As we all know global pension industry is deteriorating day by day with funds remaining unfunded and nothing is really being done to solve this major problem. The reforms made to pension structure is not upto the mark and people are still facing the problems that is surfacing this infrastructure.Pension industry is one of the largest industry with estimated pension funds US$20 trillion (sources : Wikipedia) and to handle this we need such external source to look in this area. Akropolis is one such project that offers the users an alternative pension infrastructure that takes the help of blockchain making it the first blockchain project that enters into pension funds industry. Akropolis is coming up with an infrastructure that can bring a change to this current outdated pension industry and curb various issues surrounding pension funds.
There are 3 documents available on the website: a 33-page technical document , which can be viewed only by indicating your mail box, as well as 2 documents - analysis of the problem from the data of the international economic forum (24 pages) and analysis of the problem based on CitiGroup data (127 pages) . Perhaps, having carefully read these documents, you can already consider yourself an expert in the pension system.
The site lists 10 members of the main project team and 9 most influential developers. Everyone has profiles in linkindin and an impressive description of merit. Interestingly, among the technical advisers there is Bokky Poobah (one of the important developers in the team Ethereum), and among the industry experts - the former Minister for Pension Matters of the UK Ros Altman. Perhaps, this composition speaks for itself.
What is Akropolis
Akropolis is a greek word that means a defensive core of a city and this organisation is building a decentralised pension infrastructure such that people can connect to variety of funds available for them and protects the pension funds to get misplaced thus this name. Akropolis will work on blockchain technology using smart contracts that will be transparent and accountable for all the funds. This platform acts as a gateway for individuals, pension funds and pension assets managers that manages retirement investments.Akropolis is aiming to get rid of the flaws that surrounds pension industry with immutable and transparent smart contract based pension funds industry.Their motto is building a decentralised pension infrastructure by and for the people,creating a safer financial future for humanity.
How will it work
Akropolis is aiming to develop a decentralised blockchain pension infrastructure that delivers trustless retirement saving products.It will be designed such that it provides transparent, accountable and portable pension services to all the individuals who uses this platform. The platform will deal or provide a gateway for individual users, pension funds and funds managers. Listed below are the important actors and the interactions that all will undergo :
Individual users : A person who uses akropolis platform for their pension savings.
Pension funds : These are institutional entities who maintains their platform and collection of users.
Funds manager : These are institutional entities charged with purchasing and acquiring assets on behalf of PF or users.They will report regularly on the assets acquired or purchased under their management.They built portfolios of assets and make them available for the investors.
Asset tokenizers : Assets are tokenized in order for the system to work efficiently. These are centralised entities that provide a source for blockchain layer.
Developers : They are community members who are the key people for the akropolis platform to work efficiently and effectively.
In today’s era, Retirement plans that are being circulated is surfaced by various problems and challenges like:
Lack of easy access to pensions- Many people still lacks access to their own pension plans and savings.
Financial literacy is low — people lacks the knowledge about which retirement plans suits their lifestyle and what exactly can be done to their financial status to meet the requirements when retired.
Inadequate savings rates — People don’t exactly know what amount to be kept in their savings of their income that can meet their retirement plans, it is written that we must save at least 10–15% of what we earn to have a secured future without worrying about the money.
Individuals are responsible for their pensions — It is to be duly noted that the contribution systems are growing steadily with 50% of overall global retirement assets and but these plans are designed in such a way that puts overall responsibility of an individual to manage their own pension plans.
Akropolis is aiming to curb all the above mentioned problems by building a decentralised pension platform on blockchain technology that will indeed give access to all the users about the variety of pension funds available to them. The users will also get to know how much to save so that they can live a happy life after retirement without worrying about income sources. Not to forget Akropolis platform will also provide fund managers to check with the users and suggests them the retirement plan as per se.
Token Symbol: AKT
Total token supply : 900,000,000
Hard cap : $25,000,000
Max. token amount for sale : 360,000,000 (40%)
Token price : 1 AKT = 0.0690 USD
Platform : Ethereum
White payper : https://view.attach.io/HJQ3yvpcM
My Bitcointalk : https://bitcointalk.org/index.php?action=profile;u=1805036