Cred Cult

Cred Cult is a Lending Circle, a platform for Rotating Savings and Credit Associations (ROSCA), which consists of a smart contract that automates the savings and lending process. This encompasses contributions, bidding, assigning funds at the end of each round, and withdrawing funds. We plan to package this within a mobile web application which an individual can use to manage their participation in one or multiple Trusted Lending Circles(cults). The product has built-in network effects and incentivizes users to invite trusted associates, which helps seed the network. We believe group-based borrowing and lending provide greater social incentives for all participants, and a customizable framework allows groups to operate according to their particular needs and circumstances. Cred Cult uses technology to amplify the strengths and address the shortcomings of traditional ROSCAs by enabling scalability, automating record-keeping, linking Social scores, and reducing the potential for fraud.