Grammy-nominated rapper, Akon, has recently disclosed the whitepaper for his soon to launch a cryptocurrency called ‘Akoin.’
The whitepaper revealed that Akoin would operate as an “atomic swap,” which enables direct trade between major cryptocurrencies, fiat currencies, both on the platform and in the local market, among other services on the Akoin network.
The project would financially fund the “Akon City,” slated to be initially set up in Senegal, West Africa.
Akoin is a cryptocurrency-powered by a blockchain-based ecosystem of tools and services designed for entrepreneurs in the rising economies of Africa and beyond. Akoin’s mission is to unlock the potential of the world’s largest growing workforce by creating learning, earning, spending, and saving opportunities across Africa and other lean economies,” the whitepaper reads.
The project will be built on the Stellar blockchain network and will be compatible with the respective cryptocurrency as well. It will also be compatible with other blockchain networks, thanks to Atomic Swap technology, the whitepaper notes.
Akoin to be available in 54 African countries
The rapper said the plan is to make Akoin available in 54 African countries. Explaining that the project is aimed at strengthening Africa through unity through cryptocurrency.
Akon said, “We have so many currencies in Africa, and most of them are unstable and unreliable. We have reached a point where Africans no longer even use currencies daily. They can use minutes and credits from their cell phones to trade essential goods and products in the market.
Ultimately, outside of villages, you really can’t trade cell phone minutes for anything. So we want to use that same mindset to take advantage of this mechanism outside of Africa. Also, when they leave the continent, they can use all their credits and be able to purchase goods.”
Only 10% of Akoin tokens will be distributed via an Initial Exchange Offer (IEO). The white paper states that the IEO will conduct in partnership with a “high-level cryptocurrency exchange” in the second quarter of 2020. It is under the terms of an “agreement with the unnamed exchange partner.” The IEO should distribute 45 million Akoins at $ 0.15 each, which gives the offer a hard cap of $ 6.75 million.
Furthermore, the remaining 90% of Akoins’ supply will be divided between, Advisers will receive 5 percent Team and the foundation will receive 10% each Akoin Wallet Retail Exchange will receive 15% The Treasury will receive 20% The remaining 30% will place in Akoin’s trust fund. 2% of that will release monthly for 48 months.
Akoin partners Delchain
Recently, Akoin announced it has entered a partnership with the Bahamas-based blockchain financial infrastructure company, Delchain.
The partnership with digital asset management leader Delchain, an affiliate of Deltec, will provide strategic advisory services. Also, it will include expertise in connection with Akoin’s token generation event, scheduled for Q2 of 2020.