Blockchain technology has been instrumental in disrupting various industries. Initially used in the now-popular Bitcoin cryptocurrency, numerous ventures and projects are now using it to drive innovation in their respective markets. One such venture is Akropolis– a blockchain-oriented startup that aims to enact real change in the pension market. Pensions are currently facing major issues caused by outdated principles and blockchain may yet be the technology it needs to keep the industry afloat.
What’s the Problem with the Pension Market?
According to research by various institutions, the world is steadily moving towards a retirement crisis. The World Economic Forum (WEF) estimated that the pension savings gap is set to increase from $70 trillion in 2015 to $400 trillion by 2050. The banking giant Citigroup also reported that the average level of unfunded government pension liabilities in 20 OECD countries reaches about 190% of GDP, surpassing government debt amounting to 109% of GDP.
Among the main reasons for this is a higher life expectancy due to the developments in the healthcare sector. Living a longer life should be a positive thing but retirees have to afford it. The problem is, the market is not ready for this shift. Assumptions about retirement planning are outdated that many workers are just saving up for the bare minimum. Inflation and longer life expectancy combined are set to demand much more out of workers’ portfolios.
The industry also suffers from an abundance of malicious actors who compromise funds. In addition, social security has been hampered by bad fund management. Today, the majority of social security systems and pension plans are underfunded which threaten the financial stability of several generations of workers.
Solving the Pensions Problem through Blockchain
The retirement market is in dire need of a major change.
Akropolis understands the magnitude of the brewing crisis and believes that blockchain can be the transformative force that solves these issues. The venture is set to offer a blockchain-based infrastructure that decentralizes pensions. The platform gathers fund managers, institutional users, individual users, and developers under a single ecosystem that provides increased transparency and efficient processes.
First, it provides more people with access and control over their pensions. With its protocol, Akropolis provides users with a decentralized marketplace. This serves as a secure venue for users to shop around for pension products that best fit their needs. Users will also be able to comprehensively manage their pension portfolios online.
Second, it provides transparency in the transactions made on the platform. Through blockchain, portfolios can be audited by users at any time unlike with traditional funds which rarely provide members with up-to-date information regarding their individual accounts. At its initial stages, Akropolis will be using Ethereum as its blockchain but it is working on becoming a blockchain-agnostic technology that works on other protocols like Cardano and EOS.
Third, it encourages positive behavior from funds and fund managers. Institutional users have to go through a vetting process to ensure their legitimacy. A reputation system rates them based on good performance and trustworthy behavior. Pension funds and fund managers are also provided with mechanisms that help them connect with clients.
Transparency and security could help drive better fund performance and provide the stability pensions need. Sustainability is key for pensions to be able to provide for retirees’ financial needs.
AKT Token Sale
To make this possible, Akropolis is conducting a token generation event, during which it will make 360 million Akropolis External Token (AKT) tokens available to interested contributors. The venture aims to raise $25 million from the event putting the initial sale price of $0.069 per AKT.
AKT will be a functional token that will give users the access to the platform. With AKT tokens, platform users will be able to buy pension-related services, pay fees, and use it in staking processes.
The sales cap represents 40 percent of the 900 million total supply of AKT. The rest of the AKT tokens are allocated as follows: 10 percent to advisors and early supporters, 10 percent for marketing and development, 20 percent for reserves and partnerships, and 20 percent for the team.
Besides AKT, the Akropolis platform also features the Akropolis Internal Token (AIT). These are stable tokens used internally for various purposes. As any stable coin, AIT aims to address volatility issues. Users will also be able to obtain AIT tokens when transferring funds to the system. For the token sale, however, only AKT tokens will be made available.
