Rand's Solution
Rand App aims to create a financial platform for Gen Z young adults which makes their hard-earned money work for them. Since the beginning of this project, Rand Network has been built around one core principle: allow users to set goals and give them tools to achieve them. These tools are based on three different outcomes:
Rand aims to bring a financial gateway to all these Gen Z that are looking to make their hard-earned money work for them. Since the beginning of this project, everything has been built around one core principle: Allow users to set up goals and give them the tools to achieve them.
  1. 1.
    Allowing users to win big prizes in the short term by using their savings.
  2. 2.
    Allowing groups of people to save and earn together to achieve a common goal.
  3. 3.
    Create an easy-to-use app that anyone can use, no matter what their blockchain/cryptocurrency knowledge level.
The app will have different products that users will be able to use to achieve their goals, depending on their budget and time horizon: Public Vaults, Private Vaults & staking in the Safety Module to earn Safety Rewards.
Public vaults allow users to lock up their savings for a chance to win big prizes without the risk of losing their initial deposit. We believe that products such as our public vaults will bring decentralized finance (DeFi) to the masses because:
People love winning prizes.
People love games of chance.
People love products that can alleviate their financial situation in the short term.
Decentralized Finance or DeFi products tend to be complicated and abstract to use for non-technical people (most of the population). Our system of vaults is easy to understand and explain to others.
Public Vaults are set up by Rand and open to all users. Users can deposit funds in this common pool. These funds in the pool are lent to several DeFi platforms to earn yield/interest. After an agreed time, the interest earned is distributed in the form of prizes to different winners from the vault who are chosen at random. The best part is anyone can withdraw their deposit at any time and if you don’t win, your deposit is returned to you ready for reinvesting.
Private Vaults are focused on helping a group of people achieve their goals together or individually. This could be to pay for shared expenses, or saving together for a holiday. Similar to Public Vaults, the funds are pooled together and then lent to several DeFi platforms. After an agreed time, the interest earned together is distributed back to the group.
For example, four friends living together create a private vault and put aside some income every month. By the end of the year, the interest they have accrued on their deposits can be used to pay their shared expenses (think water, electricity, sewer) and/or their rent. Just like our public vaults, the private vaults are also easy to explain to non-crypto users.
The true scalability of DeFi will come from creating products, built on blockchain, with a simple front-end user interface that anyone can use and understand intuitively. We believe that the next important trend in the blockchain space will be based on creating strong mobile apps with simple intuitive user interface design.
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