The versatile singer and rapper Akon is not a new name to every household by any means. The man has been a source of inspiration for many Africans across the globe, especially the African-American share of the population. His contribution to the development and rise of African nations shall see another feather in the cap with the introduction of Akon’s crypto city plan.
Akon is one of the most active and vocal celebrities when it comes to cryptocurrency. Back in time, Akon became the first celebrity to introduce a distinctive cryptocurrency too. The awarding of a $6 billion tender in relation to the powerhouse of the KE International is a significant step in the direction.
Akoin and the Aftermath
The star, in an exclusive declaration with his whitepaper of the cryptocurrency, took the world by storm. His declaration also encompassed the reason for choosing to come out with the cryptocurrency and why he chose to take Africa as the ground for implementation.
It was pretty clear that Akon had been pretty disturbed with the level of uncertainty every average African had to face regarding currency and payments. He further emphasized the need to strengthen the system and create a more universally acceptable and powerful media of payment. All this led to the introduction of the Akoin. The highlighted points upon the launch of Akoin were:
- The idea to replace mobile credit and minutes as a form of exchange parameter.
- Inclusiveness of the platform in the operations of trading, exchange, and transfer of cryptocurrency.
- The initial decision to invite investment and distribution of only 10% (45 million) Akoins through the international exchange offering.
- The other 90% for the share of the Akoins shall be slowly and steadily distributed. This will include the share given to the partners and also the part that is under the custody of Akon.
Zeroing on Senegal
Senegal, including a host of other African countries as well, has shown the tremendous ability for cryptocurrency. Moreover, in the recent wake of the global crisis emerging out of the pandemic, the fiat currencies have declined. With businesses remaining closed, the ground reality for the business and investors is that of significant losses.
However, the contradiction has proven to be true as the ground reports emerge. The cryptocurrency exchange report from Ghana is indicative of almost 70% of growth in the rate of exchange since the past March. This has skyrocketed especially after the breakout of COVID 19.
Stability and Security Factor
A host of local residents and businesses have proved and vouched that the stability of the cryptocurrency is paramount. There is no chance of any loss or security threat. Moreover, the ability to resist drastic fluctuations is a match-winner too. In the wake of the crypto revolution, individuals are starting to rely on cryptocurrency as the main mode of exchange.
Akon’s Crypto City – Dream for Senegal
A mind-boggling figure of $6 billion up-front and add-ons en route is agreed upon for the construction of the crypto city. The construction is said to go on the floor as soon as the pandemic subsides for a significant measure. The construction phase of the city is touted to be finished by the year 2023, whereas by 2029 the city aims to perform every individual function powered through Akoin cryptocurrency.
The deal agreed between Akon’s firm and KE International is truly one of a kind. The major points that the city shall workaround are:
- The stellar blockchain will be the principal operation tool for the exchange of the Akoin cryptocurrency.
- The blockchain for the Akoin will work in a decentralized manner for the ease and safety of transactions.
- The app will include an integral feature for other major cryptocurrency ventures. However, the principle exchange rights remain for the Akoin token.
- The city will have all the essential and basic amenities powered through the Akoin transaction and trading. These shall include schools, hospitals, public service offices, residential houses and buildings, shopping malls, recreational parks, etc.
- The Akoin city will offer unprecedented entry point access to any and every major contributor of global significance.
- The city will render the system of direct currency exchange as completely obsolete.
Akon’s Larger Scheme
Through the deal, the idea of Akoin and the serious nature of the cryptocurrency’s investment in Africa is well cemented. Through systematic elimination, the uncertainty around the fiat currencies and the related fluctuations in the market is also eliminated.
In the latest event of major cryptocurrency introductions, the traffic inflow has been unparalleled. African countries, Senegal or the other neighbors have vested huge potential in the cryptocurrency scheme of work. The idea is also to boost the essential field of tourism and healthcare through the introduction of the stable cryptocurrency system. The initial hard cap for the distribution of the innovative Akoin was estimated at a value of $6.75 million.