Akropolis Development Update

Akropolis
Akropolis
May 21, 2019 · 5 min read

We are happy to share with you our latest Development Update, and our plans for the future.

TL;DR: Having delved into R&D with institutions and pension fund professionals, we returned full circle to the organization types that have been used for centuries: informal financial organizations, such as chamas, co-ops, and others. Read more in our recent post.

Based on our market and user research, we came to the conclusion that there was an existing use-case we could tap into, and on-board into DeFi with the right tools. So we set out to build a new financial infrastructure resistant to the future global financial crisis.

We migrated the development work to a modular approach, in order to be able to incorporate new nascent Web3 technologies without unnecessary development overhead. This approach dramatically optimizes and streamlines the development of new components and adapt them into the existing modules. Below you will be able to find updates on the modules we are currently focused on.

The Akropolis Network development is on track and has been going on in accordance to the roadmap specified in the new Whitepaper.

Our updates, classified by product development areas:

1. Creation of the backbone for financial transactions

The C2FC financial primitive was designed and implemented on our platform CashflowRelay for exchanging/selling financial obligations. Currently, financial commitments are created and administered by individuals. In the next iteration of our development, we will be adding the ability to operate C2FC by DAOs or organizations. The initial platform was released in February 2019, according to our roadmap.

2. Development of a module for creating and operating on-chain co-operatives/DAOs

Development is carried out according to the roadmap, we are on track to make a co-op Governance Module demo around June 2019. The initial design will allow you to create a cooperative to achieve joint financial goals, contribute funds, make decisions about joint investments by voting. Here is a sneak peek into it:

3. Tokenomics

As of today, we implemented staking in CashflowRelay which is used for the C2FC creation. However, we believe this model can be improved in the next product iteration. We are introducing a more advanced model based on the adaptation of the learnings from the Livepeer and MakerDAO tokenomics for our product, in our whitepaper. At the moment, we’re at the final stage of the R&D phase on the token model creation.

During the protocol design and development, as mentioned, we adopted a modular approach towards our development and singled out several independent modules that collectively make up our product:

  • The CashflowRelay module has been implemented for exchanging/selling financial obligations. Financial commitments are created and administered by individuals — owners of ETH wallets. It’s worth noting that the owner of the wallet can be not only an individual but also an organization. All decisions in such organization are made off-chain.
  • We are working on the co-op governance module — a module for creating and operating financial cooperatives on-chain. We aim to complete the first version of the module by the end of June 2019.

This module will allow organizations to make decisions and conduct their activities on-chain. In the future, cooperatives will be able to raise funds/invest their own funds through CashflowRelay.

In the process of implementing this module, we studied the existing DAO platforms: Aragon, DAOStack, Colony.

We are using AragonOS as a platform to implement the MVP of our protocol — as it provides a large set of tools for creating and administering DAOs.

Right now, one of the limitations of the current state of Aragon is the lack of a single entry point for managing membership in all organizations. To eliminate this drawback, we have developed a primitive version of the identity module for users and organizations— you can check it out here.

4. Tech design

Last, but not least:

  1. We created the Akropolis wiki 👉 https://wiki.akropolis.io/, your one-stop shop for all things relevant to our project.
  2. The new Whitepaper is published — find more information about incentives, modular approach, users, and more here 👉https://wiki.akropolis.io/whitepaper/.
  3. We have developed a new tokenomics model to encourage AFO to actively interact with each other. The model is based on the adaptation of the Livepeer and MakerDAO tokenomics and is described in detail here 👉https://wiki.akropolis.io/tokenomics/.

The Road Ahead:

Currently, Akropolis MVP is under ongoing development with the co-op Governance module for creating and operating on-chain co-operatives/DAOs. This is set to be presented by the end of June 2019, we look forward to our users testing and experiencing true financial freedom.

Moreover, we are cognizant and moving towards scaling the protocol to accomplish our goal to contribute to the construction of a crisis-resistant financial service. Scalability is key to achieve this.

Therefore, we are working on the Polkadot implementation of the protocol.

In order to enable the creation and life-cycle management of cashflow-based financial products and solutions that can be used by other blockchains connected to the Polkadot network, Akropolis has already launched a parachain on Polkadot and will be expanding its implementation over the course of our roadmap. More to come on this front soon.

Thank you for your support — we could not have done this without our community.

Disclaimer: All images and numbers represented in this document are for illustration purpose only. Actual product may vary due to product enhancement and ongoing development.

Akropolis

The Financial Protocol for the Informal Economy