An Introduction to We Trust – a reciprocal aid platform powered by the Blockchain!

Introducing Patrick Long and George Li from We Trust, based in San Francisco who are building a collaborative lending and insurance platform on the blockchain aka ROSCA.

“What is ROSCA? Simply put, it is a Mutual Insurance organization where voluntary participants play the role of both customer and shareholder. They exist in many forms around the world including rotating savings and credit associations (referred as ROSCA from hereon in this document, also known by different local names globally), mutual insurance groups, fraternal organizations, religious groups, and professional societies. In these organizations, the average participant receives what they contribute over the life of their membership, and self-reliance is a core attribute. Their decline in recent years is due to inability to scale efficiently, lack of transparency relative to Commercial aid, and the increased role of Governmental aid. While these organizations have proven to be sustainable for millennia, and is currently used by Billions of people globally across developing & developed economies, Reciprocal Aid is not a panacea. Instead, WeTrust views reciprocal aid as a critical leg to the three legged stool of protection against uncertainty, and serves a complementary role along with Government and Commercial aid.

Our vision at WeTrust is to increase transparency and financial inclusion through reciprocal aid organizations on the blockchain.

ROSCA, a simple reciprocal aid organization – Savings and lending is a foundational building block of modern society, serving as both funds in times of financial need and fuel for funding economic growth. Access to capital can have impact of historical proportion. Without access to capital, Columbus’s expeditions to the Americas may not have occurred, and perhaps nor would the subsequent explorations of the “New World”. Without proper financing mechanisms, neither the Industrial Revolution, nor the tech boom in Silicon Valley would have spread at such rapid speed. Both national and local economies are affected by the ease or difficulty to access capital.

Today, most of the developed world has access to savings, loans, and financial products and people with steady paychecks have access to credit via credit cards, student loans, auto loans, mortgages, etc… Despite this prevalence, two billion adults and their dependants, or 40% of the world – lack access to a formal bank account.

Attempts have been made to address the lack of structured financial institutions in recent years. is a well known non-profit that has brought peer to peer loans to developing countries, but its penetration and usage has been limited due to high fees, multiple transaction steps, and lack of transparency. Lack of mature financial infrastructure such as credit scoring also prevents a structured way to improve access to capital in a self-sustainable manner. This is a primary reason why 40% of the world lacks access to credit.

Yet these were the individuals hardest hit by the recent 2008 financial crisis and collapse of formal financial institutions such as AIG, Lehman Brothers, Bear Stearns, etc… Society and technology today have thus far been unable to adequately address this lack of access and lack of transparency in our institutions.

Thus the first Dapp on the WeTrust Platform is a ROSCA, where anyone can create their private savings and credit community, on the blockchain, with transparency built-in”

We look forward to follow up interviews with regards to progress on this project. Exciting times ahead!

For more information and to contact We Trust – CLICK HERE

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