ROSCAcoin to Provide World with Banking Facilities via Blockchain

Learn how new startup will build a financial solution ecosystem which leverages social capital and trustees to collaborate with better financial options
30 March 2018   13368

Finding shown there are still many people in the world who do not possess bank account or credit record. Majority of these people are from the remote area or countryside, which are either lack of accessibility to banking facilities and networking infrastructures or facing restriction by national governance boundaries. Banks or financial institutions are also challenged to reach out to them. For instance, a farmer in a remote town in the Philippines is distanced from any loan application either domestic or foreign, for an intended substantial purchase.

ROSCA (Rotating Savings and Credit Association) has existed since centuries ago and it is still a widely known association in some countries. It’s called the ‘poor man’s bank in third world country which adopts the crowdfunding and community methodology to raise fund and helping each other within a community.

ROSCAROSCA

The core foundation of ROSCA is based upon the trust which is why most of the ROSCA group is held together by family and friends. The reason being if there’s a dishonest member from within the group who does not abide by the rules and policies set up for the lending cycle (i.e. sabotage of money from the group, dishonor instalment payback), the chain of funding and reserve will be broken, thus causes loss to the rest of members in the cycle.

In order to reduce these risks, the leader who forms the ROSCA group has to be the most trustable person as he will not only be responsible to take care of the funding cycle, he is also liable to hold and keep track of every transaction records. In other words, the leader of a ROSCA group is the caretaker of funds and records for his community members. However, a human is corruptible when it comes to money handling.

The leader might be the culprit that lead to falsified transaction records, missing fund records, money uncollectable and reserve amount that does not reconcile to bookkeeping. It is these inevitable scenarios that actually happened countless times over the years that government in countries like India and Singapore intervene to legalized ROSCA with governing rules and regulations to safeguard the wealth of the community members.

Blockchain is the fundamental technology for Bitcoin and it is the technological advancement that will change the world. Blockchain was created to solve the financial issue like decentralized the regulations and power which controlled by one party, public sharing of the distributed ledger which can be viewed by interested parties, transparent that’s why Blockchain technology fits well to the fundamentals of ROSCA.

Blockchain and ROSCA is the perfect match as it is able to solve the conventional ROSCA problems. The risk will be effectively mitigated with this new technology, thus the ROSCA methodology will be revived again to the benefits of many people across the world.

About ROSCAcoin

ROSCAcoin (RCA) is cryptocurrency which supported by a self-regulating, autonomous, decentralized, blockchain powered Rotating and Saving Credit Associations (ROSCA) ecosystem platform. With the blockchain technology which encompasses smart contract features, ROSCAcoin able to build a financial solution ecosystem which leverages social capital and trustees to collaborate with better financial options by eliminating the higher cost of borrowing, easier financing, better investment options and diversification of risk.

ROSCAcoinROSCAcoin

ROSCAcoin Ecosystem platform will offer multiple financial solutions to its user:

  • ROSCA Lending Circle (RLC)
  • ROSCA Credit Score (RCS)
  • ROSCA Merchant Program (RMP)
  • ROSCA P2P Platform (RPP)
  • ROSCA Crowdfunding Platform (RCP)
  • ROSCA Charity Platform (RYP)
  • ROSCA Lucky Draw Platform (RLD)

THE ROSCACOIN ECOSYSTEMThe ROSCAcoin Ecosystem

Each platform will be developed progressively, and the whole ecosystem is projected to complete in the year 2022.

ROSCAcoin will also invest in some potential projects which able to boost its ROSCAcoin recognition. ROSCAcoin Ecosystem Platform is built on Ethereum platform which compatible with the ERC20 standard. It will accept Bitcoin and Ethereum Token in exchange for ROSCAcoin Token. This will stimulate the demand for the before mentioned cryptocurrencies and hence further improved their value to the cryptocommunity. ROSCAcoin Token (RCA) will be used in all ROSCAcoin Ecosystem platform as this will ease the process and encourage stateless business to which everyone across the world can intersect globally.

ROSCAcoin main sale goes live on April 1, 2018, don’t miss a chance to invest in the interesting project! 

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Ethereum VM May Have Vulnerability

The vulnerability is reported by NettaLab Twitter account
12 November 2018   65

On November 9, a statement appeared in Netta Lab’s Twitter account that the organization discovered a vulnerability in the Ethereum virtual machine that allows to execute smart contracts endlessly without paying for gas online. The researchers also allegedly turned to the operator of the American database of vulnerabilities, where they registered the corresponding discovery.

Netta Labs discovered an Ethereum EVM vulnerability, which could be exploited by hackers. The vulnerability can cause smart contracts can be executed indefinitely without gas being paied.
 

Netta Lab's Twitter

At Netta Lab's request, Google demonstrates the site of the netto.io project, which specializes in auditing smart contracts under the Netta Lab brand, but the Twitter accounts of the projects do not match. Note that the profile that reported the vulnerability was registered in November.

Many users expressed doubts about the authenticity of the information that appeared, but then the creator of the NEO project Da Hongwei said that he spoke with the CEO of Netta Labs and asked the researchers to audit the NEO virtual machine.

Nevertheless, Vitalik Buterin wrote on Reddit that this is a vulnerability in the Python-implementation of the virtual machine, which was first reported on GitHub 9 days ago. This means that the main clients (go-ethereum; parity and cpp-ethereum) are not affected.