Famous Rapper Akon Releases Whitepaper for his Cryptocurrency

March 16, 2020 5:25 PM UTC

The African market is currently widely adopting cryptos. The growing potential has motivated multiple blockchain-based firms to expand their operations in the country. Akon, the famous rapper, has recently announced the whitepaper for his upcoming Akon crypto project.

Akoin aims to utilize blockchain technology to provide new opportunities for the African market, known to be the massively increasing labor force.

Akoin Usability in the Current Market

Stellar (XLM) network will be used to develop the Akoin token. Both Akoin and Stellar wallets can be accepted to deposit tokens. The token will be used to settle transactions and advertisement fees across the Akoin ecosystem. However, the network will charge 2.5% fees for private transactions. The ecosystem will also support the transfer of cryptocurrency, fiat, and mobile credit, as it is powered by the “Atomic Swap.”

Akon said,

“We have so many currencies in Africa – a lot of them are unstable, and most of them are untrusted. It got to the point where the day-to-day African people don’t even use the currencies anymore, they’re using their cell phone minutes and credits as a way of trading for basic goods like produce, fish, fruits and things on the market.”

The Akoin network has also collaborated with BitMinutes to design a decentralized application (Dapp). According to the whitepaper, the dApp will be beneficial for several African companies and will support healthcare, micro-lending, and solar energy trading in the African market.

Soon Akon is going to announce Akoincity. Senegal president has provided two thousand acres of land to build the city and it is predicted that the development work will be complete in 10 years. Once the initial project is finished, Akon hopes to support the economy of Africa by building Akoincites to several major African countries.

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