American-Senegalese Rapper, Akon, is set to launch a brand new, futuristic Crypto City, which will trade exclusively in Akoin cryptocurrency.
According to the rapper’s Twitter feed yesterday, the crypto evangelist claims to have finalized the agreement with the Senegalese government to build ‘Akon City’, and with the imminent launch of Akoin, it appears like Akon’s promise to help develop Africa is beginning to bear fruit.
Dubbed Akon’s ‘Crypto City’, the new development is set to be built on a 2,000-acre plot of land, which is only a five-minute drive from Senegal’s International Airport, and was apparently gifted to Akon from Senegalese President, Macky Sall.
Although the city will be in Senegal, it’s believed that transactional activity won’t be Senegal’s CFA francs, but the newly created cryptocurrency, Akoin.
Akoin cryptocurrency was announced back in 2018, which coincided with the rapper’s initial announcement for his grand city plans. Akon claims the ambitious project will be the first city to run entirely on 100% renewable energy, and will be built over a ten-year period.
Although there’s no whitepaper for Akoin as yet, Akon has been promoting the token on social media and has taken the idea to potential investors around the world, and it says on the website that the token will launch before February 2020.
Akoin For Africa Not Just Akon City
As well as being the exclusive currency Crypto City, Akoin will be available across the whole of Africa. Together with it being a currency, the cryptocurrency and platform will be a marketplace, exchange and a dApp tool for helping generate entrepreneurship, something Africa has struggled with in the global market.
According to the website, the Akoin Ecosystem ‘unlocks the potential of the world's largest emerging economy through the creation of a trusted cryptocurrency with a vision to stimulate and innovate, revenue-generating opportunities that support and empower youth entrepreneurship, economic stability, and growth across Africa and the world.’
Akon, who’s better known as a businessman than a singer/songwriter nowadays, says he would like to see a ‘United States of Africa.’ This is his second big project on the continent, after his earlier venture ‘Akon Lighting Africa’ – a solar power provider to many African countries.
Cryptocurrencies and Blockchain Technology Can Help Liberate Africa and Its People
Akon is a firm believer in the possibilities cryptocurrencies and blockchain can unveil for Africa.
‘I think that blockchain and crypto could be the saviour for Africa in many ways because it brings the power back to the people,’ said Akon. ‘Cryptocurrency and blockchain technology offer a more secure currency that enables people in Africa to advance themselves independent of the government.’
More than half of the African population is under 25, but the problem lies in the legacy system that has left Africa behind. Young entrepreneurs there find it impossible to find investment as banks aren’t interested, and this has added to the stagnation and even deterioration of much of the world’s poorest continent
Africa has long been left behind, and more than 40% of its population lives on less than $1 a day. But with the continent’s natural reserves and potential for future green energy production, it’s time that the people had an opportunity to connect with the global economy.
The legacy banking system has shunned Africa, and the corporations have crippled its economy, so change is needed.
We don’t know too much about Akoin, yet. How will the coins be distributed? Will it be a pre-mined centralized, shitcoin? Only time will tell, but I believe Akon has Africa’s best interests at heart. Sure, he’s a businessman, and could have done something like this with Bitcoin or Ethereum, but we should give him and Akoin a chance.
Who knows, it could turn out to be the project that helps stimulate African business and unite it with the global economy.
Contact the author: