What is a ROSCA on the blockchain?

A ROSCA is a rotating savings and credit association (ROSCA). A group of individuals who agree to contribute for a defined period in order to save and borrow together. This is a form of combined peer-to-peer banking and peer-to-peer lending and usually between immigrant communities in a developed country or communities in a developing country. According to Wikipedia, F.J.A. Bouman described ROSCAs as “the poor man’s bank, where money is not idle for long but changes hands rapidly, satisfying both consumption and production needs.” Now ROSCA’s are being developed using…

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Ethereum drops 33% as DAO debacle continues

Ethereum has lost more than a third of it’s value after it was reported earlier today that the DAO has suffered a $50 Million hack attack. Ethereum exhange Kraken has suspended payouts of Ethereum after an appeal of the Ethereum foundation, a Swiss organisation controlled by Ethereum founders. Possible action by the group controlling Ethereum has sparked a heated debate, as reported by Coindesk. Key stakeholders behind the alternative blockchain platform ethereum are debating changes to the platform’s code after millions of dollars in ether were diverted from a major project by…

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Ethereum withdrawals stopped after $50 million HACK!

In a stunning turn of events, digital currency exchange, Kraken has announced that they are stopping all Ethereum withdrawals after the DAO, an ethereeum smart contract application was hacked and it is alleged that $ 50 Million dollars has been stolen. Statement on the Kraken website: –  “This does not appear to affect Kraken but, out of an abundance of caution, and at the request of the Foundation, we have temporarily paused withdrawals in order to prevent any ether stolen from The DAO from flowing through Kraken.” The Ethereum Foundation,…

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DAO Hacked – Losing $ 1 Million in Ethereum per minute – Breaking News

*** BREAKING NEWS *** – The DAO is under attack with millions of dollars of Ether being stolen! Ethereum prices are plummeting following the shocking news, and  with a few hours, it plummeted more than 25%. The dive followed the news that suggested that the DAO smart contract address has been hacked and is being drained of ether. CryptoCoinsNews reported that millions of ether are being moved to an unknown address. Some are even suggesting that it might be a recursive split attack. A Reddit user going by the name ‘ ‘Morlaix’ said: –…

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