Quantstamp Completes Audit of WeTrust’s Trusted Lending Circles
Quantstamp is proud to announce that we audited WeTrust’s first decentralized application, Trusted Lending Circles.
WeTrust aims to use blockchain technology to bring financial services to the over 2 billion people around the world who do not have access to stable banking or credit solutions. Currently, community groups called Rotating Savings and Credit Associations (ROSCAs) exist to help the unbanked save money and build towards their future. WeTrust’s first product, Trusted Lending Circles, attempts to enhance the potential of these informal finance groups through blockchain technology.
In a ROSCA, community members pool their funds by making deposits over regular intervals into a mutual savings fund. Community members then take turns withdrawing funds from the mutual savings account or make withdrawals through some other predetermined process. This system has provided unbanked communities with a reliable method of saving money for the future and improves their everyday lives. By placing the ROSCA process on the blockchain, participants are expected to experience greater transparency (reducing fraud) and increased efficiency and scalability due to the automation provided by smart contracts.
“As WeTrust strives to meet our ultimate goal of expanding access to stable financial services and tools for members of unbanked and underbanked communities, partnerships like these are invaluable,” says George Li, CEO of WeTrust. “After having Quantstamp audit our smart contract, we believe our products reach the security standards necessary to achieve this vision.”
About WeTrust: (Section written by the WeTrust team)
WeTrust is an inclusive, decentralized platform that enables fair and equitable financial services (e.g. savings, lending, insurance products) to be built on the blockchain without the need for a traditional trusted third party. The WeTrust team is led by experienced industry veterans from McKinsey, Google, and PayPal, while Ethereum founder Vitalik Buterin maintains an advisory role. In early 2018, WeTrust deployed one of world’s first decentralized fintech apps on the Ethereum blockchain, Trusted Lending Circles (TLC’s), to serve as a proof of concept for their decentralized insurance protocol, which will enable collaboration between disparate parties, transparent risk assessment, and decentralized claims validation.
Click here to learn more about WeTrust.
Quantstamp Inc is developing a protocol that audits smart contracts using formal verification in order to find bugs before contracts are published to the blockchain. Quantstamp developers seek to secure and verify audits using a distributed network of nodes, similar to how an Ethereum node secures and validates a transaction. The Quantstamp protocol aims to be a scalable and cost-effective solution to the smart contract crisis.
Click here to learn more about Quantstamp.