- Akon has recently shared his whitepaper for his upcoming cryptocurrency project dubbed ‘Akoin’.
- The whitepaper has described itself as a crypto “designed for entrepreneurs in the rising economies of Africa and beyond”.
One of the most popular figures in the cryptocurrency world, Akon has recently shared his whitepaper for his upcoming cryptocurrency project dubbed ‘Akoin’.
The whitepaper for the Akoin project has described itself as a cryptocurrency “designed for entrepreneurs in the rising economies of Africa and beyond”. It further adds that the project is going to aim to unlock the most potential for the worlds largest growing workforce by utilising blockchain technology.
On top of this, the whitepaper explains that the Akoins are going to be utility tokens that fuel atomic swaps between different cryptocurrencies and fiat currencies.
Speaking with Cointelegraph, Akon highlighted that mobile credits are being used as a currency in Africa.
He has further said:
“We have so many currencies in Africa - a lot of them are unstable, and most of them are untrusted. It got to the point where the day-to-day African people don't even use the currencies anymore, they're using their cell phone minutes and credits as a way of trading for basic goods like produce, fish, fruits and things on the market.”
He further continued, saying the following:
“Ultimately, outside of the villages, you really can't trade cell phone minutes for anything... so we want to utilize that same mindset to take advantage of that mechanism outside of Africa - so even when they leave the continent, they can be able to utilize all of their credits and really be able to purchase real things."