Unlock the power of the community and achieve financial independence with Takadao!
Sharene Lee, Co-founder and COO of Takadao project, presents to our readers their two products, Takasure and Takaturn that follow the fundamental principles of Takaful and Shariah compliance!
In what countries is your project available to users? Are there any restrictions or prohibitions for potential clients of your platform?
Sh: Takadao has launched Takaturn.io which is an innovative DeFi savings and yield generating platform. It is available to everyone globally.
Is your project available only for Muslims or non-Muslim customers may also use your products?
Sh: Everyone is invited and welcome to use our products. We are building products for humanity, it is not restricted to anyone.
At what stage does your product stand today? When are you going to list TAKA tokens?
Sh: Takadao has two products, Takasure and Takaturn. Takasure is the community-owned insurance DAO that will launch in June 2024. Takaturn.io is the community savings and yield gen platform that is currently live.
We have no plans to launch a utility token until June 2024 when the insurance DAO goes live. We believe that we should only launch a token when there is strong established value in our products.
How do you calculate the sum of insurance in Takadao? Is it calculated for each client personally or do you have some tables of calculations?
Sh: The benefit that each insured member receives in the event of a claim is dependent on the amount of tokens he owns and his Base Benefit Multiplier (B.BM). The benefit multiplier is based on individual risk factors like age, gender, location and lifestyle choices; calculated using standard actuarial methods and mortality tables.
As an example, a member has contributed 100 USDC to the Takasure fund and has 100 Taka tokens. He is young and healthy and has a B.BM of 200x. In the event of a claim, his family will receive 100 x 200 = 20,000 USDC.
How do you check the variables that measure individual risk and the B.BM? Should your client provide the documents that confirm the authenticity of data?
Sh: The variables that measure individual risk are revealed during the KYC process and don’t need special documentation to authenticate.
What are the conditions for staking in Takadao? What is the minimum and maximum amount of tokens to stake?
Sh: Today with Takaturn, the minimum amount for staking depends on the participant’s position in the turn group. By participating in a turn group, a participant becomes a beneficiary and is eligible for the money pot based on his position in the turn group. The earlier he gets the money pot, the more the minimum staking amount is. To figure out the minimum amount, visit https://takaturn.io and join a turn group to see the details.
There is no maximum staking amount in Takaturn.
For Takasure, we are still working on the minimum and maximum contributions.
Explain in detail how Takaturn works! After what period of time it would be possible to receive a certain amount from Money Pot? What would happen if a client didn’t make his monthly payment?
Sh: Takaturn is based on the age-old concept of community savings called chit funds (India), ballot committee (Pakistan), Jamaeyahs (Arabic countries), Susus (African communities) and many other names.
For example, a group of 4 people contribute $10 each a month to a money pot. In month one, person A receives the $40 money pot. The next month, the group contributes $10 each again. Person B receives the money pot in month two. This goes on until everyone has received the money pot once.
Because DeFi allows us to do so much more than just this, Takaturn improves on this system in the following ways.
In the real world, defaults are common in community savings groups. In order to reduce the risk of defaults, participants in Takaturn deposit a security in ETH. Why ETH? Because people hodl ETH in the hopes that the price will increase.
The security deposit in ETH generates a yield for the participant, so the participant continues to grow his savings while getting access to the money pot.
Finally, the amount of security deposit depends on when the participant is receiving the money pot, the later he receives it, the less security he has to deposit. Furthermore, he can withdraw a part of his security deposit and yield after each monthly contribution.
Do you have any Affiliate Program or some me bonuses for those who create their own chain in Takatribe?
Sh: Yes! We have a referral program on Takaturn that will eventually provide token bonuses for participants.
Whom do you invite for your weekly Takatalks? Can your consumers become guests in your podcasts and share their experience with others?
Sh: Absolutely, we are looking for interesting crypto stories from around the world; reach out to email@example.com if you want to be on the show.