What is WeTrust? Ethereum-based WeTrust is a Blockchain protocol built on insurance and secure lending. In this article, as Kriptokoin.com, we have answered the questions that investors wonder, such as what is WeTrust, how does it work, what is TRST coin and how to buy it. Let’s examine this DeFi protocol together.
What is WeTrust?
WeTrust is a Blockchain platform for building “trusted lending environments” and decentralized financial applications. It aims to eliminate inefficiencies in the banking and insurance sectors. It basically works as a peer-to-peer (P2P) lending platform that eliminates the need for middlemen. This cryptocurrency platform uses smart contracts on the Ethereum network to ensure smooth transactions.
Banks and insurance companies demand high interest and premium payments from their customers. People in traditional finance have to make these payments to guarantee their financial freedom. WeTrust solves this using Ethereum smart contracts. It also serves people in the world who do not have access to banks. It does this through the ROSCA platform, which provides services similar to banks’ financial services.
How does WeTrust work?
WeTrust offers lower fees and more loan services by eliminating intermediaries like banks. The ROSCA platform creates the lending circle. Thus, it allows individuals to borrow globally without having to use alternative or desperate measures. Through the ROSCA platform, WeTrust provides economic security within a local community. All transactions remain within the local community and no third parties are required.
This is not an interest-free way to access credit or insurance. It is simply a low-interest way to accelerate financial inclusion. In WeTrust, interest always stays in the circle. Thus, it allows ROSCA members to bid for funding opportunities. However, TRST, a cryptocurrency, is also extremely important to the network.
What is TRST coin? What does it do?
TRST coin is the native cryptocurrency of the WeTrust protocol. It is basically an Ethereum-based ERC-20 token. This token has many use cases within WeTrust and its existence powers the protocol. Accordingly, TRST coin is a payment tool for users who want to make insurance transactions. TRST is also paid for sending assets on WeTrust to another network. Additionally, users who contribute to the network are rewarded with TRST coins.
What is WeTrust? How to get TRST coins?
WeTrust is a project that is currently traded on very few exchanges. Accordingly, TRST coin is currently only traded on the Bancor Network. Interested investors are required to become a member of this exchange and verify their membership. Then, they should deposit an asset in their wallet that matches STRT pairs. Thus, they can buy TRST coin.
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