Creating Financial Security and Independence Through WeTrust
With the recent callous indifference to the most basic values and civil liberties that the United States has built a nation on, we are entering an era of uncertainty for immigrants, citizens, tourists, and everyone in between. During these unsettling times, who can we trust to protect our financial and personal freedoms we have come to enjoy so much? And what about those who cannot call the United States their origin of birth or those with families and friends in other countries? How can we help these people?
Throughout the globe, individuals in need have used lending circles among their community in order to pool personal capital so everyone who contributes can draft from it when they need to. This flexibility in lending creates a network of trust amongst peers, family and friends; and it allows you to gain respect and recognition from your community while simultaneously securing a financially stable future for yourself. So it’s a win-win for everyone who participates. Many countries already have this type of system in place to help support local communities including tandas or cundinas in Mexico, pandeiros in Brazil, susus in West Africa and the Caribbean, and hui in parts of Asia.
Whatever you call them — tandas, hui, credit associations, rotating savings or lending circles — WeTrust is positive their services can open your eyes to a new way of attaining financial freedom that will not limit you to relying on government social programs or commercial services that tend to be unavailable or underfunded in many countries.
Before I delve more into the technology behind the WeTrust platform, it’s important to get a grasp on the types of people that can benefit the most:
1. Meet Josefina from Oaxaca, Mexico who currently has a student visa in the United States. In addition to working on her bachelor’s degree at the University of Southern California, she is also working part time to help her parents who still live in Mexico. Because of strict banking regulations and the difficulties and expense of transferring money to and from United States and Mexican banking institutions, Josefina has not been able to give her family what she originally intended. To alleviate these issues, an efficient system like WeTrust is necessary in order to enable her to cache her money along with the money her family does make.
2. Say Hello to Nesreen from Libya, Africa. Working 3 jobs to support her two children and aging parents, she continues to struggle to afford her father’s vital heart medications. Due to her country’s lack of governmental services for medical and health care, she finds herself at a loss for how she can pay for her family’s basic necessities. She is in need of an insurance system like WeTrust where she can ally with other local families in her community to create a network of funds for every contributor to use at some point.
3. Introducing Samar from Bengalaru, India living in the United States while working on a startup with his two childhood best friends, Aryan and Mohammed. They are low on funds for basic living expenses but do not want to give up their dream of building a worldwide company all because they couldn’t afford the steep and ever growing New York City rent. A service like WeTrust where they can all pool their money along with any support they get from family and friends along the way would surely help them during tight money times.
From the above examples, it is clear that individuals from around the globe with a multitude of diverse backgrounds and economic upbringings can benefit from a decentralized, peer-to-peer network of money lending. This is only the inception to the types of services that can be provided through personal lending and collaborative insurance services such as WeTrust.
As you can probably understand at this point, cooperative lending and insurance resources are pivotal to those who do not have access to traditional lending and insurance programs provided by some governmental and commercial entities or those who prefer to put their trust in a small group of individuals in order to pool everyone’s resources. Services like WeTrust can provide a platform for all of these things!
Built on the Ethereum Blockchain, WeTrust is unlike traditional lending services due to the lower costs and greater privacy and control over your personal data on the Blockchain. The foremost premise at WeTrust is to create a more stable and trustworthy ecosystem to share funds based on self-reliance and to give back the power to the customers rather than corporate or governmental agencies.