Chit Fund platform Providing Financial Supports
Chit Funds is a Non-Banking Financial Institution governed by the Chit Fund Act 1982. Uma chit fund offers complete transparency, flexibility, where user’s earns UCF token.
History
Chit Funds were initially formed in the state of Malabar in the 17th century (now Kerala). Chit funds help the economy by providing financial support, which creates value as a whole. Chit funds came to popularity almost immediately after their inception, but by the 18th century, this system of saving and borrowing had become exceedingly popular.
A regulation was enacted to govern chit funds, often known as chitty, due to their growing popularity. The "Chit Fund Act 1914" required every chit fund organization to register with the government in order to operate legally.
Uma Chit Fund Token
The Uma Chit Fund token (UCF) is an ERC20 token. On the Uma Chit Fund platform, it is a utility token. Holders can benefit from borrowing lending rates ranging from 5% to 12% as a result of this service. Also, interest rates on loans range from ten to seventeen percent. Additionally, the Ethereum blockchain technology provides for the storage of all Fund records.
Overview
Uma Chit Fund Company Ltd manages the Uma Chit Fund platform. Users that do not have access to financial services can use the Uma Chit Fund to save and borrow money. Smart contracts are used to provides confidentiality, record preservation, and unequal accountability.
Chit holders are users who are actively participating in Chit rounds. Users can choose from a number of different chit groups on the platform. In most situations, chit companies impose a foreman fee that starts at 5% and can go as high as 10%.
Tokenomics :
The Team (30%)
Private sale (10%)
Public sale (30%)
Reserved (27%)
Bounty and Marketing (3%).
Token Contract Address :
0x8e77d6596743ED542ED8779553C6Ece6A64785af
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For More Details:
Web URL: https://umachit.fund/
Reddit Link: https://www.reddit.com/user/UmaChitFund
Steemit: https://steemit.com/@umachitfund
Facebook PageURL: https://www.facebook.com/umachitfund
Twitter Address: https://www.twitter.com/umachitfund
Telegram URL: https://t.me/umachitfund
Instagram URL: https://www.instagram.com/umachitfund
White Paper Address: https://umachit.fund/wp-content/uploads/2021/09/Whitepaper-v1.pdf
AUTHOR’S INFORMATIONS :
Bitcointalk Username : Lambaz
Bitcointalk profile link :
https://bitcointalk.org/index.php?action=profile;u=3395873
ERC-20 Wallet Address : 0xD5f9dEd853B47c8662c9e5cc3232a36c1D7a5917