What if you had the knowledge to harness technology to distribute greater financial value throughout society? To help average people like yourself earn extra income, and become one step closer to financial independence.
That was the motivation that birthed the Rand project, and it crossed our minds when we discovered blockchain decentralized finance (DeFi) tools.
How Rand Came About
Our founder Pol grew up fascinated by how financial systems and stock markets worked. From this passion, he started reading up on traditional investing and traded in his free time. However, he noticed many flaws in the financial system: how slow and cumbersome financial processes were, how unnecessary middlemen in the ecosystem are looting significant pockets of money, and more importantly, how the system clearly favours the rich over the poor.
Something had to change.
Shortly after, Pol discovered the concept of blockchain and the technology’s potential for disruption in financial systems. He saw how blockchain solutions such as DeFi were directly accessible by anyone who wanted to, and could create so much more peer-to-peer value that could benefit the under- or un-banked in particular.
Tech-savvy investors were using these tools to grow significantly higher yield returns than traditional methods can ever give in shorter periods of time. Yet due to the technical and financial knowledge needed to utilize this method of earning, many people remain unaware or deterred from learning and utilizing these resources.
Seeing how blockchain could change the system to benefit the people who need it, Pol decided to devote himself to the blockchain and cryptocurrency space and find a user-friendly way to open up such solutions to the less-savvy consumer.
On top of this, as a Gen Z, Pol witnessed first-hand how close friends struggle through a really bad financial situation. Youth unemployment rates in Europe can go up to more than 20–40% and have become a real and important problem for society. Furthermore, around 65.2% of young adults still live with their parents by 30 because they are not able to afford the rent on their own. On average, young adults tend to have low personal financial stability, taking into account school fees and other personal expenses. Such circumstances, among other issues, result in a high participation in different types of gambling, as young adults see these activities as an opportunity to gain extra short-term income. It becomes a significant concern for society that almost 70% of young adults that come of age in these geographic regions turn to gambling for short-term alternative income.
“In the early days of conceptualizing project RAND, I was trying to find a way to utilize the merits of DeFi to provide a short-term incentive for young adults to improve their financial situations. So, the first concept came from this: what if we can create no-loss parties where nobody loses their money but they all have a chance of winning?”
Creating Something Easy to Use
Capitalizing on the high mobile penetration rate, pervasive smartphone usage and young adults’ interest in gaming, Pol decided to create his solution in the form of a mobile gaming application.
As a leisure game, the Rand app will simplify as much of the technical aspects as possible and keep it simple for a user to play. Users should also be able to tap into their network and allow their family and friends to use the app and benefit just as easily.
“If we are able to distribute value throughout society by cutting intermediaries and all the costs that they represent, I believe that we will be able to elevate the financial situations of the coming generations.”
In the long term, Pol hopes to teach others how they can use blockchain technology to create more financial value for themselves, and to support financial independence of future generations. For now, the Rand app will be the first step to disrupting the financial systems for the better of the people.