Multiple Grammy-award winning artist Akon is yet to set another record amongst the most influential artists and entrepreneurs around the world by launching his brand new cryptocurrency that is aimed at helping fellow entrepreneurs and startup investors to thrive in innovative ideas. He has chosen to launch the utility token on Stellar blockchain network. By launching this great cryptocurrency it will open doors for many African innovators to embrace blockchain technology.
Over the past few years aside from music, Akon’s prominence has since risen through a lot of humanitarian projects that have always hit success on continental Africa including Akon’s dream of Lighting Africa Initiative for providing solar power solutions across Africa which he founded in 2014 and has spread across 18 countries in Africa. He even said:
“I thought it was basic common sense. The sun is always there. We never run out of sun in Africa.”
That’s indeed true.
What is AKOIN?
The name itself derives from the words Akon Coin. It is a digital cryptocurrency platform founded by singer Akon.
According to AKOIN OFFICIAL on Medium, Akoin, by visionary global artist and philanthropist Akon, aims to unlock the potential of Sub-Saharan Africa, the world’s largest emerging economy, using a revolutionary cryptocurrency banking platform. Sub-Saharan Africans are mostly under the age of 25 and have 2 cell phones per person on average. However, even if Sub-Saharan Africans work diligently on fantastic business ideas, they face a variety of significant obstacles. A lack of service infrastructure prevents them from working with other locals. Collaborating across borders is difficult because territories use 54+ different currencies with varying exchange rates. Even if they wanted to make bets on fluctuating currency values across their continent, 62% of Sub-Saharan Africans have no access to a bank account.
About The Akoin Project,
Akon spoke about his great vision for Africa in a special panel during the Malta AI & BC Summit 2019 Autumn Edition alongside co-founders Jon Karas, Akoin’s President and Lynn Liss, Akoin’s COO to discuss Akon’s futuristic vision. Akon had once travelled to France with West African CFA franc, a Senegalese currency. When he went to exchange it to Euro, he was told that it was not possible and that he can only spend it in Senegal, since it was of no use in France. Thereafter, Akon’s vision of creating a global currency that was accessible globally was solidified.
While speaking about the decision of choosing Stellar Network, Jon Karas said
“Akoin selected Stellar’s distributed, hybrid blockchain due to shared vision for creating global financial inclusion, particularly in areas such as Africa.”
Whilst Akon himself, Chairman of the project, said that the decision was made based on their target market which is Africa and the current challenges facing the continent.
“It’s a global platform that we’re building and Africa is our target market because as we see it now, Africa has the most challenges.”
Although Africa has got many challenges but still there still remain lots of opportunities especially for the young and dedicated entrepreneurs.
By using the blockchain technology users will have a variety of benefits that will include:
Break through the restraints that come with being locked into using one specific flat currency.
Rapid transitions between currencies.
Empower users to tap into the global currency.
Track all financial, trade and social data in your economy.
Jon Karas explained how the main components of Akoin work, there are two main parts which include, the Token and the Wallet/DApp Store.
- The Token
This is a simple element: it just has an internal exchange mechanism which allows users to go freely between prepaid cell minutes which are of major value in Africa and lots of rising economies. This token is then taken and allows users to exchange their token to fiat currency, in an easy and accessible manner.
- The Wallet/DApp Store
The DApp Store is where apps and Dapps will be available to users, whether they are transacting in Akoin, fiat currencies or other cryptocurrencies, to the thing that really adds the most value. This is extremely helpful to the world of blockchain, because a broad and bright marketing platform is being presented.
With this great technology Akoin is able to help people get into cryptocurrency without having any credit card, Identification Card or bank account. These people will be able to use the coins right on their smartphones for prepaid minutes and cellphone top ups.
“In certain parts of Africa, cellphone minutes is considered a currency. There are youths who have over a million minutes – they’re like “minuteaires”. You can literally purchase fruits, goods, T-shirts, hats from vendors on the streets.” – Akon
This will enable aspiring entrepreneurs to learn, earn, spend and save; and thus have more transparency and security.