Akoin is a Stellar Blockchain-based cryptocurrency. It plans to bridge the financial opportunity gap across African borders. Thus, it will give businesses as well as African consumers a more cohesive, universal platform wherein they can work and interact together. Essentially, Akoin is set to create a blockchain-based ecosystem of tools (Dapps and Apps) and services to cater to the economy of Africa.
Akon, the Grammy-nominated and multi-platinum singer, is the Chairman and Co-Founder of the Akoin project.
Approximately 200 million people in Africa are in the 15-24 age group. That’s almost half of the continent’s population! By 2045, the African workforce is projected to be the largest in the world. However, even with such a young workforce, Africa still faces multiple business challenges.
- Unsupportive government regulations
- Widespread corruption
- Lack of access to business tools and training
- Slow movement of money
The continent consists of 54 nations, with each country having its own government, regulatory, and culturally-unique parameters. These countries use 40+ currencies amongst them, many of which are unstable and also susceptible to the above-mentioned challenges.
Amid all this, there are many opportunity areas in Africa still untapped.
- Increased urbanization
- Emergent middle class with higher purchasing power
- Increase in the consumption of goods and services
- Mobile Economy:
- African economy will see the addition of an estimated 623 million mobile users by 2025.
- Mobile broadband connections will increase to 60% coverage by 2020. This is ~8.6% of Africa’s total GDP.
- Alternate Currencies:
- In 2018, more than 20 Million customers in sub-Saharan Africa were using Stellar Lumens/Flutewave/M-Pesa.
The Akoin Solution
- The Akoin solution consists of a multi-currency digital wallet attached to an online marketplace. This simplifies local and global exchanges of value.
- The Akoin token provides a trusted currency alternative to the current overload of 40+ African currencies.
- The marketplace consists of DApps, Apps, and financial services for entrepreneurs and other users to access and utilize.
- The platform includes proprietary Atomic Swap Technology (AST) in partnership with the BitMinutes Token (BMT). It allows users to seamlessly transition in and out of the network. They can use Fiat, Cryptocurrency, or Prepaid minutes.
- Akoin Ambassadors test Akoin MVP and Beta releases. They will get rewards and recognition based on their interaction with the Akoin ecosystem.
- Dapp Partnerships: Akoin is building strategic partnerships with Dapps
- Proven track record in 18+ countries
- Established relationships and experience with public-private sector, NGOs & media
All of the above features are set to provide a gateway for global brands to access Africa in an unprecedented manner. Entrepreneurs will be able to do business from their internet-enabled mobile devices.
The Akoin Token is based upon the Stellar Consensus Protocol (SCP). Stellar has a powerful Anchor Network. The network has a superior speed of transactions (3-5 seconds to confirm a transaction) and increased liquidity via the Stellar DEX.
- Multi-Currency Wallet: Decentralized wallet to securely store a host of digital assets.
- DApp/App Marketplace: The MVP is not yet out. The below Dapps will be available in the marketplace.
- Currency Base: Digital Currency, Mobile Phone, Money Transfers, Cash In/Out, Raffles, etc.
- De-Fi: Establish Credit, Micro-lending, P2P Lending, etc.
- Health, Education, Governance: Health, Education Services, Governance, etc.
- Infrastructure: Solar Power, WiFi, Land, Technology, etc.
- Professional Services: Freelance, Share Economy, Crypto Based Jobs, etc.
- Content/ Marketing: Video, Music, Advertising, etc.
Akoin’s first DApp partner is Bitminutes. It’s an ERC20-based token that couples with international mobile communications networks. The BMT is used as “top-up” prepaid phone plans around the globe. It is interoperable with prepaid phone minutes.
Akoin is also in a partnership with the Bahamas-based blockchain financial infrastructure company, Delchain. Delchain is a digital asset management leader. It will provide strategic advisory services to Akoin. Also, it will include expertise in connection with Akoin’s token generation event, scheduled for Q2 of 2020.
Prepaid Minutes Transfer and Airtime Top-Ups
Prepaid minutes are a huge store of value in Africa. Akoin’s DApp partnership with BitMinutes allows for peer-to-peer value transfer to more than 1.2 billion bank and mobile accounts across 70 contracting countries.
- Tokenize prepaid cell phone time
- Sell prepaid cell phone time in lieu of fiat or cryptocurrency.
- Individuals who don’t have bank accounts can approach prepaid minutes’ vendors in their villages or towns and convert cash into BitMinutes or Akoin.
Users can send BitMinutes quickly and freely to other phones using the Akoin platform. Also, they can use them for airtime top-ups as well as conversions into Akoin tokens or fiat currency.
The “prepaid minutes vendors” are part of BitMinutes’ Trusted Agent Network (TAN).
Akon city is still at the concept stage. It will be a sustainable and eco-tourism smart city in Senegal, Africa. Akoin will be the central currency of Akon City.
- DApp/App Partner Fees– DApp/App partners pay a monthly service fee and hold a varying amount of Akoin tokens.
- Marketing Campaigns– Global brands and DApp/App partners can engage in ongoing or one-time marketing campaigns across the Akoin Ecosystem for expanded growth and awareness.
- Fees– The Akoin Network charges a processing fee (2.5%) which provides increasing and continuous revenue as volumes scale.
The Akoin utility tokens are set to include the following:
- Listing Fee: Fees for listing and supporting applications (including holding a certain amount of Akoin)
- User Transactions: Transaction Fees are paid in Akoin
- Advertising Space: Fees for placing advertisements in the marketplace
- Exchange: Payments for applications, good sand services
Public Token Sale
The Initial Exchange Offering (IEO) will distribute 45,000,000 of the 450,000,000 (10% of the total supply of Akoin tokens).
- Hard Cap: $6,750,000
- IEO Public Sale Price: $0.15
- Total Supply: 450,000,000
- Token Type: XLM
- Date: 2nd quarter of 2020
- Exchange: TBD
Key Team Members
Akon (Chairman, Co-Founder)
Akon is a Grammy-nominated, multi-platinum selling artist, producer, entrepreneur, and philanthropist. He is named among the Forbes Celebrity 100 & 40 Most Powerful Celebrities in Africa list.
Jon Karas (President, Co-Founder)
Jon Karas has over 25 years of experience in the entertainment and finance industries. He is a founding Advisory Board member of the Slate Entertainment Group, creator of disruptive crypto-driven streaming and ticketing platforms.
Lynn Liss (Chief Operating Officer, Co-Founder)
Lynn Liss has experience as a Management Consultant with BearingPoint and CGI-AMS (Top 5). She has also provided executive advisement and deployed innovative technology with Fortune 500s, including negotiation of a $20M+ deal signed by the COO of Microsoft.
The Akoin Token is a utility token, and not to be confused as a security token. As such, Akoin doesn’t bring any major improvements in the existing Blockchain Technology. With its focus on adoption, it builds on the existing Stellar Blockchain (which is equally needed). And as increased adoption takes place, so will it start gaining in value.
The project is still at a nascent stage. We need to observe its future developments and MVPs to accurately measure its quality. The focus on Africa, in particular, makes it a strong business base and is likely to work in its favor.
In a previous article, we had covered the news of the whitepaper release prior to the launch of Akoin: Akon Releases Whitepaper for Cryptocurrency Launch
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