Akropolis: The Scheme that will Change the Approach to Pension Management Forever

On a personal note, I believe life has four different stages. The stage of infancy, the youthful stage, the middle-aged stage and then the retirement stage. The actions taken at the youthful and middle-aged stages usually determines how well the retirement stage will fare. This is because those two stages are the periods in the life of an individual where they exert the most energy towards making ends meet for themselves and possibly their family. At the retirement stage, most of that energy has been exhausted and so the activities and individual can engage in at this point is very limited. Those who enjoy the retirement stage the most are the ones who saved up or engage in a viable investment during their youthful/middle-aged stage as they get to reap the rewards of all their hard work at this point without having to lift a finger.

This is where the concept of pensions came in. People work for several years at the prime of their lives and as such they need a kind of funding to fall back on when the body can no longer keep up with the requirements of work. Pension schemes help workers and entrepreneurs save a certain percentage of their income (weekly, monthly or annually as stated in both parties agreement) so that they can have a good amount of money well saved up for when retirement comes knocking. Every country has one retirement scheme or the other but it does not change the fact that they all face a set of common problems.

Issues with the current Pension Systems
Unlike the good old days where an individual can get a good, steady job at a company and work there for the rest of their life, the employees today tend to move around in-between jobs and careers and sometimes across different geographical locations frequently, making it harder for pension systems to track, not to talk of those who are mainly engaged in freelancing. Most governments are also finding ways to shift the responsibility of funding employees’ retirement back to the individuals by deliberately moving the retirement age further or privatizing the pensions sector because of the discrepancy between pension assets and liabilities growth. Pension fund administrators who are supposed to handle the retirement funds also get plagued with problems of their own. Individuals lacking comprehensive information about their fund management is one of those problems. Other problems include hidden fees, complicated portability process from job to job geographically as well as manually enforced compliance regulations.

Akropolis’ Decentralized Solution
Akropolis was established to cater to the needs of the average worker who yearns for a compatible pensions system that they can relate with. Akropolis is a unique platform that welcomes different users from across the world to connect and interact with a plethora of experienced pension funds and fund administrators. With Akropolis, the problem of hidden charges is eliminated as the system is transparent and follows adequate regulatory compliance. It also features a stringent fund vetting process and a valuable incentives structure to douse the commonly excessive fees that individuals normally face in today’s pension systems.

Blockchain technology will make the aims of Akropolis possible as it provides the perfect characteristics needed for the platform to function optimally. This is because the immutable ledger structure of the blockchain will improve visibility and audit links that is connected to existing pension funds while simultaneously maintaining the privacy of the transfer. Another reason why blockchain makes Akropolis a viable platform is the fact that the blockchain’s asymmetric key infrastructure which is used for authentication allows on-chain or rather off-platform communication. This is necessary because it makes it possible for portable pension services from anywhere around the world. Decentralization of the blockchain makes on-chain processes seamlessly handle compliance while providing a transparent fees structure and at the same time ensuring the incentivized mechanisms heal the disjointed incentives structure usually found in the present pension systems. Akropolis aims to improve the existing pensions systems and in order to achieve their target, they are conducting an ICO where investors can purchase the Akropolis tokens (AKT) which will be the primary cryptocurrency of exchange on the platform. To learn more about how you can participate, kindly visit any of these links; website, whitepaper, telegram, twitter, facebook

Author - Coltpython