Akropolis AMA Recap

Akropolis AMA Recap

CryptoDiffer team

Hello everyone!

We are glad to meet here:

Kate Kurbanova (@tomboytrader), Co-Founder, Operations & People at Akropolis

Ilgiz Gimal (@igimaltdinov), Product at Akropolis

Yana Mar (@Sidzuka), Community & Marketing at Akropolis

To start could you all give a brief background on yourself and how you got involved in crypto and Akropolis in particular?

Kate Kurbanova
Co-Founder

Yes, sure! First of all hello everyone, pleasure to be here today! Before crypto I was a stock trader (mostly focused on Nasdaq) and joined fintech startup Cindicator in 2016 as head of analytics where we started paying attention to crypto at the late 2016. After Cindicator token sale I worked with 2 companies as an advisor and one of them happened to be Akropolis. I joined Akropolis full time in May 2018

 

Yana Mar
Community & Marketing

Sup! Happy to be here =) 

My crypto journey started with Cindicator (same as Kate) where I worked for a year or so as a Head Of Community  

I met Kate there and it was really inspiring to work with her – so I was helping with AKro in my spare time last year and joined the team full time this year 

 

Ilgiz Gimal
Product Manager

I’m working in fintech for the last 10 years. Before crypto I worked at fintech fund, where I overseed all product development for incubator projects, earlier worked at Digital Business Development Department at VTB Bank, one of the leading universal banks of Russia.  Being in fintech spacie , I’m looking for web3 tech since 2016. Working in crypto I knew Akropolis founders and  in late 2018 I joined Akropolis team.

 

CryptoDiffer team

Can you give us some background on how Akropolis got started and what problems is it looking to solve?

 

Kate Kurbanova
Co-Founder

This is a story that we hear over and over again from our founder Ana as the the initial idea for an unraidable distributed pension fund belongs her 🙂  The idea was born when she was working in Lehman Brothers in 2007-2009. She kept coming back to the idea over time, and found herself talking to board members of several major pension funds and they were agreeing with the basic concerns and premises that she had. The problem is both simple and relatively unknown to the younger population: it’s the current and ever-increasing pensions deficit crisis and no visible solutions to it.

 

Yana Mar
Community & Marketing

The problem itself can be described as follows: 

– People won’t have pensions that they can expect or rely on in the near future

– In the event of an economic crisis, public funds and social security funds are the first pools of capital that a state typically taps into to plug the budget deficit. creating an alternative financial network that would not depend on the whim on the governmen, doesn’t depend on the interbank lending system and is resilient to contagion risks is what we wanted to explore designing.

We have tons of research at our wiki – you’re welcome to deep into it at https://wiki.akropolis.io/library/

In plain words – we wanted to build a network that will help people save money, protect wealth against inflation, ensure access to credit/basic insurance/remittances through a p2p network that can communicate with but doesn’t structurally depend on the banking system.

 

CryptoDiffer team

Why did you decide to pivot and move from the initial pension topic? How did such a decision affect the prospects for your development?

Ilgiz Gimal
Product Manager

We started from a larger corporate point of view with institutional players supporting us, but it became clear that their enthusiasm for the blockchain depended on people sentiment (hello crypto winter). User aquisitions is also kinda hard and take more than 12 months usually. We were offered to create private PoC for institutional clients, but felt that it is a territory of major management consultancies like PWC, EY et al and would be a deviation from the original vision.

As we continued to customer development, it became clear that pensions, savings, remittances are relevant not only within the regulated institutional field, but also for cooperatives / communities, especially in countries where regulation cannot guarantee an appropriate level of reliability.

In this sense, we did not, strictly speaking, deviate from our vision. We have turned to another, more viable model.

Due to changes in the product, we had to rethink our architecture and rewrite many parts of the product. This, of course, slowed us in terms of development as we needed to start almost from scratch – but the current version and vision is much more aligned with our vision and overall DeFi space.

 

Cryptodiffer Community

Q:- If any person who borrow money in the community and in future try to leave without paying it back to the lender ..how akropolis will resolve this issue?

