Most of us are quite familiar with co-operatives and how they help us save our money. We are also able to borrow from them when the need arises. With co-operatives, we save a particular amount each month and may be able to borrow more than we have saved. We can always pay later.
Just imagine the co-operative system in the crypto market. Opportunities will be abundant. Users can save up their cryptocurrencies and get them when they need them the most. The Uma Chit Fund is one such platform that allows users to invest in a specific amount of cash at a specific time. It provides an avenue for members to buy its tokens and auction them to various members in need.
ABOUT UMA CHIT FUND
Uma chit fund is a non-banking financial institution, so it has no banking affiliations. It originated in India. It is regulated by the RBI Act 1934, which regulates the Indian banking system. The Uma chit fund is also guided by the Chit Fund Act 1982. "
‘Chit', according to the act, is an exchange method. Chit funds are a traditional means of borrowing and saving. In chit funds, a foreman goes into agreement with various members. They are to be buy into a specific amount of cash. The cash they buy is divided into specific portions for a particular period.
The total amount the foreman collects is auctioned and given as prize money to members in need of it. The chit fund allows its members to save and store money and then make use of it in times of need. The Uma chit fund is an ERC20 compliant token issued on the Etherum platform. It is a utility token on the Uma Chit Fund platform.
UMA CHIT FUND AND ITS BLOCKCHAIN TECHNOLOGY
As an investor, you would like to know why the Chit Fund is so special. The Chit Fund, like other platforms, makes use of the popular blockchain technology. This secures every transaction on its platform. It is also backed by an enabled smart contract.
With Chit Fund's blockchain technology, users are guaranteed transparency and the tendency of each token or coin to increase in value. The records on Chit Fund's blockchain cannot be changed. Various opportunities are also available to members but are only accessible at the maturity of every successful chit term period.
Chit Fund's smart contracts are lines of code that are stored on its blockchain and automatically execute when predetermined terms and conditions are met. With the chit fund's smart contracts, users are assured transparency. Its use is especially apparent in collaborations, in which they are used to enforce some type of agreement so all participant can be sure of the outcome without the involvement of an intermediary.
Chit fund's smart chain stores all records and transactions digitally and links them on the blockchain. Its blockchain encrypts each record and grants extra layer of security.
CONCLUSION
The Uma Chit Fund provides the most advanced interface to member. Its blockchain technology guarantees users security and end-to-end encryption of every transaction. It is a very useful platform where transparency is needed.
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
AUTHORS DETAILS
Bitcointalk Username: Gopalwu
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2759913;sa=summary
Wallet: 0xEc4EB0949403Dd1b864fbb16a87D2CC640839DC9