The crypto currency market has passed the 100 billion dollar mark and a lot of people are considering investing in crypto currency to secure their future. It is important to make the world of pension funds better, both in terms of technology and market health. Auctus promises to bring a unified platform which would be used to manage pension funds with higher levels of transparency and easier auditing. At least that is what they say on their website but there are many red flags that indicate Auctus is a scam. There is massive need for transparency in management of pension funds which can be solved by using Ethereum smart contracts and blockchain. By using both simultaneously, Auctus will be able to management of pensions more efficient and reduce costs at the same time. That is what it says on the paper but would you want to invest in an ICO that has empty reddit and almost no activity on github?
Auctus makes use of Ethereum as its platform for blockchain which lets you create the smart contract which is nothing but an agreement. Once its pre-programmed conditions are met, the smart contract is executed automatically. There will be smart contracts for everything related to pension funds including calculation of contributions, employer match / benefits, investment profiles and designation of beneficiary in case of death. Administrative fees and funds portability is also mentioned in the smart contracts. That is what they say on paper - anybody can write whatever comes to their mind. However, as said earlier and pointed by cryptocoindaddy, Auctus has no activity whatsoever which clearly points out that Auctus ICO is scam and nothing else.
Auctus mentions a lot of positive things in their whitepaper though - for instance - Auctus ensures that the platform does not fall into the hands of certain group of individuals that were earlier able to make the system corrupt. This problem is more persistent in third world countries where fraud pension fund investment schemes are rampant. This happens due to immense secrecy and hidden practices. These two problems can be solved by transparency which is embedded into Auctus and its team. There are no middlemen, rent-seekers or corrupt individuals in Auctus project as it is based on blockchain technology.
All the rules of pension fund plan are clearly states the smart contracts which include retirement benefits, minimum contribution time and deferred compensation withdrawals. If the pension plan is sponsored by employer, then the contribution match calculation and vesting rules are also mentioned. The smart contracts will also be used for storing the investment allocation limits and fee charges so that there are no hidden charges. This will ensure that the investment managers are incapable in deviating funds and slap those irritating charges. There are no chances of mismanagement of resources and there are no frauds.
Auctus will allow creation of myriad, different investment profiles with different allocation limits – all according to the preference of the user. The process of early retirement or redemption is faster too. The grant for retirement in smart contract is automatically triggered without any human interference as soon as the user fills the plan’s requirements. This entire redemption process is highly efficient and much faster.
In case of death, user can predefine the beneficiaries that will be getting the resources. This ensures funds are not lost and ensures family succession planning. Auctus will automate all processes related to management of pension funds. This will help reducing administrative costs related to the fund by making it more scalable and flexible.
The end user will enjoy full control over their resources. They will have the guarantee to move any amount of their pension funds as per the terms that are definite in smart contracts. Not only that, any change made to any contract parameter will generate traceable record. The pension funds are still way behind in terms of technology. Auctus project will bring efficiency by bringing in automation and full transparency. This will not only make lives of users better but also would be of immense advantage for the managers.
All plans must declare the type of actuarial method and minimum funding requirement and benefits in the smart contract. Once the specific smart contract is created for a particular pension fund plan, much less amount will have to be spent for administration of pension funds.
There is no down time or fraud involved in Auctus since everything is decentralized and stored on the blockchain. All the agreed benefits are stored in smart contracts which will once again, help in restoring the lost confidence in pension funds. Auctus will ensure a better life in old age and protection against poverty by bringing total transparency and removable of middlemen.
Auctus makes use of Ethereum as its platform for blockchain which lets you create the smart contract which is nothing but an agreement. Once its pre-programmed conditions are met, the smart contract is executed automatically. There will be smart contracts for everything related to pension funds including calculation of contributions, employer match / benefits, investment profiles and designation of beneficiary in case of death. Administrative fees and funds portability is also mentioned in the smart contracts. That is what they say on paper - anybody can write whatever comes to their mind. However, as said earlier and pointed by cryptocoindaddy, Auctus has no activity whatsoever which clearly points out that Auctus ICO is scam and nothing else.
Auctus mentions a lot of positive things in their whitepaper though - for instance - Auctus ensures that the platform does not fall into the hands of certain group of individuals that were earlier able to make the system corrupt. This problem is more persistent in third world countries where fraud pension fund investment schemes are rampant. This happens due to immense secrecy and hidden practices. These two problems can be solved by transparency which is embedded into Auctus and its team. There are no middlemen, rent-seekers or corrupt individuals in Auctus project as it is based on blockchain technology.
All the rules of pension fund plan are clearly states the smart contracts which include retirement benefits, minimum contribution time and deferred compensation withdrawals. If the pension plan is sponsored by employer, then the contribution match calculation and vesting rules are also mentioned. The smart contracts will also be used for storing the investment allocation limits and fee charges so that there are no hidden charges. This will ensure that the investment managers are incapable in deviating funds and slap those irritating charges. There are no chances of mismanagement of resources and there are no frauds.
Auctus will allow creation of myriad, different investment profiles with different allocation limits – all according to the preference of the user. The process of early retirement or redemption is faster too. The grant for retirement in smart contract is automatically triggered without any human interference as soon as the user fills the plan’s requirements. This entire redemption process is highly efficient and much faster.
In case of death, user can predefine the beneficiaries that will be getting the resources. This ensures funds are not lost and ensures family succession planning. Auctus will automate all processes related to management of pension funds. This will help reducing administrative costs related to the fund by making it more scalable and flexible.
The end user will enjoy full control over their resources. They will have the guarantee to move any amount of their pension funds as per the terms that are definite in smart contracts. Not only that, any change made to any contract parameter will generate traceable record. The pension funds are still way behind in terms of technology. Auctus project will bring efficiency by bringing in automation and full transparency. This will not only make lives of users better but also would be of immense advantage for the managers.
All plans must declare the type of actuarial method and minimum funding requirement and benefits in the smart contract. Once the specific smart contract is created for a particular pension fund plan, much less amount will have to be spent for administration of pension funds.
There is no down time or fraud involved in Auctus since everything is decentralized and stored on the blockchain. All the agreed benefits are stored in smart contracts which will once again, help in restoring the lost confidence in pension funds. Auctus will ensure a better life in old age and protection against poverty by bringing total transparency and removable of middlemen.
