UMACHIT FUND, Traditional Savings and Loans
Introduction
The name “Uma” chit funds Private limited is driven from the most inspirational person in CEO’s life and that is his mother. She is the whole and sole motivational guru who is always pushing Rohan harder to achieve his goals and dreams.
Establishing and enlarging this blockchain based online chit funds company is a part of his dream on which he has been working for two years now.
The main motto behind establishing such online chit fund company backed by blockchain technology is to allow its users to save some part of their income for their future needs and expenses.
People can move forward towards achieving their dreams by managing their saving in a much more efficientmanner. Small scale industries can manage their capital and maximize their profits by investing in this blockchain based chit fund schemes. This will not only help in stabilizing their financial infrastructure but also pave the way for future opportunities of expanding and enlarging their businesses.
Encouraging disciplined savings, providing a reliable source of fund for emergencies and financial eventualities, Uma chit Fund will also help the layman in more ways than one.
Uma chit funds is an advanced version of Rotating Saving and Credit Associations found across the globe. It serves people with limited access to banking facilities and gives them access to savings and borrowing schemes. The platform is enabled with smart contracts and provides many additional features along with high encryption, data security and unmatched transparency.
Mission
The chit holders will be able to save and borrow money at the minimum rate of interest possible in order to fulfil their financial demands. The interest rate would be forwarded to the entire chit team which would consist of a fixed number of people ranging from 10 to 100 individuals. This would also allow those chit holders to gain some extra income (in the form of dividends) from the user who would borrow a fixed amount from the entire chit pot.
Being backed with one of the most advanced technology (Smart contracts enabled Blockchain) would allow us to boost the use cases of our platform which would ensure the transparency, accessibility and reliability amongst the chit holders.
About UCF
Uma Chit Fund token (UCF) is an ERC20 compliant token issued on the Ethereum platform. It is a utility token on the Uma Chit Fund platform.
Token details
| Total amount | 1,000,000,000 |
|---|---|
| Private sale soft cap | $50,000 |
| Private sale hard cap | $5,00,000 |
| Public sale soft cap | $1,00,000 |
| Public sale hard cap | $10,00,000 |
| Token price | $0.1 |
Token Distribution
| Team | 30% |
|---|---|
| Private sale | 10% |
| Public sale | 30% |
| Reserved | 27% |
| Bounty and Marketing | 3% |
Calculated use of revenue received from public/private sales
| Development | 50% |
|---|---|
| Marketing | 15% |
| Legal | 5% |
| Operational | 20% |
| Other | 10% |
Roadmap
| 2019 | Concept formation |
|---|---|
| 2019 | Whitepaper creation starting |
| August 2020 | Website launched |
| 2021 | Whitepaper finalised |
| April 2021 | Commencement of Private sale round |
| December 2021 | MVP released & Marketing campaign |
| January 2022 | Commencement of Public sale and Product testing |
| April 2022 | Final product release |
Umachit Fund Team
Conclusion
Chit funds are a traditional means of savings and borrowing in which members or subscribers agree to contribute a fixed amount of money for a fixed duration of time. The total amount collected (by foreman) is then auctioned and given out as prize money to the member or subscriber in need. So, this allows the members to save a part of their earnings for the times when needed.
For More Information:
WEBSITE WHITEPAPER
FACEBOOK TWITTER TELEGRAM
Author: Sinseykoin
Profile Bct: https://bitcointalk.org/index.php?action=profile
Eth address: 0x9D874c1951933B1d4409077bfAb2e2e169E4f3C2