The Akropolis (AKT) ICO
What is Akropolis?
Akropolis is a decentralized blockchain network for the pensions industry. The Akropolis team believes that there are many problems with pensions today. Life expectancies are increasing while pension contributions are decreasing. The ratio of retired people to workers is increasing. If these problems are not addressed, it could cause a crisis in the future.
In addition, workers are increasingly moving towards jobs in the "gig economy." This means that they will have no employer-provided pension, but will still need some means of saving for retirement. Future pension systems will need to provide products for this new class of workers.
The Akropolis team believes a blockchain network can solve these problems
How does Akropolis work?
For users, Akropolis provides pension records that are easily accessible and immutable. Family members can make pension contributions to other members through the use of coins that can only be used for pension products. Users can also earn money by making their pension data available to interested third-parties. Since funds are controlled through smart contracts, users do not have to worry about fund-seizures like those that recently occurred in Poland and Argentina.
For pension funds, Akropolis provides a simple process to bring in new clients. Fund Managers are pre-vetted through the Akropolis system. This saves pension funds money, as it prevents them from having to comply with regulations over and over again.
For fund managers, Akropolis provides a means for them to prove they are "good actors" who provide quality products.
Akropolis has two tokens: AIT and AKT. AIT is a stable coin whose units are linked to a fiat currency or major cryptocurrency. AKT is the coin sold in the ICO, and is used for various purposes on the Akropolis platform.
Before offering services on the Akropolis platform, fund managers must stake a certain amount of AIT or AKT. They are also required to stake AIT for a period of time right before they release reports. These reports are called Funds Under Management (FUM) reports.
The staked AIT is used as an incentive to get users to find false statements in the FUM report. If a user finds false statements, he/she can report it to the authority who handles these claims. In the beginning, this authority will be the Akropolis foundation itself. However, the team intends to develop a decentralized method of choosing this authority in the future. If the authority judges that the report made false claims, a portion of the staked amount will be awarded to the whistleblower who proved the statement was false. The team believes this will be an effective mechanism for keeping fund managers honest.
Akropolis also provides a ranking system that provides statistics on how well fund managers have done in meeting their stated goals.
How is Akropolis unique?
Akropolis is a network for pension funds, fund managers, and clients to meet up and do business with each other. As such, it is completely different from a traditional pension fund or manager. There is nothing like Akropolis in the world today, so it has no competitors.
Who makes up the team behind Akropolis?
The Akropolis team is made up of experts in investing, law, marketing, security, and software engineering. This includes CEO Anastasia Andrianova (Co-Founder and former Managing Director of Apiro Capital),Head of Community Development Kate Kurbanova (former Head of Analytics for Cindicator), Senior Advisor to the CEO and General Counsel Sandra Wu (Head of Legal and Chief Compliance Officer for Mercer), Pensions Lead Peter Robertson, Business Development Lead Aylon Morley, Head of Strategy Abhimanyu Dayal, Content Manager Jay Mehta, engineers Adrian Manning (Phd), Paul Hauner, and Victor Wiebe, and cybersecurity expert Mehdi Zerouali.
More details about the Akropolis ICO
The Akropolis ICO is launching in July. For the public, tokens will be transferable as soon as the ICO ends.
The Akropolis (AKT) tokens will cost US$0.0690 each, to be paid in ETH equivalent. The team has not yet stated a minimum or maximum contribution amount for individual investors. The team hopes to raise US$25 million total..
The July 24 public sale will comply with the following allocation strategy:
40% will be sold in the token sale
10% will be given to advisors and early supporters
10% will be used for marketing and ecosystem development
10% will be given to the team
20% will be kept for a reserve fund and partnerships
The proceeds from the sale will be used as follows:
50% will be used for technology and talent
15% will be used to acquire partnerships
10% will be spent on marketing
12.5% will go towards legal and regulatory costs
10% will pay for ongoing operations
2.5% will be allocated for unforeseen contingencies