockchain is described as "incorruptible" since the records cannot be altered, and as "visible" because all parties participating in a trade have access to the same version of the truth, as stated in the definition of a blockchain.
Consequently, Uma Chit funds will make it feasible for you to save and borrow funds without the need to examine any financial papers on your part. We also anticipate introducing a variety of different options that will make it more simple and useful for our users/members to pay their weekly / monthly / annual EMI's using our utility token (UCF), which will in turn assist to raise the demand for and use cases for our coin on the platform.
Concerning the University of Central Florida
The Uma Chit Fund token (UCF) is an ERC20 compliant token that was created on the Ethereum blockchain and is now in circulation. It is a utility token that is used on the Uma Chit Fund platform for many purposes.
Specifications of the token:
The whole sum is one billion billion dollars.
The soft cap for private sales is $50,000.
The hard ceiling for a private sale is $5,000,000.
The soft cap for the public auction is $1,000,000.
The hard cap for the public sale is $10,00,000.
Token price is $0.1 per token.
Chit Funds: A Look at the Past and the Future
According to a recent study led by Dr. Mudit Kapoor of Hyderabad's Indian School of Business and Dr. Chit Funds are an exciting way for low-income homeowners to receive financial assistance.
The Chit Fund sector is projected to be worth INR 35,000 crore (almost 5 billion dollars) and is expanding. According to the findings of the study, the following is the overall ranking of the most favoured form of saving.
The ancient method of saving and borrowing in which members or subscribers agree to contribute a certain quantity of money for a fixed period of time is called a chit fund. A prize money auction is held after the total amount of money collected (by the foreman) has been distributed to the member or subscriber who has been in need. Consequently, this enables the members to set aside a portion of their earnings for use at a later date.
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