A wide range of emotions are evoked by today's quickly changing status of blockchain technology, its cryptocurrency market, and its potential impact on trade. As investors, speculators, and all types of institutional investors continue to turn their attention to the lucrative cryptocurrency markets, scammers and cheats are following suit. Scammers have stolen more than $10 million from investors through continuous and fraudulent blockchain schemes that involve strategies such as fooling consumers into purchasing phony services, according to an investigation undertaken by a virtual private network business.
Over the past year, approximately 7,000 consumers have reported losses totaling more than $80 million due to scams based on blockchain technology. Over the same period last year, there was an increase in reported occurrences and an almost 1,000 percent rise in losses reported.
It is more important than ever to be aware of the most prevalent sorts of scams and the things you can take to protect yourself from being misled in the bitcoin market.
WHAT ARE Chit FUNDS?
Chit Funds is a non-bank financial institution headquartered out of India. Subscribing members agree to make a fixed payment for a predetermined amount of time. The foreman then auctions off the whole amount he's gathered and gives it to the member or subscriber in need. A portion of the earnings of members can be saved for emergencies as a result.
UMA CHIT-FUNDS' ANTI-FRAUD METHODS
Using blockchain technology, Uma Chit Fund aims to re-establish investor confidence in the chit market and combat scams and frauds. Once a transaction has been recorded on the blockchain and cannot be modified, the data is irreversible. Blocks of data are saved in a way that cannot be altered. Registrar data cannot be changed or removed once it has been approved by a regulator and saved in the system. As a result, investors are able to preserve their faith and trust in the platform because of this.
Those who hold chits would have complete access to the results of each round of Uma funds, allowing them to see who won each round of chits in detail. It is expected that all borrowers, interest rates, and foreman fees will be open and transparent to the holders of chits, among other things. They would always be aware of the current value of the chit pot.
Holders of chits will be charged a fixed amount of tokens for each subscription round, with no additional fees or charges incurred. For participants to be able to begin the chit round, each and every charge would be clearly displayed on the confirmation screen before they could begin.
CONCLUSION
In order to help people save for the future, Uma Chit-funds is a blockchain-based company. By better managing their savings, individuals can make great progress toward their goals. These blockchain-based chit fund schemes allow small businesses to better manage their capital and maximize profits. Additionally, this will allow for future expansions and expansions, which will help them stabilize their financial infrastructure.
USEFUL LINKS
Website: https://umachit.fund
Telegram: https://t.me/umachitfund
Twitter: https://www.twitter.com/umachitfund
Instagram: https://www.instagram.com/umachitfund
Facebook: https://www.facebook.com/umachitfund
Reddit: https://www.reddit.com/user/UmaChitFund
Steemit: https://steemit.com/@umachitfund
AUTHOR’S DETAILS
Bitcointalk Username: Annamike
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2767339;sa=summary
Wallet Address: 0x2f8c635F6472a1BFfbE9797F29326a2cff5B8284