The first step towards financial freedom: Akropolis launches the first Testnet AFO Governance Module

Akropolis
Akropolis
Jul 1, 2019 · 4 min read

Our team is pleased to announce the launch of the Testnet AFO Governance Module, allowing, from now on, all Akropolis users to create community-owned organization, where in the future — when we are fully operational in Mainnet — they will be able to save, transact, borrow, lend, and interact with various DeFi protocols — finally taking back the control of their own finances.

An AFO (Autonomous Financial Organization) is a DAO, which is created for its members to achieve their goals, and expand their possibilities in terms of finances.

IMPORTANT: This is a Testnet version. This means that none of the ETH/Tokens used can be exchanged for real assets — additionally, please NEVER send/transact with real ETH or any other ERC-20. Akropolis is being tested on the Rinkeby Ethereum Testnet and we still need to work a lot towards mainnet, where you will indeed be able to invest real assets.

Below, you will find descriptions and guides for creating your test organization and the functionalities you will be able to test in this AFO module. In the future, you will be able to use all of this with real digital assets — but first make sure to familiarize yourself with the platform, so when it’s ready to launch, you will be an Akropolis AFO expert.

Easy to operate

  • Simple: the only requirement needed to set up your AFO is an Ethereum wallet that supports testnets — for the time being, Metamask — and later invite those people you decide to cooperate with.
  • Transparency and security: all withdrawals, investment decisions, and other financial operations need to be approved by the majority of the AFO members.
  • Fair application process: the decision to add new members to a organization is made by voting.

Any member can create a vote -whether it’s for accepting new members, withdraw funds, or any decision you deem relevant. Users can speak their minds freely and submit their ideas to the AFO.

Creating an AFO

NOTE: please make sure always to have Metamask enabled for the Rinkeby Test Network!

Creating an AFO in the Akropolis Protocol is simple and easy-:

  1. Set up your Metamask Ethereum wallet.
  2. Select “Rinkeby Test Network” from the top menu with the networks (yellow dot indicates Rinkeby).
  3. Request funds to the Rinkeby Faucet, follow their steps.
  4. Request Test DAI tokens — please fill up this form, we will be sending test DAI on a daily basis.
  5. Check the funds are in your Rinkeby Wallet.
  6. Think which name suits your organization, and set the financial goals.

After that, you only will need to sign a couple of test transactions, and in some minutes, voilá! Your organization will have been created, and you will already be able to put it to test.

Fund management

An Akropolis AFO is your opportunity to achieve financial goals together with your peers. After depositing funds individually, for instance, you can send the now joint funds to Compound and accumulate passive income by becoming borrowers (currently the interest is around 8%).

Please note you will also be using Compound Testnet, which also uses test DAI only — do not try to send real DAI to Compound Testnet.

In addition, any member of the organization can get access to social credit / social insurance: all that is needed is to make contributions on time and after the test period you will be able to get a loan / insurance from members of the AFO. You can also test this feature now.

In short, the Akropolis Protocol enables the creation of a distributed financial network comprising member-owned financial organizations designed to step in to provide the trifecta of basic financial services (savings, investments, social insurance) through a distributed network without reliance on governments, banks or other legacy financial institutions.

What‘s next?

Currently we are building on top of the Ethereum blockchain as a test platform on which we can demonstrate the capabilities, features and potential of the Akropolis Protocol, as well as assessing benefits, challenges and other verticals that might arise from this first testing stage.

On the other side of the spectrum, a further focus of our development team is the Akropolis Chain. Implementing our protocol as a parachain on Polkadot will allow us to open access to our users not only to investment, savings, loan tools on Ethereum but also to the whole Web3 ecosystem. The Akropolis chain, interconnected by the Polkadot protocol, will also be able to interoperate with other blockchains seamlessly and solve scalability issues, improving, for instance, the high costs of onchain voting that the current DAOs suffer from.

We are looking forward to our community joining us — thank you, as always, for the support.

Your feedback is key, please join us.

Learn more about Akropolis:

Website: https://akropolis.io/

Twitter: https://twitter.com/akropolisio

Telegram: https://t.me/akropolis_official

Do you have any questions? Please ask by email! team@akropolis.io

Akropolis

The Financial Protocol for the Informal Economy