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   12880

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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BlackRock to Consider Bitcoin Futures

World largest asset management firm created a workgroup to study the prospects of crypto-based futures
16 July 2018   80

Investment company BlackRock has formed a working group that should find out what benefits the world's largest asset manager can get from entering the cryptocurrency sector, despite the fact that previously its CEO had heavily criticized bitcoin. This is reported by Financial News.

The investment giant, whose assets amount to $ 6.3 trillion, created a team that included experts from various business areas. They must collect information about the cryptocurrencies, the underlying infrastructure and technology of the blockchain.

The working group, which includes investment strategist Terry Simpson, should find out whether BlackRock should invest in bitcoin futures.

Sources also reported that BlackRock is studying the experience of its competitors in this area and the potential impact of their actions on the company's business. The working group will report on the results of its research to senior management.

A spokeswoman for BlackRock reported that the company has been considering blockchain technology for several years, but declined to comment on the cryptocurrency.

The creation of a working group may mark a turning point in relations between BlackRock and cryptocurrencies. Last year, its head, Larry Fink, said that bitcoin is an extremely speculative tool, and the only reason for its popularity is its anonymity. "This is an instrument that is used for money laundering," he said bluntly.

Fink gave his comments even before the appearance of crypto-currency futures. At that time, he saw no opportunity for his company to enter this market.