The TrueFi decentralized financial platform whose protocol operates by creating interest-bearing pools with the aim of providing easy liquidity to its participants. Essentially, the TrueFi network is a lending platform that does not require collateral for its participants to get loans. Its operations counter that of most of the other cryptocurrencies providing a similar service.
According to the developers of the platform, its creation aimed to bridge the gap that has been created in the cryptocurrency industry for large demands before cryptocurrency loans can be given to people. This, its provision of loaning facilities, to some extent completely eliminates this problem from the industry.
Who are the Founders of TrueFi (TRU)?
The TrueFi token system is a product of the Trust Token which was founded by Rafael Cosman. Apart from being one of the principal founding partners of the company, Cosman also serves as the CEO of the company and the head of its engineering department.
Cosman is a graduate of Stanford University with a bachelor’s degree in computer science. After his graduation, he went on to work at several corporations including Google and Kernel as an expert on machine learning. Later, he diverted into the world of cryptocurrency and blockchain technology. Presently, he has been able to establish himself in the industry and is now widely recognized for his series of publications on blockchain engineering.
The other founding partners of the platform consist of a team of individuals from Stanford, UC Berkeley, Carnegie Mellon University, and Google. The TrustToken system has been able to develop a legal framework where currency and asset tokenization can be achieved in conjunction with Cooley, WilmerHale, and White & Case. The platform also has an expanding network of fiduciary, and banking partners.
What is TrueFi (TRU) used for?
The TrueFi system was developed with the goal of helping individuals that require cryptocurrency lending services to enjoy top-tier, sustainable, and attractive rates of return while also providing borrowers with predictable loans that optimize their working capital. TrueFi aims at the creation of a lending market where enthusiasts of the Defi ecosystem can put up collateralized or non-collateralized funds as security for an instant loan with very low-interest rates. All the functions executed on TrueFi are completely transparent in order to give support to lenders and borrowers with fund flows while they participate in the project. When lenders add a specific asset to the TrueFi lending pool, they are earning interest and their TRU tokens. Any capital that is not used is transferred into Curve.fi’s protocol so as to ensure that more financing can be provided for new loans in the future.
TRU token is the native cryptocurrency of the TrueFi ecosystem and is used for the execution of transactions on the network. The token also holds value outside the TrueFi and Trust networks. As such, its tokens can be traded with other cryptocurrency pairs to earn a profit for its holders.
What Is the Unique Point of TrueFi (TRU)?
The unusual nature of public blockchain systems, coupled with the ease of wallet spamming, and asset mixing has led to credit assessment becoming one of DeFi’s biggest challenges. Because of this, the development of DeFi ecosystems with mature uncollateralized lending facilities with stable yields systems and relatively low risk has been impeded. This has led to the massive untapped potential for a trillion-dollar market to emerge as on-chain credit systems and uncollateralized loans. While prominent DeFi lending platforms such as Maker, and AAVE have been making major headway in the news since last year, one lending protocol that slid under the radar recently has currently emerged as one of the hugest platforms amidst the crypto bloodbath following China’s FUD in May. TrueFi’s lending protocol as an uncollateralized Defi lending system has revolutionized the blockchain industry significantly.
The TrueFi system uses a series of technologies to track the qualification of people for their loan facilities. The system makes use of an on-chain credit score system which essentially focuses on past transactions to determine the level of qualification of individuals for loan facilities.
How many TrueFi (TRU) coins are in circulation?
The TrueFi token system has its total supply capped at 1.45 billion tokens. In its distribution process, its community as a whole was assigned a total of 565,500,000 TRU which accounted for 39% of its total supply. The platform also held a token sale of which 26.75% of the tokens were put up for sale. The present team and company were assigned a total of 29.5% of the total tokens.
The tokens from the token sales as well as the tokens dedicated TrueFi team are locked for a two-year period. The tokens are designed for a quarterly unlock system which began from November 21st, 2020 to August 13th, 2022.
One-third of TrustToken company’s tokens will be first unlocked, while the remaining two-thirds of the tokens are to be unlocked in November 2021 and 2022 respectively. This will further inject an additional 54,360,866 tokens into circulation. Currently, TrueFi has a circulating supply of 540,298,556 TRU tokens.
Is the TrueFi (TRU) Network secured?
According to the white paper and Roadmap of the TrueFi token system, it is secured through a system whereby participants stake their tokens. This process also cuts across the governing procedure of the token system and allows individuals with stakes to be the deciding factors on matters relating to updates or changes to be made on the system.
The advantage of using this system is that it discourages the participants on the network from exposing them to any type of danger. The system has also been repeatedly verified by several auditing firms.
In early 2022 the TrueFi team announced that the platform was going to become a supported platform for Ethereum’s ERC-20 assets.
How do I buy TrueFi (TRU)?
The innovative technology used by the TrueFi token system provides an open liquidity portal for everyone in the crypto space, provided that they are participants in its ecosystem. This has led to an increase in its global rate of adoption as the services offered by the system are next to revolutionary, trampling on the protocol used by fiat lining platforms. TRU has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it may not be directly purchased with fiat money as it requires the fiat currency to be first exchanged to Bitcoin. However, You can still easily obtain this coin by the following steps.
- Open an account with the crypto trading platform.
- Transfer the specific amount of your fiat currency to your account.
- Wait for your deposit to be confirmed and Buy ZIL through your trading account.
Which Cryptocurrency Wallet Supports TrueFi (TRU)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as TrueFi tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main TrueFi wallet as it offers a simple and interactive interface, making it easy to navigate its system.
