The Auctus Platform is a global smart contracts-based platform for pension funds designed to adapt to different legal and regulatory standards. Through smart contract auditable code the platform will ensure full transparency and compliance to the fund rules.
Smart contracts will be developed to calculate contributions, employer match and benefits, and other features such as investment profiles, beneficiaries designation (in case of death), administration fees calculations and portability between funds.
Today, there are two types of pension plans that are mostly handled in the United States. These are the 401(k) and IRAs, which are tax-deductible accounts that have a steady stream of worker income and the occasional bonus from your respective employer. Some employers may even offer to match the contributions with the worker. The worker maintains full custody over these accounts. The biggest risk faced in using this plan is that some stocks do not behave as expected, but the market will usually be balanced. The second option is a Defined Benefit Plan, where you promise to pay those who have retired based on the salary and how long they worked there. But if these plans fall short, they leave the people who use the plan with the permanent worry that their benefits may not be safe. The risk that bad policies can lead to these plans to bankruptcy is enormous. The question is now, how do we solve this problem? Will the government have to step up with a massive bailout for people, or other systems to help people better manage their retirement money? To solve these fallacies of the pension fund industry, Auctus was launched as a unified platform that revolutionizes operational inefficiencies by increasing transparency, automation and control that leads to significantly lower operating costs and thus increases returns, allowing that pensioners reach their goals more quickly.
The Auctus platform, working with Blockchain technology and Ethereum Smart Contract, eliminates the need for intermediaries and ensures that pension fund conditions are met without interference. Being completely decentralized, there is no entity or group of people
PROBLEMS WE FACE
The main problems related to fraud in a pension fund include: employer who does not pay contributions, misappropriation of investment assets, undue payment of services, abuse of position, provision of pensions or payments, denial of pension benefits, hidden fees and manipulation of financial statements. In order to solve these problems, the Auctus team decided to develop a solution based on smart contracts to solve the problems related to the lack of transparency and, consequently, reliability of the pension funds.
SOLUTONS
The need for transparency in the management of pension funds can be solved by using blockchain and smart contracts technology. By using the blockchain technology it is possible to reduce costs, to increase efficiency and to automate the process of maintaining and auditing contracts related to the pension funds.
With Auctus, the rules of the pension fund plan such as retirement benefits, minimum contribution time, deferred compensation withdrawal including rollovers, early distribution, lump sum distribution and hardship withdrawals are stated in smart contracts. In the case of employer-sponsored plan, the contribution match calculation and vesting rules are also established in the smart contract code. As for the management of resources, all investment allocation limits and fee charges will also be established in smart contracts, making it impossible for investment managers to deviate funds and charge hidden fees.
In addition, it will be possible to create different investment profiles with different allocation limits, according to the participant’s preference.Through these mechanisms, regulators and participants can easily audit and control the performance of pension funds that use Auctus, avoiding frauds and possible losses due to mismanagement of resources. Governance mechanisms will be designed for greater participation of the members in the control of the allocation of resources, establishing, for example, the vote in election of the members of the board or to approve investment policy changes .
Token sale
The token sale will be divided into two phases: a presale and the ICO. The first (presale) will be directed to early supporters with a significant bonus (to be announced) and the ETH raised during this phase will be used for the initial business set up, PR and marketing services, explainer video and prototyping. Tokens issued during the presale will not be transferable and will be converted to the Auctus Token (AUC) after the second phase (ICO) ends. In the second phase the ETH raised will be locked as described above, being gradually unlocked as defined in the contract schedule to be used according to our budget plan.Token Presale Phase
Amount: 1,600,000 AUC (ICO Token Price will be 2000 AUC / 1 ETH)
- Period: before and during ICO (Pre-sale: 3–10 October , ICO: 14–28 November)
- Distribution: 1w after ICO ending (5 December)
- Presale participants will be able to convert Pre-ICO tokens with the ICO smart contract corresponding function as soon as the ICO period ends.
- The smart contract will be revealed a few days before the ICO allowing auditing of the locking rule. This is intended to make a responsible ICO and prevent ETH offloading and, also, revealing the contract early will help to avoid funds being sent to an incorrect address.
- All funds raised will be locked during the ICO period. After the ICO period end, the contract will allow transferring at most 20% in the first month and 5% in the following, and this values are estimated considering minimum cap reached. If more than minimum is raised, it is likely that expenses will demand less than the allowed value each month, making the resources last longer.
For full details visit
official webpage: http://auctus.org/
facebook:https://www.facebook.com/AuctusProject
twitter: https://twitter.com/AuctusProject
slack: http://slack.auctus.org/
ANN thread: https://bitcointalk.org/index.php?topic=2059117.0
telegram: http://t.me/auctusproject
My bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=81612
Source: http://www.crypto-economy.net/auctus-transparent-pension-funds-with-blockchain-technology/?lang=en
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