Multi platinum-selling recording artist Akon has chosen to build his Akoin cryptocurrency ecosystem on top of the Stellar blockchain.
Akoin co-founder and president Jon Karas said they chose to launch the project on Stellar due to sharing similar values.
What is @AkoinOfficial, and how will it help #Africa? See my answer in the video below. Join our telegram to learn more: https://t.co/SHvOCLpjaY pic.twitter.com/PNxGrgTnAd — AKON (@Akon) February 26, 2020
On Feb. 28 an announcement was made stating that:
“Akoin selected Stellar’s distributed, hybrid blockchain due to a shared vision for creating global financial inclusion, particularly in areas such as Africa”
Part of Stellar’s mission is to help bank the unbanked and Akoin’s spokesperson highlighted the fact Stellar was already working with businesses in Africa and could help with the project’s planned Dapps and micro-loans.
The Akoin utility token will be compatible with Stellar wallets and interoperable with all digital assets and fiat currencies supported by the Stellar network.
Users will be able to instantly swap from one currency to another and Karas cited the Stellar Network’s ability to facilitate “efficient cross-asset transfers of value” as a key factor.
This will help with one of the stated aims of the project, which is to help realize the value of cell phone prepaid minutes. Due to inflation and banking issues, minutes are used as a form of digital currency in some African countries like Nigeria.
The Akoin platform will enable users to swap minutes for fiat or other cryptocurrencies.
The platform also includes a multi-currency wallet and a mobile marketplace where users can “learn, earn, spend and save.” Akoin aims to provide financial services to the unbanked across 54 countries in Africa and other developing nations around the world.
It will have a total supply of 400 million, although the details are scant. A company spokesperson told that the white paper will be released next week with all of the tokenomics.
Akon added:
“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”
Source: Cointelegraph.com | Image Credits: Reuters
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