Rand App is a user-friendly app that gamifies decentralized finance (DeFi) and provides an easy-access prize pool for users to win big on their savings. For those wanting to be the first to try Rand App and access their share of $50,000 in giveaways, click here.
Rand is a new and exciting project that is here to solve one of the most significant sources of stress in young adults and professionals with the time and knowledge to obtain a return on their capital.
The Rand Project was born of the passion and drive of CEO and founder Pol Martin in helping to alleviate the difficult financial circumstances of young adults, his generation’s peers. As a Generation Z, he has witnessed first-hand how some of his close friends struggle to safely generate passive income or returns on their savings without extensive knowledge of financial instruments or vehicles.
Rand is the result of that need and desire to get to grips with a very expedient issue. It aims to offer young adults a chance to complement their financial savings and products and to enhance their financial health.
Rand has already made some big moves in its early stages, and with partnerships with Acala, Tokensoft, Criptan and Automata already confirmed, the future looks bright.
The logic behind Rand
There are currently no financial tools that really suit the needs of Generation Z, and the tools that do exist are outdated. Young people don’t have any sort of mobile app to produce tangible income with their savings over the short term that doesn’t require extensive financial knowledge in order to make money safely. As a result, they end up trying more risky options such as investing in meme coins and random cryptocurrencies, gambling, or playing the lottery because they think this is the only — or the easiest — way they can generate passive income or large returns in the short term. Rand App was created to allow them to produce tangible income in the short-to-mid term without having to risk all their savings.
The Rand solution
Rand will be a prize savings mobile application where users can create or join collective prize pools to earn a common yield with their money. These pools will be called vaults. It features prize earning groups or yield generating pools where participants get either the opportunity to pool money with friends and family in order to generate passive income and returns with which one can pay rent, save for a holiday, or save for next years christmas gifts, or win big by playing and pooling their funds in public vaults, and the best part is if you don’t win you can always withdraw your funds.
To do this, blockchain technology and DeFi elements are incorporated to create a perfect financial tool for young adults where their money works for them on autopilot and achieving financial goals becomes affordable.
How does it work?
The Rand app offers two types of products:
- Private vaults, created among friends and family.
- Public vaults, hosted by Rand, and anyone can participate.
Users participate and stake in liquidity pools intuitively and easily through the Rand crypto vaults. They can either join a public vault or become a game master by creating a private vault inviting friends and family to join and add funds to it. Once all users have deposited their funds to the vault from their bank accounts or private wallets, the funds will be converted into a stablecoin cryptocurrency.
Within the public vaults, these coins will be redirected to the Rand Vault where they will be redistributed to the current best-yield strategy in the market. On a weekly basis, the coins that were initially pooled will be returned to the prize vault along with the interests accrued. The interest will then be distributed to a randomly picked prize pool winner.
Within the private vaults, for example, friends and family will be able to pool funds in order to produce yield and achieve financial goals together such as earning and saving for next year’s Christmas holiday or paying their rent.