Tag Archives: Ethereum

Podcast Episode #6: WeTrust Co-founders Patrick Long & George Li

WeTrust wants us to “imagine a world where financial services are affordable”. What does that mean? Mainly, it’s about insurance and loans.

These two aspects of finance are more expensive than they should be, due to administration costs and combating fraud. What if their processes were… automated? Blockchain-based smart contracts could be the answer.

WeTrust Removes More Expensive Middlemen

WeTrust co-founders Patrick Long and George Li give Daniel and Jon their elevator pitch and stress the need for a system based on mutual trust. Can technology keep a record of social capital as well, removing the need for expensive third-parties?

They explain the concept of a ‘ROSCA’ — that’s a “rotating savings and credit organization” for those unfamiliar; a kind of savings and lending club where a small group of people help each other out financially. This happens via a form of “reverse auction”, with members each bidding to decide who receives the money they need.

ROSCAs have actually been around for years, and they’re useful to all sorts of people whether well-served by banks or “unbanked”. The social capital they’re based on keep default rates low.

Smart contracts make ROSCAs available to a much larger market. Even if the group itself remains small, people from a far wider variety of places can participate if there’s more information on who can trust whom.

WeTrust’s MVP is built on Ethereum, and the two founders explain that decision and how the platform could change in the future. They also talk about stablecoins and other tokens including Ether, Colu, government-based tokens and WeTrust’s own native token, TrustCoin.

Listen to the episode to hear how to use WeTrust’s platform and what services are coming up next.

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Show Notes

Total Runtime: 34:33
WeTrust home
This episode on YouTube
Automata Podcast channel on SoundCloud
Follow @AutomataDigital on Twitter for updates

Podcast Episode #5: Joey Krug, Chief Architect at Augur

What if you could place a bet on the outcome of any event at all? Not only sports, but elections, meetings, awards… and a lot more?

Joey Krug is chief architect at Augur, a project that’s building a truly decentralized prediction market. While the concept of prediction markets isn’t new and several have existed in the past, many ran into hassles with regulation and disputes over payouts.

Augur wants to completely automate a prediction market’s operation, using smart contracts on the Ethereum platform. It’s no easy task — Augur is automating not only the trading system but also needs to verify outcomes and results somehow. How do you determine exactly what happened, and verify it if the result happens to be ambiguous?

Joey tells Dan and Jon about Augur’s current development status and how its native token, called REP, drives a reputation-based network of human participants to keep the machine running smoothly.

He also goes into some of the technical challenge his team has faced in developing a working product, and gives his ideas on what a forecasting network like Augur could be useful for. Listen in to hear about this blockchain project that’s been getting a lot of attention.

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Show Notes

Automata home on SoundCloud (check out our other episodes too)
Augur home page
Augur’s Wikipedia page
Automata’s YouTube Channel