Most of the people across the globe rely upon the traditional financial institutions, such as banks, investment agencies, and money lending services for their financial needs. They access their capital through one of these channels. Of course, these institutions provide the capital, but come with so many flaws. These financial channels are not safe against scams and burglary issues. Their inefficient credit tracking methodologies sometimes cause a huge loss to the users. The traditional financial institutions are not capable of leveraging gained trust and social capital for other solutions.
The modern world needs something better than banks and other financial institutions. People need a blockchain based solutions to use social trusts, capital, and commitments to offer reliable savings, lending, along with many other financial products. The Token Union platform promises to offer such solutions. Is it effective or not, let’s find out in this review.
How does it work?
This platform is designed to develop a democratic financial ecosystem by utilizing the features of blockchain technology. This platform is going to use commitments, trusts, and social capital to develop a decentralized financial solution for both unbanked and banked users. Many inefficiencies exist in the traditional system. The Token Union is aimed to improve the financial inclusion of people by using the blockchain technique. It will produce a portfolio of all the financial products, which are going to utilize the trust and social capital of the user.
Products Token Union is going to offer:
This platform is offering a number of saving investment and collective crypto lending products, which are as follows:
- Union pool:
This platform will first feature a decentralized platform for combined investment schemes. All the schemes on this platform will operate by using the smart contract. Thus the lending and saving process will get automated.
- Union lending authentication:
It is using an algorithm to assess the social standing score. It will be evaluated by considering a number of factors such as fulfilled union social commitments, punctual payment of the recent participated union pool, social media activity, and so on.
- Union social commitments:
Every deal needs some sort of commitment. The participants at Union can form commitment contracts and when the contract completes successfully, they can gain positive score for their social standing.
- Union advance:
The algorithm which assesses the social standing, considers a wide range of factors. It does a thorough check before offering union advance.
Should you invest in Union Token?
Though Union seems a promising platform that will offer a number of financial products and solutions, investing in it may be a great decision. It is designed to engage over 400 million people. This platform is planning to entertain such a large population because it is designed specifically for the Indian users. India is one of the fastest developing nations that welcomes new technologies and adopt new ways that make the life easier. This platform is going to connect more Indians to financial channels and that’s why it can be a great choice to make an investment.