The artist, producer, entrepreneur, and philanthropist Akon has spent the last few years doing great things in Africa. One of his biggest accomplishments is starting the Akon Lighting Project, which brought electricity through solarpanels to 32.3 million people. Since launching the project in in 2014, Akon’s group has operations in 18 nations, including Guinea, Senegal, Mali, Niger, Benin and Sierra Leone.
Akon’s next project is Akoin, a cryptocurrency powered by a blockchain based eco-system of tools and services designed for entrepreneurs in the rising economies of Africa and beyond. Akoin is using the Stellar technology to build its eco-system. Akon has an impressive network and desire to bring positive change to Africa, this will give this project a significant boost. The question is, will such a boost be necessary? Africa has 600 million+ inhabitants and South Africa houses the 5th highest number of cryptocurrency users globally, providing the example of another leapfrogging moment where the pressures of local currency instability and lack of trust in government made digital currency a better “store of value” than a paper currency (including prepaid minutes). Akoin might just be the project to reach those 600 million africans, and with the success of the Akon Lighting Project he might already have enough households in his addressbook to give the coin a boost.
Background information on Akoin:
Akoin is a multi-currency digital wallet attached to an online marketplace that simplifies local and global exchanges of value. The marketplace will be a hub for DApps, apps, and financial services for entrepreneurs and other users to access and utilize. The platform includes proprietary Atomic Swap technology that allows users to seamlessly transition in and out of the network with fiat, cryptocurrency, or prepaid minutes. Users are able to learn, earn, spend, and save Akoin across a plethora of entrepreneurfocused applications. The Akoin ecosystem provides the tools, resources, and ease-of-use necessary for running a successful business or gig-based career.
The Akoin marketplace itself will represent a unique access point to the DApp & App-based service market for rising entrepreneurs in Africa. With over 444 million mobile phone users on the African continent, the Akoin marketplace and the benefits of blockchain technology will be accessible by millions of people.
The marketplace allows entrepreneurs and small business owners access to numerous applications that accelerate their business goals. Individuals or businesses using the Akoin marketplace for access to business-critical services will benefit from the variety of DApps, giving them a better chance of launching and sustaining their businesses. Among their many contributions, Akoin Ambassadors will help by acting as part of the local test population for the Akoin MVP and Beta releases. These early users will benefit from a system of rewards and recognition based on their interaction with the Akoin ecosystem. The Akoin token is central to the ecosystem and is discussed in detail in the Token Economics section.
Akoin seeks to minimize the barriers to entry for entrepreneurs and small businesses in Africa, while simultaneously providing a gateway for global brands currently struggling to access this demographic. The Akoin platform and token will leapfrog traditional banking and service platforms currently found in Africa. It will help entrepreneurs overcome the challenges of inflation, restrictive government regulation, and lack of access to leading business tools and services, all from their internet-enabled mobile device.
With a built-in multi-currency digital wallet and decentralized exchange, the Akoin marketplace enables participants to learn, earn, spend, and save cryptocurrency with ease, all done directly from their smartphone. The Akoin token will provide a more trusted currency alternative to the current 40+ currencies currently utilized across 54 countries in Africa. This will enable entrepreneurs to build and grow their business with a seamless transition in and out of the network via fiat, cryptocurrency, or prepaid minutes.
The Akoin ecosystem offers an exclusive suite of sustainability and growth-building crypto-based apps that offer immediate and ongoing revenue-generating opportunities for aspiring entrepreneurs in developing countries. Furthermore, through the Akoin multi-currency wallet, entrepreneurs are able to trade with each other interchangeably without the major hurdles or fees of traditional money exchanges.
Akoin White paper:
Akoin Whitepaper
