With the balance of world population shifting towards twilight age and the parameters of workforce shifting radically, the pension industry is under siege. It is either government pension programs or employer-initiated programs that provided the security to the employees for their old age post-retirement. Pension programs around the globe are undercapitalized and slowly drifting towards closure. The pension assets held and liabilities to be paid is a major challenge both for individuals as well as for the global economy. This deficit between the assets and liabilities is expected to grow faster than the global GDP and reach 400 trillion, A WHOPPING FIVE TIMES OF THAT OF THE GDP. And global advisors and experts around the world warn of a financial crisis emanating from it.
My father recently retired as a lecturer from a state university. His batch was the last batch of teachers to receive a pension. Due to lack of funds and other systematic failures, discrepancies and fake pensioner issues; the government has let go of the pension system. The working force is now at the mercy of mutual funds and other such funds to assure them a fixed income after their retirement.
The pension system is complex and quite intricate on the whole requires for a complete solution that is trustless, transparent and so as to enhance the scope and coverage of the funds and assure benefits to all the actors in the platform.
'As our societies are getting older, the systems designed to support us into retirement are massively inefficient. '
The team at AKROPOLIS calls it the pension's deficit crisis affecting the largest number of people, regardless of age, race, gender, or location. Akropolis aims to fight the flaws in pension funds with a new immutable and transparent smart-contract-based pension fund infrastructure that will dramatically change the way people think about saving and investing.
It is one of its kind, the first ever attempted and a truly novel initiative at creating decentralized pensions on the blockchain. They aim to be the largest alternative pension's infrastructure in the world built by the people and for the people.
It will work on various blockchain and provide trustless retirement savings products. It provides an efficient gateway between both institutional pension funds and individual users, and the fund or asset managers who manage pension investments. It will leverage the benefits offered by the blockchain to redesign and realign the incentive structures between agents in the pension sector.
The individual user uses the platform for their pension savings. The pension funds are institutionalized entities who maintain their own platform of users. The fund managers perform the task of purchasing and acquiring assets on behalf of users or PFs. The asset tokenizers hold assets while minting and distributing tokens that represent a part of the asset held. Developers are community members that contribute towards the platform by building extended services for advanced users. These all represent the participants on the Akropolis platform.
Benefits:
- Secure and immutable pension records with full transparency.
- Decentralized and portable source of all the data regarding the pensions.
- The benefits of smart contracts can be used to facilitate peer-to-peer lending
- The ability for users to monetize their own data
- Specially designed products to suit the needs of today's generation
- Besides the traditional currencies, one has a new capital pool in the form of cryptocurrencies to incorporate into their pension funds
- Easy verification of documents
- Simplified internal administration and reduced reporting overheads
- Elimination of middlemen ensures greater efficiency
- Tamper-proof data storage
- Upliftment of inefficiencies in IT infrastructure across pension funds.
- Simple onboarding process for all the actors on the platform
- The fund managers can have access to many clients due to the global stage
AKT and AIT, and their ICO details:
The Akropolis external token will be an ERC20 based ethereum token facilitating the functions of external users within the system. The Akropolis Internal token will be a stable token used for tracking and recording capital flow within the system.
The AKT will be used to access new clients and new sources of capital by fund managers, users can use it to access free and premium services, institutional users can use it to access data, services, and capabilities, and the developers will use it to access tools and opportunities on the platform.
A total of 900,000,000 AKT will be issued out of which 40% (360,000,000 tokens) will be up for sale in the ICO. The hard cap is fixed at $25,000,000. The per token price is fixed at $0.069. The sale will take place in Q2- Q3 quarter of 2018.
Concluding Verdict:
The Akropolis platform is a bold attempt to re-align the discrepancies and inefficiencies in the existing global pension system and to lend it the benefits of decentralization and smart contracts. The users can avail of the services of the PF's and fund managers to plan their pension funds. The dual token system helps in tackling different utilities. The investors can benefit from the platform by engaging the platform as an actor. Pension funds and fund managers can benefit hugely while tokenizers can enjoy benefits on the assets held by them by distributing and mining tokens. It looks promising but is still in its inception stage.
For more details visit:
Website: https://akropolis.io/
Whitepaper: https://view.attach.io/HJQ3yvpcM
Blog By: Lanirm Knayam
BTT Profile: https://bitcointalk.org/index.php?action=profile;u=1308391