WeTrust
Crypto Overview
Overview
WeTrust (TRST) was a cryptocurrency project that aimed to create a platform for decentralized financial services, particularly focusing on rotating savings and credit associations (ROSCAs). The project was launched in 2017 but has since been discontinued.
Purpose and Utility
The intended purpose of WeTrust was to create a blockchain-based platform that would enable peer-to-peer lending and savings circles, similar to traditional ROSCAs. The TRST token was meant to be used for platform governance and as collateral in these financial arrangements.
Current Status
As of 2023, the WeTrust project appears to be completely inactive. The official website is no longer operational, and there has been no development activity on their GitHub repository for several years. The token still exists on the Ethereum blockchain but has essentially zero trading volume and minimal market activity.
Business Model Analysis
The original business model involved facilitating peer-to-peer lending and savings circles. While the concept itself could have been structured to be Shariah-compliant if implemented properly as charitable lending, the project never reached a stage where this could be evaluated in practice.
Development and Adoption
There is no current development activity or real-world adoption. The project appears to have been abandoned, with no active team members or ongoing development efforts.
Crypto Impact
To assign a comfort level investing in WeTrust from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to WeTrust.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.