Susu is an ancient cooperative finance system practiced in Africa and many other parts of the world for hundreds of years. It is a type of group crowdfunding used by people who share common interests
Susu is an ancient cooperative finance system practiced in Africa and many other parts of the world for hundreds of years. It is a type of group crowdfunding used by people who share common interests.
Susu has different names in different cultures. It is called Adashe in Hausa, Ekub in Ethiopia, Gam’eya in Egypt, Chama among the Swahili of East Africa, Ajo in Yoruba, and the Igbo in Nigeria call it Esusu..
This system is also practised widely in Asia and Latin America. In South Korea it is known as Kye or Gae and in the Caribbean it is known as Pardner.
Wherever the system is used, the basic principle are the same. Susu is a form of peer-to-peer lending/banking that exists outside conventional banking institutions.
Susumi Capital is about to launch the Susumi Decentralized Crowdfunding App with a native SUSU Cryptocurrency Token on the Binance Smart Chain Blockchain Network. The DApp will enable anybody to Crowdfund for personal and business projects on the Blockchain based on the traditional Susu Finance model.
The Susumi project is a bold attempt to merge the ancient with the modern.
Susumi will eliminate the limitations of traditional Susu, whilst maintaining its essential values and advantages such as ease of fundraising and community wealth creation
HOW DOES TRADITIONAL SUSU WORK?
A group of individuals with a common connection decide to create a general pool of funds to be used for the benefit of each member by making a fixed amount of contributions into the pool at regular intervals. Typically, the lump-sum collected by the contributions in each round is given to a member of the group fund their personal projects. The round of contributions continue until every member benefits by receiving the lump-sum before the rounds stop.
For example 20 people could decide to contribute $50 per week for 50 weeks. Every one would have contributed $1000 by the end of the rounds but more importantly each member gets to receive $1000 in lump-sum in one week.
A third party serves as custodian of the funds and to supervise the contribution and payment schedules.
The success of the system depends heavily on trust and faithfulness of each member
There are often several problems encountered with Susu:
- Member payment defaults.
- The Fund custodian may embezzle the funds or become insolvent.
- Poor record-keeping
- Death or relocation of a group member.
The Susumi Blockchain Solution
As an open and accessible ledger of data records Blockchain technology provides a solution to several of these challenges.
- It can reduce the potential for fraud and increase trust.
- With no single point of control, the system is protected from potential points of failure.
- By using self-executing Smart Contracts enabled by Blockchain Networks, the Susu system is completely decentralised thus eliminating the need for participants to rely on a central authority or a common bond for the trust and security required for participation.
Susumi Decentralized Crowdfunding platform consists of a Web App and the SUSU Cryptocurrency utility Token used for its governance and reward system.
How does this work?
a) A User registers on the Susumi App to obtain the SUSU Tokens by either buying the Tokens or contributing to an existing Susu Fund to receive SUSU Tokens in reward.
b) The SUSU Tokens obtained can now be used to create a new Susu Crowdfunding Campaign on the App.
c) The SUSU Smart Contract regulates the transactions and Donors will contribute to the campaign using stable coins like USDT.
d) The unique Crowdfunding model is that when Donors give to the campaign, they also receive SUSU Tokens in return equivalent to their contribution. Then the proceeds of the Fund are deposited in the creators wallet.
By incentivising campaign donors with Susu Tokens, more Susu based crowdfunding campaigns will succeed.
This provides a solution to the problem of over failed conventional Crowdfunding campaigns. Research has shown that as much as 80% of personal Crowdfunding campaigns globally fail to achieve their goal, and the cost of marketing Crowdfunding campaigns continue to increase.
With Susumi we can enable virtually all campaigns to succeed without additional costs of marketing.
Susumi will scale the use of traditional Susu system beyond just people within tight geographic or social circles. This will increase the impact the Susu to help more people raise funds faster.
How is Susumi Administered?
The Susumi Smart Contract is essentially the Susu Fund custodian with each Susu Fund having a fixed number of subscribers called Slots.
For instance, if a Susu Fund has a value of $10,000 and there are 50 Slots, the Slot value will then be 10,000/50 = 200, therefore subscribers contribute $200 each.
Users can set up their own Susu Funds and invite members of their social circle (friends, family, co-workers, association members, religious groups etc.) to join. There is a guarantee of benefit for every participant.
We will charge a transaction fee to cover the maintenance costs of the platform.
Susumi is set to launch the SUSU Token on BSC via our limited Crowdsale on the Susumi website.
To obtain the SUSU Token via the Susumi Crowdsale, users need to register on our website (www.susumicapital.com) and get Whitelisted by filling an online form and passing Know-Your-Customer (KYC) requirements.
For more details on the Crowdsale go to: www.susumicapital.com TG: https://t.me/Susumi_Blockchain
Company Name: Susumi Capital
Contact Person: Media Relations
Email: Send Email
Country: Saint Kitts and Nevis