The popular rapper, Akon, has recently shared the whitepaper for his long-upcoming cryptocurrency he is calling ‘Akoin.’
“Akoin is a cryptocurrency powered by a blockchain based eco-system of tools and services designed for
entrepreneurs in the rising economies of Africa and beyond. Akoin’s mission is to unlock the potential of the world’s largest growing workforce by creating learning, earning, spending, and saving opportunites across Africa and other lean economies,” the whitepaper reads.
As you may know, Akoin has been in production since the rapper announced it back in 2018. At that time, the celebrity revealed that he would be building “Akon City,” a 100% cryptocurrency-powered space.
It will be built five minutes from the Senegal International Airport, ensuring easy access for both citizens and visitors to the space.
The project will be built on the Stellar blockchain network, and will be compatible with the respective cryptocurrency as well.
Akon believes the city-building project will take five to ten years. From there, he hopes to build one of those cities in every African country, CoinTelegraph reports.
The project will also be compatible with other blockchain networks thanks to Atomic Swap technology, the whitepaper notes. Atomic Swap “enables immediate trade between major cryptocurrencies, our partners’ alternative currencies, and fiat currencies; both on the platform and in the local market.”