Empowering Informal Economies via DeFi: POA Network and Akropolis announce their partnership
In a novel industry like blockchain, user experience (UX) plays a big role — we are building tools and protocols from scratch, and people need to be onboarded correctly and easily in order to adopt them. Even the best ideas and technologies can be limited by their usability. A clunky, unintuitive UX will frustrate users and limit their understanding and willingness to use a product.
The Web3 ecosystem has many UX challenges to address in order to be fully functional. For instance: public and private key management and associated risks, understanding what is gas and how to set it up, etc. It is our responsibility to alleviate such issues, and bring new users into the ecosystem.
Akropolis protocol is a layer-2 solution, designed to be implemented on any Turing-complete blockchain. The objective of the protocol is to enable an alternative financial infrastructure to creation, manage, and connect bank-independent member-owned financial organizations (co-ops, mutuals, etc).
Akropolis announces their partnership with POA Network, towards better UX standards for end-user adoption. POA Network has been developing products with the end user in mind, including an open source explorer, BlockScout, POA Core, and xDai Chain.
The xDai Chain is an Ethereum-based blockchain, created by POA Network in partnership with MakerDAO, that uses USD-stable xDai (a representation of Dai token) as the native coin of the network and leverages Proof of Autonomy consensus model, in which the validator set is managed by a decentralized autonomous organization (DAO).
Akropolis on xDai Chain
Using xDai will allow us to build time- and cost-effective solutions using both traditional currencies and stablecoins, reducing cryptocurrency volatility risk and UX friction.
xDai block time of 5s offers quick finality. Its constant gas price is fixed at 1Gwei and is payable with xDAI stablecoin. These two factors are key to paving an easier path to adoption through superior UX.
About the Akropolis Network
Akropolis is a domain-specific financial protocol dedicated to the needs of the informal economy. It is designed to:
- enable anybody regardless of their geographical location to quickly set up, operate and grow informal autonomous financial organisations (AFOs), e.g. digital co-ops, guilds, mutuals
- enable an interoperable scalable network between them and external third parties, whereby value can be exchanged freely in a trust-minimised way (e.g. co-invest, lend/borrow, trade).
- reduce instances of fraud and misuse of funds
About POA Network
POA products are for people who believe that the Ethereum protocol must be cheap, fast, and scalable. We are focusing on bringing the best developer experience for blockchain professionals. We promise that engaging with POA will help you create a first-class application on the platform.