Q:- As there is no credit score system so how much one can borrow (maximum or minimum limits) in DeFi system of Akropolis ?

 

Ilgiz Gimal
Product Manager

We are implementing a credit scoring system analogue through a staking model – 3rd parties (network keepers) can stake for participants and thus create a public rating of reliable borrowers. More detailed it described here: https://wiki.akropolis.io/tokenomics/.  Network keepers are rewarded in case of a correct risk assessment (they receive a part of the interest that the borrower pays) and are punished otherwise (their stake is being slashed)

 

Cryptodiffer Community

What’s the main reason Behind shifting tokens from AKT to AKRO ? 

Whats the Roadmap of next 2 years for development of AkroPolis ? as there is no roadmap mentioned in website !

Yana Mar
Community & Marketing

1) Our token metrics were updated due to the public sale, and in order to simplify the token swap procedure and eliminate any potential instances of fraud during the oldAKT to newAKT token swap, we decided to change the token ticker to an easy to remember AKRO.

2) You can find our roadmap in our whitepaper, accessible at https://wiki.akropolis.io/whitepaper/#roadmap. We will be updating it soon so that everyone can see both roadmaps (Ethereum development and development on Substrate/Polkadot). Also do check our tech updates – they tell everything about what have been done and what in plans. 

Cryptodiffer Community

If the target users are the unbanked, are we talking about this project focused on third world countries? Which countries could benefit from this project?

How is the security of those who grant and receive the loan shielded? Basically, what is the fundamental pillar to trust?

Ilgiz Gimal
Product Manager

First of all, we focus on DeFi users who want to get a loan without 150% collateral. But in the future we think our product will be interesting to emerging markets – for example, Akro can replace Chamas and other community alternatives to the banking system. 

Security is ensured by our token model (https://wiki.akropolis.io/tokenomics/) – special network participants are responsible for the correct risk assessment (and their reward depends on the quality of the assessment)

 

Cryptodiffer Community

How to guarantee one user per person? Or is this not relevant to you?

Who is behind the government module? Can I as a user participate?

Ilgiz Gimal
Product Manager

ofc you can participate. Our product does not imply KYC or any entry restrictions. The test version of the product you can found here:  https://testnet.akropolis.io/

 

Cryptodiffer Community

Which algorithm is the Akropolis Network built on?

Ilgiz Gimal
Product Manager

We are developing the Ethereum product at Solidity.  We are also use Rust for building our  Substrate implementation of protocol.

 

Cryptodiffer Community

1.  What is Finance 3.0? What issues made AKROPOLIS choose it as an area for research, innovation, or investment?

2.  What is the role of AKROPOLIS NETWORK? Why connect to the Rinkeby Test Network to visit?

Yana Mar
Community & Marketing

1) I guess we answered the first question while answering intro ones  

2) We’re building a financial protocol aimed to help people save/insure themselves/invest through different DeFi solutions. and as we’re building a decentralized solution, the Co-Op Givernance module is on Rinkeby testnet – testnet.akropolis.io. It’s a testnet, soeveryone can switch to Rinkeby and test it with test DAI just to understand how it works without risk of loosing real funds.

Cryptodiffer Community

How is AkropolisOS better than  the existing solution built on AragonOS ? & what are the advantages of choosing AkropolisOS?

Ilgiz Gimal
Product Manager

AkropolisOS is being developed in a modular architecture proved to be one of the best practices in the market for creating building blocks from which you can assemble smart contracts customized for specific tasks. This will allow any developer to quickly build a DAO with the properties he needs. AragonOS works as a platform that sets certain rules and restrictions for all DAOs running on it. This is leads to a certain limitations which complicate development process

Ana Andria
Founder & Strategy

Hi all! Thank you for so many good questions! In the interests of time, we will share a copy of our responses and responses to questions we will have no time for. I will address a couple of questions above now.

I will take one of the earlier questions “How do you plan to explain such technical topics to a wider audience? How do you plan to show the world that your product is not just another useless blockchain solution to a non-existing problem?”

