UMA CHITFUND PLATFORM- A RELIABLE CHITFUND ECOSYSTEM THAT FINANCIALLY SUPPORTS It's MEMBERS
In Today's article, I am going to be detailing, analyzing and review the components and features on the Uma ChitFund platform. First off what are ChitFunds, well they are basically non- banking commercial companies which are or course governed by the Chitfund Act |1982|. The word (chit) basically implies the trade of by the method of which a fore- man goes into concurrence with different subscribers or members, that everyone of them will purchase a specific sum of funds in periodical parts over a particular period of time. This also means that chitfunds are a traditional way of saving or borrowing in which users will accept to simply contribute a particular sum of funds for a fixed duration of time.
The concept of the ChitFunds is almost the same with that of Kitty- Party, except the platform utilizes or implements Chitfund auctions instead of luckydraw. These Chitfund scheme will be highly beneficial to both largescale companies especially those smallscale industries or firms that need financial assistance to develop their businesses.
PLATFORM INTRODUCTION
Uma ChitFund platform is an online non-government ChitFunds ecosystem which is administered by private entities in Maharashtra, India.
The main component that makes them stand out from other ChitFund platforms in the openmarket is the fact that they're supported by highly prominent blockchain technology with smartcontracts. By connecting the platform with chain network technology, they'll have the enabled ability to serve all chitholders with unparalleled Scalability and transparency, along with extra participant advantages, which will be available during the maturity of every successful chit- term period. The advantages of smartcontracts are most apparent during enterprise partnerships, in which they are used for enforcement of agreement so that all the participants will be certain of the outcome without any third-party intervention. This will also help to assure transparency for all users. Every record will also be digitally stored & connected together on the blockchain. Each of the records will also be encrypted to ensure additional security.
DETAILED VALUES ON THE ECOSYSTEM
The Ecosystem's Affordability Measures
Numerous rounds and chitfund plans will be released on the Ecosystem due to the consideration of the financial aspect of every member on the system. The monthly EMIs of the Chitfund plans will range from 50 - 1000 dollars due to the consideration of the registered participant's capacity on the ecosystem. A user can also decide to take part in any preferred chitscheme. Though they should all remember that the whole chitround amount must be kept on the ecosystem as collateral or an agreement for autodebiting for a specific period of time. Therefore, the ecosystem enables a chance for every individual to start small & big, in order to really strengthen the financial aspects of members. The withdrawal taxes of the pot amount will depend on the sort of payment method picked to incash the Borrowing amount, it will be as transparent & affordable as possible.
THE ECOSYSTEM'S RELIABILITY
The Ecosystem will pick winners in each chitround on the lowest bidding- value. Numerous account holders or bots will be blocked from participating in the chitrounds or schemes. KYC registration will be made very compulsory on the ecosystem in order to maximize the safety and the authentication of genuine customers. This will help to remove bots and also the full elimination of various cheaters or hackers.
TOKEN DETAILS
UCF (Uma ChitFund) coin is simply the Ecosystem's ERC- 20 utility token that is based and refined on the Ethereum chain network. The token has a total supply of 1billion units, Private sale soft and hardcap of ( $50,000 and $100,000), a public sale soft and hardcap of ($200,000 and $400,000), with a token Price of $0.1.
Token Allocation
1- the team gets 30% of the total supply
2- 10% of the total supply was reserved for the Private Sale
3- 30% is allocated to the Public sale
4- 27% is reserved
5- while 3% is reserved for bounty & marketing schemes
ROADMAP
2019:
formation of Concept
The Start of the whitepaper creation
August 2020:
Launch of the Website
2021:
Finalization of the Whitepaper
Private sale round intiations
Marketing Campaign plans
2022 prospects:
Public sales along with Product- Testing
Final product release
SUMMARY
Uma ChitFunds basically aims to become the most trusted and prominent ChitFund Ecosystem in the world, while working towards strengthening the members financially. The chitholders will gain the ability to save & borrow funds with minimum interest rates in order to fully achieve their financial needs.
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