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Round 5



Akropolis is a financial protocol for the growing multi-billion informal economy.

The global economy is on the verge of another global financial crisis with the global pensions deficit, meaning the total outstanding pensions liabilities to people, including all asset classes, currently at $78 trillion. It is expected to reach four times global GDP by 2050. Government debts are rising year per year. In the USA alone, the national debt is over $22 trillion up to date. However, according to some estimates, the fiscal gap may be up to ten times greater. Total world debt is estimated to be as high as $244 trillion.
In a situation where many existing institutions face bankruptcy and collapse, it is worthwhile to look at how people have previously shown resilience to instability and uncertainty. More precisely, we look at the ways people have used to protect each other and maintain a social contract to preserve and multiply their wealth before the existence of modern-day financial institutions.

The answer lies in self-sovereignty through the ability to protect one's savings and in growth through trust-based communities as a source of support, informal credit, and emergency social insurance. The concept of self-governed social groups which run finance and social insurance services for its members is already used at scale in countries with an unstable economy, such as many developing countries, and has proved its efficiency and reliability in protecting members from ruin.
We believe that the future of finance belongs to user-owned networks. Our thesis proposes that banks and other financial corporations will be replaced by a federated network of autonomous co-operative financial organizations, each of which will act in the interests of its owners and interact with other parties in a single digital financial landscape. The Akropolis protocol aims to create this new digital financial landscape by providing a unified program interface for the cooperation and exchange of value of digital financial organizations.

The Akropolis protocol addresses the following problems:

• The complexity of starting an autonomous financial organization (AFO)

• The geographic lottery of financial services availability

• Allowing trust-minimized exchanges of value between groups (digital co-ops, guilds, mutuals), as social trust is not scalable.

• Security, reliability, and transparency of informal financial organizations

How does Akropolis allow to solve the mentioned problems?

• Quickly set-up, operate and grow informal autonomous financial organizations (AFOs) like digital co-ops, guilds, and mutuals - with no geographical limits

• Connect AFOs to a previously impossible interoperable scalable network between them and external third parties, whereby value can be exchanged freely in a trust-minimized way (e.g. co-invest, lend/borrow, trade);

• Reducing instances of fraud and misuse of funds

• Providing benefits of aggregation to users who would otherwise not be able to afford access to them