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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