Akon is launching a cryptocurrency and building a crypto city in Senegal | finder.com

Akon is launching a cryptocurrency and building a crypto city in Senegal

Peter Terlato 20 June 2018 NEWS

Akon is creating tokens, a digital wallet, credit facilities, professional services and eventually, an entire city.

Popular music artist Akon is ramping up efforts to assist the impoverished in Africa, creating his own digital currency, AKoin, and beginning work on the development of a crypto-based city and community in Senegal.

Akon was born in Missouri but spent much of his childhood in the West African nation of Senegal. The singer is launching AKoin and a digital wallet with an integrated ecosystem of DApps. The artist’s vision is to provide immediate and ongoing revenue opportunities to “stimulate and support youth entrepreneurship” in Africa.

AKoin will offer an exclusive suite of sustainability and growth building crypto-based applications.

In a post on the company’s website, AKoin offered up a diagram of their business model of on-boarding and revenue shares for AKoin DApp partners and sponsorship opportunities that exist within the AKoin ecosystem.

The graphic (below) reveals that there will be entrepreneur raffles, micro-lending capabilities, peer-to-peer lending services and other forms of credit. The infrastructure will utilize solar, wifi, land and other technologies. There are also professional services, content and marketing and health and education elements.


Source: www.akoin.io

ICO Impact Group, which assists socially-conscious blockchain startups raise capital, is handling the initial coin offering (ICO) for AKoin. However, aside from a short post on their website, no further details are available.

Blockchain and crypto could be the savior for Africa in many ways because it brings the power back to the people and brings the security back into the currency system and also allows the people to utilize it in ways where they can advance themselves and not allow government to do those things that are keeping them down.

Akon speaking at Cannes Lions International Festival of Creativity 2018 in France

This isn’t the first time that the musician has led an initiative to improve living standards for people in Africa. Akon Lighting Africa generated a $1 billion credit line from international banks to provide scaled solar power solutions throughout the continent. The project is operating across 15 countries, covering 480 communities.

Akon’s Crypto City in Senegal, Africa

Akon Crypto City will be the first of its kind, an entirely crypto-based city with Akoin at the center of transactional life. The President of Senegal Macky Sall reportedly gifted Akon with 2,000 acres of land to kickstart the project. The city area, a short drive from Akon’s “hometown” of Dakar, is located within five minutes of the new international airport and is nearby to the coast of the North Atlantic Ocean.

This “real-life Wakanda” is already under construction. The “smart city” will be a mixed use space, containing residential areas, retail shops, parks, a stadium, light manufacturing warehouses, universities and schools.

Earlier this month, the South African Reserve Bank (SARB) released a report on Project Khokha, a successful proof of concept trial of a blockchain-powered payments system. The trial involved several other banks.

Controversial cryptocurrency influencer John McAfee will release blockchain-connected McAfee Promissory Notes this month. There will be a limited supply of notes, which are redeemable for meetings with McAfee.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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