WeTrust

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.