Are you interested in using TAKATURN, a debt-free, community savings and financing solution on the blockchain? You’ve come to the right place! This guide will walk you through the steps to get started with TAKATURN. After reading this article, you’ll be able to:

  1. Understand what TAKATURN is and how it works
  2. Learn how to set up your TAKATURN account
  3. Be able to create a MetaMask wallet and set it up properly, including
    1. Downloading & installing MetaMask;
    2. Connecting to the Arbitrum One Mainnet;
    3. Add the USDC token to your Arbitrum One wallet; and
    4. Add money to your Arbitrum One wallet on MetaMask

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<aside> 💡 You can always take a look at this Table of Contents and just skip to the section you’re looking for 👇

What is TAKATURN?

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TAKATURN is a debt-free, community savings and financing solution on the blockchain. We're creating a trustless system that allows people who don't know one another to engage in turn-based crypto financing.

The concept behind TAKATURN is age-old and can be traced back all the way to the time of the 15th century. Today, it is known as “Gamaeyah” in Egypt, “Chit Fund” in India, “Tontines” in Cameroon, “Ballot Committee” in Pakistan, “Paluwagan” in Philippines, “Money Circles”, “Rotating Savings & Credit Associations” (ROSCA) and other names. You can find a (non-exhaustive) list of other names across the globe here.

How does TAKATURN work?

Let’s say you join a Turn Group where everyone contributes 10 USDC per month and that’s 12 months long (so there are 12 participants).

  1. You'll send 1.5x the total contribution amount in ETH as a security deposit. In this example, it would be 1.5 x 10 USDC x 12 month = $180 worth of ETH. This deposit does not just ensure that no one in the community defaults, but it is also your personal (halal) ETH HODLing opportunity!
  2. Every month, all 12 people transfer 10 USDC each into the common Money Pot. If someone doesn’t, the smart contract will take 10 USDC worth of ETH from the security deposit.
  3. Every month, 1 person is selected to get the total amount from the Money Pot
  4. This cycle repeats until everyone has received the Money Pot once
  5. Finally, withdraw both your Money Pot and the Security Deposit 🙌

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As you can see, TAKATURN is different from these “the offline, off-chain” platforms in two ways:

  1. To get started, participants send a security deposit in ETH to a secure vault to eliminate default risk.
  2. TAKATURN uses cryptocurrencies for the transactions and is built on the blockchain, which creates a (global!) trustless system, eliminates human error, decreases transaction costs to a fraction, and allows people to increase their financial freedom by engaging with cryptocurrencies, often for the first time ever.

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Step-by-step: How to get started with TAKATURN

So, you decided to get started with TAKATURN, congratulations! There are few things you need to get into place before you can start your journey.