In very simple terms, the  problem that we are address at a fundamental level is how can people exchange value/enter financial transactions without using banking system and the problems that come with its design: ability to control money supply and therefore dilute your savings; interbank lending system resulting a financial crises in the US affecting fundamentally sound economies in other countries.

So the problem we are addressing: how do you prevent consequences of the crisis of 2007/08 for ordinary people? When you savings/pensions evaporate through inflation or government default, when because of the run on banks you cant take your remaining funds from the bank, and when you cant get a loan or get access to any kind of credit because your regional bank has been funded through the interbank lending system and is now de facto not able to perform?

A distributed ledger, removal of operational costs and intermediaries go a long way towards that.

 

Cryptodiffer Community

We have seen Akropolis recently launched its first AFO governance module. So what positive effect does this have on the development of the entire project? Will more governance modules be published in the future?

Ilgiz Gimal
Product Manager

We tested the basic hypotheses in the work of the DAO. We realized the need to implement some features (for example, such as ragequit). In addition, the limitations of AragonOS became apparent to us. Now we are working on our own DAO framework – AkropolisOS and on improving governance mechanisms in the DAO. Pls follow our updates – we will describe everything in the near future.

 

Cryptodiffer Community

1. Is it necessary to apply cross-chain technology to the provision of informal finance in the world? However, the current cross-chain technology is still in the early stage, and the usage is very small. When is Akropolis expected to be implemented in real-life scenarios?

2. Want to know what layout Akropolis has to attract users? What is the current number of users?

Ilgiz Gimal
Product Manager

Cross-chain technology of course increases the value proposition of the product, as it opens access to all the assets / investment opportunities available in the crypto industry. But now DeFi space offers a fairly wide range of investment opportunities – auto rebalancing strategies via Set, NASDAQ indexes and stocks via UMA, risk-free deposits at Compound / dYdX etc.

Cryptodiffer Community

Some projects have 10% dev share to finance their projects for long run, how does Akropolis plan on getting income to keep the project up and running?

How do you plan on getting AKRO adopted and been put into daily use by people?

Yana Mar
Community & Marketing

1) Re revenue – finding right produc-market fir and potential revenue sources is a headache for a lot of crypto projects (if not all). We anticipate various potential sources of revenue – % of the spread charged by external capital providers, % of the spread from the financial services and products, % of the remittances providers fees. But beat in mind that it’s always work in progress for any project  

2) Re second question – we analysed user acquisition strategies of many fintech and DeFi projects and always keep an eye out for new insights. Our initial strategy now is to reach out to informal economy players: existing co-operatives in EM, immigrant communities, mutual credit networks, etc. as they are already using similar system – but in real world, with possibilities of fraud, dependence on fractional reserve-based banking system, dependence on geography etc.

Cryptodiffer Community

Does easily raising money from your system raise money laundering problems?

Ilgiz Gimal
Product Manager

I don’t think so. First, in order to get a loan in Akropolis you must have an appropriate level of social reputation. Secondly, it’s much easier to use existing Ethereum mixers for money laundering.

Cryptodiffer Community

Q:Well tbh I feel crypto has a very few use cases genuine ones.And defi is one of them. But do you think govt can impose strict regulations on defi projects to safeguard their banks.

Ilgiz Gimal
Product Manager

Governments are trying to ban bitcoin from 2013. If the system is decentralized enough, then the state will not be able to stop its work.

Cryptodiffer Community

I see you have a collaborative relationship with makerDao, how do they help you in your project? And are you planning to partner with other stablecoins?

Yana Mar
Community & Marketing

We cooperate with stablecoins to provide possibility to save and invest money in stable currency regardless geographic positions and local currency of our users. And we are happy with our relationships and will continue to work closely with MakerDAO (more news out soon), they are by far one of the most supportive and responsive teams in the ecosystems =) 

We plan to cooperate with more stablecoins, but only with reliable and trusted ones as we don’t want to exposure our users to legal and financial risks

Cryptodiffer TEAM

It was pleasure to host an AMA with Akropolis!

Thanks everyone for joining the AMA! we are out of time so we have to finish

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