When it comes to the top cross-chain project Polkadot, most people in the circle have the impression that it has a strong technical background and is synonymous with "doing practical things".
Speaking of the first DeFi project in the Polkadot ecosystem, have you heard about it?
Commercial and retail banks as we know them today are traditional financial systems whose current systems have become opaque, inefficient, and too big to fail.
Times urgently need a fintech revolution that addresses these issues by disrupting existing financial markets and creating new, community-focused models.
It is against this background that Akropolis came into being. Its protocol aims to provide a new digital financial environment for the cooperation and value exchange of digital financial institutions by providing a unified program interface.
In simple terms, it is a platform for creating autonomous financial organizations. No matter where you are, whether you have a bank or not, Akropolis provides you with new financial tools that put you in full control of your finances.
You might not recognize this informal financial organization, but autonomous financial organizations have existed for centuries. They are common all over the world, either as rotating savings and loan associations (mutual aid societies), or cooperatives.
Through our research, we were surprised to find that the Kenyan Chamas Saving Circles were the most profitable informal financial organizations. Chamas saves $4 billion a year and the entire informal economy contributes over 47% of Kenya's GDP!
It can be seen that in addition to the traditional financial system, autonomous financial institutions also have a huge economic influence.
Likewise, Akropolis' influence is limitless. Let's take a look at what problems it solves:
1. The complexity of creating an Autonomous Financial Organization (AFO);
2. Availability of financial services for geographic lotteries;
3. Allow value exchange between groups (digital cooperatives, guilds, mutual aid organizations) to be minimized, because social trust is not scalable;
4. Security, reliability and transparency of informal financial organizations.
So what are the advantages and features of Akropolis?
1. No bank account required;
2. The integration of DeFi provides a continuous savings rate;
3. There is no need for long-term lock-up to obtain interest, and continuous interest payment;
4. Resistance to fraud or manipulation;
5. Provable solvency;
6. Ability to obtain funding even if the organization dissolves or fails;
7. Expand the potential of the cooperative banking model;
8. User incentives promote network growth, reduce usage costs, and speed up service delivery;
9. Own all funds in a trustless way, the funds are stored in the on-chain ledger, and only verified users with permissions can access them;
10. Transparent, real-time and immutable financial records;
……
Knowing that it has so many advantages, are you more curious about this project? Then let Crypto Geeks take you into Akropolis!
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Guest introduction
Alex Maz
Alex Maz
CTO of Akropolis. A blockchain engineer, educator and co-founder of the Ethereum Meetup in St. Petersburg, Alex holds a BA in Applied Mathematics and Computer Science and is a PhD candidate in Machine Learning. He has 16 scientific publications focusing on natural language recognition, and 10 commercial applications.
Not much to say, friends who are interested, hurry up and scan the code to join the group!
