The ROSCA method is a group of people who agree to meet for reasons of savings and borrowing with a defined period. It is a form of peer-to-peer banking combined (P2P) and peer-to-peer (P2P).
According to Wikipedia 'FJA Bouman described the ROSCA as "the poor man's bank, where money is not inactive for a long time but changes hands quickly, satisfying both consumption and production." They are also known by the name tandras (Latin America), cundinas (Mexico)), ayuuto (Somalia), hagbad (Somaliland), susu (West Africa and the Caribbean), hui (会) (Asia), palawugang (Philippines), Gam'eya (Middle East), kye (South) (South Korea), tanomosiko (頼 母子 講) (Japan), pandeiros (Brazil), juntas or quiniela (Peru), CAR Ţigănesc / Roata (România) and Arisan (Indonesia) .
There are more than one billion people or 17% of adults in developing countries around the world who use ROSCA to save / borrow and support each other in their community of trust. In addition, more than 2 billion people, or 39% of the world's population, do not have a bank account in the world and they may need help with a financial activity such as a loan. The banking system is contradicted because their purpose is to serve the rich instead of the poor. For people who do not have a bank account, who do not have a good salary and a bad credit score, it will be very difficult for them to obtain financial support such as a bank loan from a traditional financial institution . In fact, they are the group of people who need help the most. In addition, the cost of the commercial bank loan will be high for this group of people.
The global market size of ROSCA is estimated at more than 500 billion USD per year. (The calculation will be from 1% to 10% of the GDP of the country's benchmark index by India). In addition, the P2P loan market is growing rapidly and has a market size of US $ 70 billion a year worldwide.
ROSCAcoin (RCA) is a cryptocurrency supported by a ROSCA ecosystem platform (Auto-Regulation, Autonomous, Decentralized, Blockchain). With blockchain technology that includes smart contract features, ROSCA can build an ecosystem of financial solutions that uses equity and trusts to collaborate with better financial options by eliminating higher borrowing costs, easier financing , better investment options and risk diversification.
The total number of ERC-20 (Ethereum) issued will be limited to 10 billion (10,000,000,000) and can not be renewed:
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