- The Akropolis platform is designed to solve the global pension crisis in the retirement sector through blockchain.
- AKRO is the native token of the platform and can be used for governance and staking.
People pursue professions to overcome perpetual hunger and live, what can be called, a decent standard of living. However, a man grows weaker as he ages and, after a certain age, can no longer work and becomes dependent, either on children or other means. Through his working period, he invests in retirement plans, where he could get a constant sum of money, as a pension in old age, and live happily in his last days.
The retirement plan is mostly taken care of by the government, which has the duty to pay pensions to its citizens. However, the global pension scheme is in huge turmoil, owing to mismanagement on the part of both the payers and the state. Over time, the number of pension seekers has been increasing, but the number of honest payers has not kept up. Worse, it has decreased with time.
Over the years, the increased cost of living has already put the state under pressure. In addition, some badly managed funds have led to fraud, causing huge losses to the government. Moreover, the pension schemes are regional, in the case of state, or company, in the case of private, and specific, causing enormous confusion among individuals changing job locations or companies.
Pension on Blockchain
Blockchain technology has lately been implied in many sectors, including healthcare, education, finance, and supply chain among others. It is no longer limited to just creating cryptocurrencies and is used for digital payments. Seeing the immense potential, Akropolis, a blockchain project, is exploring putting pensions on the blockchain.
The name Arkopolis comes from Roman times, when Arkopolis was a hilltop-like structure in the middle of town, that acted as the last line of defence for the public. In drastic situations, the town would gather all the wealth and keep it safe in this fortification, ensuring that the money would be returned after the wind changed direction.
The inherent features of blockchain, will make pension transactions immutable and execute them in a decentralised manner. Eliminating any third party will not only contribute to reducing fraud but also ensure that all the transaction records are open and transparent. The funds will be controlled by the payers and, as physical boundaries do not limit blockchain, people could be part of the system from any part of the world.
The Akropolis team consists of people, and experts in the various industrial domains. It includes people with 70+ years of experience in the pension systems and discovering and implementing better schemes across the whole of Europe, Asia, and the UK. Experts with more than 20 years of experience in regulations and legal aspects and fund managers who have managed more than $5 Billion of transactions. Team of scientists proficient in the field of blockchain, designing decentralised systems and financial structures meeting all the regulatory standards.
The primary product of the project is Akropolis OS, a platform for developers to create dApps and smart contracts. The platform is governed through a decentralised autonomous organisation (DAO), which is promised to become more inclusive in the future. The dApps can be made to enable lending, investment, savings, liquidity pools, and much more.
Final Thoughts
Sparta and Delphi are other major products offered by the platform. Sparta is a pool made by collective funds and serves the purpose of offering under collateralised loans to users. Delphi is a dollar-cost averaging tool that is best for people looking for long-term investments and diversifying their portfolios.
In the future, Akropolis will become a complete suite of dApps and a significant player in the emerging DeFi sector, aiming to solve the issue revolving around pensions through blockchain and unique products.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.