Akropolis – your pension is in your hands

icotelegraph (60)in #cryptocurrency • 6 years ago

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When people retire, the main thing that’s supposed to provide them with means for a living is a pension. It concerns the vast majority of working population – we rely on pension being sure it will sustain a decent level of life. Some states, especially members of European Union have a more or less well-developed pension system: the elderly can afford decent life just receiving the retirement payments. But it’s rather an exception from the rule than the rule itself.

You cannot count on anyone but yourself

In fact, there’s no well-thought and really working pension scheme that has stood the test of time. Why? Because the modern model of work has changed. Just consider the following:

In comparison with the 20th century when changing workplace was judged and seen as a sign of inability to comply with demands, employees of the 21st century are actually encouraged seeking for more beneficial working conditions. High labor turnover has grown considerably which made it harder to calculate the term of employment and corresponding reward.
The amount of self-employed people has grown considerably. Freelancers, entrepreneurs, and part-time workers aren’t taken into account when a company transfers taxed for local authorities. That means that people who work unofficially cannot count for any kind of pension.
Today, employees have more choice: they can have the taxes transferred by the employer or may transfer some percent of their salary to special pension funds. Both ways prove to be far from ideal – you cannot count on anyone but yourself.

A perfect pension system: utopia or a true possibility?

In modern reality, things turn out to be different from what we plan. We invest in pension funds that go bankrupt all of a sudden, pay taxes to a government that decides to retarget the budget and increases the retirement age. Whom to trust? What do we know about the modern pension system?

Almost 50% of the retired population do not get a pension and the savings gap is predicted to grow seven-fold from 2015 to 2050 ($70 trillion → $400 trillion). Even raising the retirement age and reducing the size of pensions governments aren’t able to fill in the gaps and pay the pension debt. The existing models of retirement payments are simply outdated and not efficient.

This is where Akropolis comes in handy. This is a revolutionary project based on Ethereum blockchain and smart contracts. The platform was designed to deliver the community-oriented pension models to protect users from uncertainties and weaknesses of the current pension systems. This project was made for those who want to secure their financial future.

Advantages of Akropolis

How Akropolis differs from usual brick-and-mortar pension funds? There’s one major thing you should understand: Akropolis is not a single pension fund – it’s rather a platform that can be used by individuals to keep their financial and data assets, as well as the technical foundation on which pension funds can build their infrastructure and digital solutions. Since Akropolis is built on the blockchain, it outperforms the digital technologies underlying simple funds.

The key benefits of Akropolis include:

Safe and secure account keeping. Thanks to a tamper-proof ledger of transfers in the system, you can be sure of 100% reliability of your data and account.
Powerful anti-malware solutions and gate-keeping to prevent unauthorized access to assets.
Voting and staking are organized to reach agreements and make mission-critical decisions. Tamper-proof voting allows for fair management of the system.
Turing-complete smart contracts make up for a great computing power.
Unlimited and unbounded storage.
A wide range of toolsets for development of pension funds and systems.

Users and their opportunities

Akropolis is designed for being used by different categories of people.

Individual users can manage their data and financial assets, monetize their data, use smart contracts for P2P transactions, and make cryptocurrency investments for pension forming.
Pension funds may reap advantages of ready tools and instruments to manage their clientele and build the infrastructure. There’s a simple verification of authenticity of documents and participants, transparent fee structure, convenient and reliable data storage solutions, and lower cost of compliance reporting.
Fund managers enjoy simplified onboarding, easy access to clients, and quality verification.
Developers are incentivized for contributing to Akropolis growth and providing it with more advanced technological solutions.

It’s hard to say for sure whether Akropolis will be a surely successful project – despite the claims of creators, there’s no definite pension calculation model, and different pension funds will offer their own pension systems. Only time can show whether the principles introduced by Akropolis will really work for the participants.

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