Akon, hip-hop singer, songwriter, and well known producer who rose to fame with hits like  his single ‘Locked-up’ has been hinting at a blockchain project for some time finally released the whitepaper for Akoin. 

The whitepaper released is a document that has been constructed exclusively for entrepreneurs specifically in the emerging economies of Africa. Africa is known to have a growing workforce and its potential can be effectively tapped with the help of a blockchain solution. 

It seems like a no brainer really, bringing emerging technology to Africa where the need to stable currencies and other features like smart contracts could be a boon for the underbanked. As of now, it does not have any reliable currencies with which they can even buy the basic necessities. People trade their cell phone minutes and credits in return for whatever they want to buy. But, when they move out of their geographical border, cell phone minutes and credit acceptability will be zilch. 

The Akoin utility is the chief and the only currency of the Akoin ecosystem. Their atomic swap technology enables instantaneous trading between the major cryptocurrencies. It will facilitate trading between its Akoin partners through alternatives to fiat for those with and without banking accounts. 

The chief goal is to ensure Akoin is made available in 54 different countries in Africa. The Africa One Koin claim is an aim to unite Africa under this major cryptocurrency project. The move will seemingly also strengthen Africa. 

As of now, only 10% of the Akoin tokens will be distributed through the Initial Exchange Offer or the IEO. According to the white paper, IEO will also form a collaboration with a top-notch cryptocurrency exchange in Q2 of 2020. The IEO distribution is estimated to start at $0.15 per Akoin that gives a hard cap of $6.75 million. 

The remaining 90% of the supply will be divided between advisers, Akoin Wallet retail exchange and the treasury. The Akoin trust fund also is stated to receive a sizeable amount.

Image Source – Wikimedia