Takaturn is a trustless system that allows strangers to engage in a debt-free community savings program. Imagine: you need a small amount to start your business. Your friend needs to buy a car. And I need to save up to pay my tuition fee.
With Takaturn, we all get together to start a debt-free community savings cycle. Each month, we pay a certain amount into a common Money Pot - and at the end of each month, one person gets the full amount of the Money Pot. We continue to take turns each month until everyone has received the Money Pot once. To make sure no one defaults, we all lock up a specific amount as a security deposit before we get started.
This concept is age-old and known around the globe; take a look at this list to see what it’s known as across the world!
Before a turn group starts, each participant puts a Security Deposit in ETH to secure against defaults and to protect everyone in the turn group.
The security deposits are held in a community vault that is managed by smart contracts. The amount of the security deposit depends on when the participant is scheduled to receive the money pot. The earlier the participant will receive the money pot, the higher the security deposit amount because the risk of default is higher.
Your ETH security will earn a yield for you as long as it’s deposited in the vault and you can withdraw some of it each time you make a monthly contribution.
The Takaturn community (or TakaTribe as we like to call it) is a virtual community of like-minded people from around the globe, who all get together to support one another ??
For now, we do that mainly on Telegram; but we're working on more ways to get the community together. What would you like to see? Let us know ??
Takaturn is still new, so we need people to test it and let us know what we’re doing right or wrong; that’s why TAKATURN is free 🙃. We’ll probably add a fee at a later point.
It’s easy! To start, create account on our website. All you’ll need is an email address, and of course, a phone number. 📞
Once you’ve signed up, enter the verification code that was texted to you. Done! 🙌
If you’re wondering how to join Turn Groups, check out these FAQs:
For extra more detailed guides, take a look at our blog!
Before you can get started with Takaturn, you’ll need 3 things:
Missing one or more of these? We got you; here are some blog posts that’ll explain how to get there 🙌
Turn-based financing is a concept that goes way back thousands of years. It originates in villages where people would get together to help each other financially. Today, it exists around the world; you may have come across it as:
There are maaaaany more, actually, take a look at our blog post for a more extensive list 🙌
The only thing that prevents communities from working together is trust. Today, that trust is outsourced to banks etc., the very institutions that cause the boom and bust of our economies.
Blockchain is an increasingly mainstream technology tool. that allows us to empower communities to pool their resources together to replace financial institutions in a trustless, transparent way. No need for a central authority to keep people honest. ✌️
How? The blockchain provides a public record of payments that cannot be changed by any one party. Smart contracts are open-source and auditable, so there is no room for scams. Finally, blockchain and cryptocurrencies allow people from all over the world to join without worrying about bank transfers and the hassle of moving money across borders.
Takaturn uses Arbitrum, a Layer 2 solution that runs on top of the Ethereum Mainnet but with lower gas fees (because it uses something called “optimistic rollups” to process transactions off-chain and then submits a single bundle of transactions to Ethereum’s mainnet).
In contrast to other Ethereum Mainnet alternatives, Arbitrum allows you to transact in ETH directly; you don’t have to buy the native token first.
That’s why we’re using Arbitrum instead of the Ethereum Mainnet ??
Nope, we do not charge a fee 😎. The only fees you’ll come across are the ones charged by the blockchain itself for the transfer of cryptocurrency; but we’re not the ones setting those, nor are they paid to us.
If you’re curious how offering Takaturn without a fee is sustainable for us, check out this FAQ: “If there are no fees, how does Takaturn make money?”
Takaturn is not something you buy, so there aren’t any refunds.
However, if you’re talking about getting your security deposit back, it will automatically be released if there are not enough participants to start a Turn Group; or, of course, once your whole Turn Group is done. 🙌
FYI, you’ll have to access your dashboard and click on “Withdraw your security deposit” to get the Security Deposit back in your wallet.
Everyone sees benefits in a different way; but here’s a list of the top 3 benefits we can all agree on:
These are just a few benefits of paying the security deposit, but we’re sure that there are more you can think of!
All transfers are made in USDC and ETH via your Metamask account. How does that work?
Let’s say you join a Turn Group where everyone contributes 10 USDC per month for 12 months (so there are 12 participants).
Don’t worry, Takaturn is a 100% debt-free platform. So if you miss a monthly payment, all that’s gonna happen is that the smart contract will take that portion from your Security Deposit.
Sorry, nope, we’re doing this purely in the crypto space right now. That being said, we’re working on getting you into the crypto world through fiat money, so stay tuned 🙌
When someone in the Turn Group did not make the monthly contribution, we say they “defaulted”. The dictionary definition is “to fail to fulfil an obligation” 🤓.
The important thing to know for your Turn Group is that when you defaulted, the smart contract will take your monthly contribution from the Security Deposit you made in the beginning.
The length of your Turn Group depends on you! In the beginning, we’ll use a standard Turn Group that runs monthly for a total of 4 months. Later on, you’ll be able to join larger and longer Turn Groups, and even customize the Turn Group length yourself. 😎
That’s a tricky one; our top priority is security, so we do not publish personal information of members to protect your privacy. That being said, you can always chat in our Telegram Group with other Takaturn members.
We’re working on more direct communication tools on the dashboard for the future, but that’ll take some time. Stay tuned!
Looks like you’re serious about saving crypto, go you! For now, you can only join one Turn Group at a time but we’re working getting you access to more as we speak. Stay tuned!
Looks like you’re eager to get started 😏. The first cycle starts when all spots in your Turn Group are filled and everyone made their Security Deposit.
Pro Tip: You can see the exact date when the Turn Group is supposed to start on top of your Takaturn dashboard. 🙌
Ahhh, the question of questions 🤑! The order of who receives the Money Pot when is determined on a first-come, first-serve basis. In other words, the sooner you join a Turn Group and make your Security Deposit, the sooner you’ll get the Money Pot payout. 💨
You can see the exact date right there on your dashboard 🗓️
Right now, the Money Pot order is based on a first-come-first-served basis. In other words, you’ll get the Money Pot depending on when you made your security deposit.
But yes, we’re working on a way where you can select when to get the Money Pot in the future. Stay tuned! 🙌
Don’t worry, we got you! If any member misses a cycle payment, the smart contract will automatically take that amount from their security deposit to cover the payment; that’s what the deposit is for 😉.
And since the total deposit is 1.5 times as high as the total amount, there’s no way anyone could runaway with the money. 😎
Look, when you start your Takaturn journey, you’re making a commitment to the other participants (and yourself!) to stick to your goals.
If you really don’t want to continue, you can just wait it out; the contribution amount will be taken from your security deposit every month and you’ll be able to withdraw all the money you initially deposited once the whole Turn Group is done.
But, you know, don’t do that please 😅
For now, each Turn Group has fixed parameters about how long it is, how much each participant contributes per month, and how much the security deposit is. So, the minimum and maximum depend on the Turn Groups that are available when you’re ready to get started 🙃.
You can see all that on the Turn Group overview of your dashboard 🙌.