Why is it important?
Diversity in an ecosystem is critical and Seniors cross all boundries and stereotypes. Grow the senior market globally to grow Cardano.
What does success look like?
Success looks like Mom or Dad -worldwide - safely investing and being involved in the Cardano ecosystem with understanding and confidence.
Key Metrics to measure
Creation of specific Dapps targeted to Seniors.
Retirement and Ira investment systems developed to help seniors invest in Cardano.
An Increase in age 55 and up investors into the Cardano ecosystem.
Traditional Senior wealth management firms investing in programs/processes in Cardano for their Senior Clients
Worldwide banks linking into the Cardano ecosystem specifically for the Senior niche.
Challenge brief
The definition of a Senior for the purpose of this Challenge is 60 years. AARP (American Association of Retired Persons) starts direct mailings to individuals at around age 55 but most retirement is somewhere in the 60-70 years.
According to UN research the Senior population is set to double in the next decade. Also, a number of studies indicate that worldwide Seniors hold or control a large amount of money.
Typically, Seniors tend to be more conservatively invested and often by advised by a paid advisor. Most seniors arguably are not “in” the DeFi market.
That may be for several reasons including: lack of exposure to DeFi, no educational outreach, fear, ignorance, no incentive to financial advisors, no hand holding platforms that many are used to in the CEX ecosystem and largely because there has been no real incentive to target the Senior market.
It is important for Cardano to attract the Senior market. It is important to be at the leader position in doing so. Seniors typically park their liquid investments. The influx of Seniors liquidity and long term Staking of Senior money could help lift the ADA investing community.
By being at the leader position Cardano can position itself to the Worldwide Senior niche as the “safe” DeFi investments. One that is based on research, science and plodding scaling all in order to be safe. Most seniors like the concept of safe and are typically-Risk Adverse.
Potentially, the Ukrainian invasion has started a dialogue that will resonate with the world regarding Cryptocurriencies. This dialogue should involve all age groups including seniors. It may emphasize how The DeFi world was able to help support a beleaguered community when traditional fiat failed.
This Challenge is the start to bringing a new subset of Worldwide investors into the Cardano ecosystem. Attracting Insurers, Wealth Advisors, Bankers, IRA funds and other businesses focused on the Senior market may provide increased liquidity to the network.
Funded challenges for Dapp building, specific to Seniors will begin the process. Reward programs and discount dapps directed at the “fixed income” crowd will initiate conversations. Special Senior Smart contracts to incentivize clients will have Senior oriented businesses turn to Cardano. Seniors worldwide, from all walks of life, backgrounds and nationality will begin to invest in Cardano because of the Senior specific infrastructure that will be built due to this challenge.
