WHAT EXACTLY IS UMA CHIT FUNDS
Uma chit funds are a more sophisticated variant of the Rotating Savings and Credit Associations that can be found throughout the world. It assists persons who have limited access to banking services by providing savings and borrowing opportunities. Smart contracts are supported by the platform, which also includes a wide range of other characteristics such as high encryption, data security, and unparalleled transparency.
THE WORKING FUNCTION OF UMA CHIT FUNDS
Uma chit funds will determine the overall chit value, the duration of each chit program, and the number of participants. The foreman(person who collects the money) will charge a predetermined fee ranging from 2% to 4%. The fee will be used to further develop the platform and to provide advantages to our users after chit rounds.
Applicants can participate in the first rounds by completing the online form, and entries will be accepted on a first-come, first-served basis. Each month, multiple chit rounds would be released with varying time intervals (maturity time), chit amounts, and so on. Each chit holder will be required to sign a digital agreement by depositing a predetermined number of our utility tokens into our smart contract, which will also serve as legal collateral if and when required.
THE MANAGEMENT OF UMA CHIT FUNDS ASSETS
The platform's operation will be maintained as simple as possible to ensure that each user understands the pricing structure and actual benefits of participation in each round. The Uma Chit Funds platform's operation is detailed below;
1- The participant entering the chit round must either have the entire chit amount in native UCF coins stored as collateral on the platform or add their card details (credit or debit) and sign an automatic debiting contract/agreement with the UCF platform to ensure timely payment of the EMI at the start of each chit round.
2- If the entire chit amount (total amount equivalent to the entire chit round duration) is not stored as collateral in the form of UCF coins on the platform, a contract of auto-debiting will be signed with the participant, which will be valid until the end of the chit fund duration (until maturity period) to ensure timely payment of the monthly EMI's.
3- Before the start of the chit round, the participant can pay the monthly chit amount using a variety of payment options, including fiat currencies, cryptocurrencies, and so on. If the participant fails to do so in such case, the sum will be deducted automatically from the participant's credit/debit card or the UCF coins held as collateral on the platform.
Conclusion
In summary, there are two sections to the operating structure:
Putting the entire chit amount in UCF coin as collateral on the site.
For participants who fail to keep the entire quantity of UCF coin in UCF tokens on the platform as collateral, an Auto-Debiting system will be implemented.
Even if the participant chooses to pay the monthly fee with something other than UCF or a credit/debit card, the UCF or credit/debit card balance will not be depleted.
It is also important to note that, in the event that a monthly EMI is paid using a payment method other than UCF, the participant will be able to utilize those tokens at his or her own discretion.
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- Kakal
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2767315;sa=summary
Wallet: 0x09c09F509f1D366257f91bFfEb00174c7643CD77