The private pre-sale has already successfully concluded. Investors will still be able to buy tokens in the upcoming public sale which is expected to happen soon. The public sale has recently been pushed back as the group works towards regulatory compliance in Gibraltar, where Akropolis is headquartered.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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VOLUM (VLM) Announces Commencement of Token Generation Event
ESTONIA, May 4, 2019 – VOLUM (the “Company”), a multi-dimensional blockchain technology holding company, is thrilled to announce the commencement of the Volum (VLM) Token Generation Event (“TGE”) beginning on Saturday, May 4. The VLM utility token is the native cryptocurrency powering the VOLUM supply chain and logistics management platform.
Driven by algorithmically intelligent software tailored to logistics and supply chain management, along with Internet-of-Things (“IoT”) integrated functionality, and a backbone of hybrid public and consortium blockchain architecture, the platform is organized around the Volum (VLM) token. The VOLUM TGE will be managed by deploying ERC20 tokens on Ethereum Mainnet to maximize future access to cryptocurrency exchanges.
The VOLUM platform operates as a comprehensive control center for supply chain and logistics management operations. Companies who use this platform will be able to carry out a wide range of blockchain transactions including: Payments, Rewards, Purchase Orders, Legal Contracts, Regulatory Compliance, Taxation, Shipment Management, Letters of Origin, Customs Documents, Inputs/Outputs and Inventory Ordering, Delivery/Parcel Tracking, IoT Monitoring and Reporting, Big Data Analytics, and Inputs and End-Product Tracking/Traceability.
“The total addressable market for a blockchain-based supply chain solution is nearly $54 trillion globally, with the majority of the world’s workers playing some part of this equation” noted Arnaldo A. Detrés, CEO of Bengala Technologies, LLC, the principle blockchain developer working to build the VOLUM platform. “However, blockchain solutions have been unable to…
How to Secure Yourself in Relation to Bitcoin: Top VPN Services
Nowadays, more frequently people opt to use cryptocurrency such as Bitcoin while dealing with financial transactions for its convenience, so its increasing prevalence isn’t round-of-the-mill phenomenon but still, its users need to create fully protected cooltechzone to secure their data.
Recently, a great abundance of VPNs have started to accept it as a way of payment and it definitely makes sense: one buys VPN to retain anonymity on the Web, so why not to use the privacy-focused payment method? Paying for a VPN service with Bitcoins or any other cryptocurrency secures personal data from curious eyes leaving no traces.
What is a VPN?
Virtual Private Network (VPN) is generally presented by the group of linked to each other computers via the Internet. VPN boosts protection and provides a high level of anonymity to all types of Internet connections.
While the connection to the ordinary Wi-Fi networks, a user usually gets access to the Internet directly, thus he becomes vulnerable to the hackers and the malware attempting to steal his personal data. On the other hand, applying VPN one transmits and gets data in encrypted form which makes it protected.
Generally, isn’t hard to trace an Ip-address of any user and to identify his location with sufficient accuracy. With the help of VPN, the attacker will only get the address of the removed computer. Undoubtedly, the safeguard…
Is it legal to gamble in Bitcoin casino?
Bitcoin entered the world in 2009 and immediately begun a revolution on the cryptocurrency market. Presently, there are more than 700 different digital currencies, but Bitcoin still remains the most used one. However, despite the large business activity around Bitcoin, there is still no international legal law to regulate it.
Key facts on Legality in Bitcoin casinos
Laws and obligations concerning online gambling legislation vary from country to country. There are many jurisdictions that can issue gambling licenses to online casinos. But, these licenses are issued only after the online casino business meets the requirements of the chosen jurisdiction.
The necessity of Gambling License for Bitcoin casinos
In order to make it clean and clear, a reliable online casino will obtain an online gambling license. Among other things, it allows running a legal activity and assures the casino operator’s trustworthy behavior, fair gaming policy and transparency in business operations and gaming software offered to customers. A representative of this kind of casino, such as FortuneJack for example, will have good reviews and reputation, and stable business that is constantly growing and expanding throughout the years. You can also feel the stability by checking the website, and important details such as casino withdrawal time and the number of games offered for playing, as you can examine on Fortunejack.
There is a difference between Bitcoin and Bitcoin gambling legality. There are countries…
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