WeTrust, the blockchain-based platform for financial empowerment, are excited to formally announce a partnership with Origin Protocol, provider of open-source blockchain protocols to help power products and services within the sharing economy, to develop a seamless decentralized risk sharing service that leverages per-to-peer funding for Origin-powered products.
Origin Protocol is the brainchild of founders Matthew Liu, an early YouTube employee, and Josh Fraser, a successful serial entrepreneur who has previously lead his teams to notable exits (including Torbit, a major acquisition by Walmart Labs). Origin Protocol began making headlines in early 2017 as renowned blockchain venture capital investment firm Pantera Capital was involved early to make a $3M investment in the project. Origin Protocol harnesses the power of the Ethereum blockchain, with their core focus being the creation of a platform that enables distributed sharing economy dApps leveraging their open-source technology. A demo version of their dApp is now available on the Ethereum Test Net.
WeTrust, led by co-founder George Li, is building decentralized applications that improve access to capital for those that are underserved. WeTrust publicly released their first product, the Trusted Lending Circles (TLC’s) dApp, onto the Main Ethereum Network in January 2018. TLCs were inspired by ROSCA (a Rotating Savings and Credit Association), and serves as a form of community-based reciprocal aid. Networks of trusted individuals can rely on WeTrust’s TLC product for their savings/ lending and insurance needs, offering earlier and greater access to funds they could not otherwise access individually. The decentralized insurance protocol is in development stage, applies the learnings from the WeTrust TLC product, and expands the mutual aid concept to facilitate collaboration between those participating in the sharing economy.
WeTrust and Origin Protocol will work together to reduce the negative effects stemming from instances of fraud or manipulation, often a core concern of the sharing economy. This partnership helps ensure that Origin-powered products will be able to operate smoothly and securely, with coverage providing peace of mind for users and companies alike.
“We are extremely excited about partnering with WeTrust. Decentralized insurance protocols are an absolutely crucial part of enabling true peer-to-peer marketplaces where buyers and sellers can transact without rent-seeking middlemen,” explains Matthew Liu.
“This partnership with Origin Protocol is the definition of a win-win for all parties involved”, says George Li. “As more and more products are built using Origin’s revolutionary technology, it’s imperative that applicable insurance solutions will be readily available to scale and support the delivery of amazing user experiences”.