The project Auctus is on Ethereum blockchain, with ERC20 compatible tokens. Auctus is using tokens called AUC tokens. Tokens are going to be immediately transferable. We know that the way that pension funds work are not so good. They need to be modernized, they are in big problems, lacking of new technology. We would say that they are living, or working like in past times. Our lives and our way of life is changing. Everything is going so fast, things are changing, and the changes are a normal part of going forward in something or some field in life. Changes are good and they are necessary. Project is using smart contracts, for managing all the actions for pension funds. Auctus is bringing changes by using block chain technology with no central control. They are planning to reduce costs, and to bring back trust in the system, because they are transparent, you can see in every moment if their are any actions and changes on the public ledger.
The adoption of a unified platform that pension funds could use to manage their operation with more transparency, lower costs and easier auditing and control would be of great advantage for employers, employees, managers and regulators. However, it would be necessary to create a transparency mechanism to prevent this platform to be controlled by an entity or group of people that was able to corrupt the system according to individual interests. This difficulty could be circumvented with the use of Blockchain technology.
Auctus Mission
Auctus Project mission is to provide transparency and reliability for pension funds using Ethereum Smart contracts
The problem is that society’s lack of openness and transparency often creates fertile ground for mistrust and mushrooming of misconceptions and negative perceptions that is dangerous to the governance of any ecosystem. The process of governance is incomplete without upholding transparency.Take for example pension fund management: despite being heavily regulated, there are still several cases of fraud in pension funds around the globe like in UK and Brazil.
The main problems related to fraud in a pension fund include: employer not paying contributions, misappropriation of investment assets, improper payment for services, abuse of position providing of pension benefits or payments, deny in pension benefits, hidden fees and financial statements manipulation.
When an institution is able to lay bare its operational activities for open scrutiny by the public it allows citizen participation, involvement and meaningful engagement such that it can protect itself from the powerful and the corrupts, when they are acting in secrecy and concealed practices to take advantage from the system inefficiencies. That’s why we believe that radical transparency is the most potent strategy to battling corruption and misrepresentation.
Auctus, who leads the way with the ideology of Retirement Funds Strengthened by Smart Contracts, presents what he has to us.
Totally Transparent and Secure
Easily audible and adaptable
There are no hidden fees or interruptions
Flexible and Scalable
Always traceable from anywhere
Faster processing for benefits
Pension funds can be easily audited and verifiable
It is easier and cheaper to offer your employees pension awards.
Easy and fast portability for another pension fund
Blockchain technology is nowadays surrounded by fraud such as global hacking, beyond the media, mostly due to high prices, fluctuations and ironically the dark side. While mainstream media is busy speculating on prices and black market entrances, they miss the fact that you can repair the right security and bad incentives by creating the right system.By using Ethereum as a platform for the block chain, you can create a smart contract; this is an agreement in the form of a computer program, which is carried out automatically after some pre-programmed conditions have been fulfilled.
ABOUT SALE AND DISTRIBUTION
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=62942
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