entity · derived
Chit funds
Derived node: assembled mechanically from the claims carrying chit-funds. A roster, not an adjudicated definition.
Every claim under this term
- 3782216-011 : Applying Web3 technology to chit funds replaces the foremen and their commission with smart contracts, which eliminates the risk that a foreman absconds with the fund.
- 3782216-012 : Member default on premia is a major inefficiency in chit funds, with estimates that a large share of subscribers have defaulted at least once recently and a substantial share have defaulted after winn
- 3782216-013 : A decentralized chit fund can let people bootstrap financial security with no initial reserve backing, but only if the reputation system is strong enough to hold defaults to a low percentage.