Akon City And The Currency
The advent of blockchain and cryptocurrency in the last decade created and would continue to create increased lack of trust in the centralized financial systems thus, clearly highlighting the need to embrace a decentralized financial system . Presently, there are over 6000 cryptocurrencies in existence and each day, new cryptocurrencies are being created.
One of the latest news! Akon, a famous singer due to his passion and drive for cryptocurrency and the betterment of Africa has proposed to build a city which will be fully and exclusively run on a cryptocurrency.
Akon is a famous Senegalese-American vocalist, record producer and songwriter known for his R&B-style vocals. The American-born artist was born on 16th April, 1973 to African parents. His full name is Aliaume Damala Badara Akon Thiam. He spent his early childhood in Senegal before moving to New Jersey where he began singing. He had a little formal knowledge before shifting his attention into music. He has sold over 35 million albums globally and received 5 Grammy nominations.
Akon is a man of drive and thus, beyond his input in music, he has a foundation that empowers underprivileged youth in Africa and the US, he owns two clothing lines and a lot of real estate investment. Akon has been a crypto fan for years, having invested in cryptocurrencies for a very long time. A bigger one is here already; the Akon city, of which Akon is a co-founder.
Akon city is being termed ‘a futuristic cryptocurrency themed city’ founded by Akon. It would be located near Mbodième which is a small coastal village in Western Senegal (in West Africa). Akon City would be built on a land of 2,000 acres which was donated by the government through Macky Sall, the President of Senegal, who is in full support in the plan to construct the city.
The budget for completing the Akon City is a whopping $6 Billion.The city is being pitched as sustainable and is expected to be a cryptocurrency city and with the plans first announced in 2018, everything is now in place to start up its Construction.
The first phase of Akon City which will include road construction, a hospital, a mall, residences, hotels, a police station, a school, a waste facility and a solar power plant is anticipated to be completed by the end of 2023.
The second phase of the Akon city would be constructed between 2024 and 2029, and upon the completion of the second phase, the city would be running perfectly.
It is being proposed that Akon City would be fully completed in 2030. It is designed to be a tourist city having parks, hotels, universities, schools, a stadium, and an industrial complex.
The peculiarities of Akon City, which is a sustainable city and would be the first of many if the plan actually works out include: constant solar power—Akon is presently trying to provide solutions to the electricity problem in Africa through his Akon Lighting Africa project, he would use the same technique to ensure that the city requires no power from any electricity company but solar energy. The City would be the first in the world to trade only on cryptocurrency in and it has also been proposed to be a ‘real-life Wakanda’ and the city will have its own airport for residents and tourists transportation in and out. It will be so great a place to be.
Akon city will exclusively operate using the cryptocurrency, Akoin, created by Akon to promote financial independence from African governments.
Akoin will be the central currency of Akon City. It is designed to be a utility token—a token that has a specific use, not to be used for investment. The whitepaper of the Akoin cryptocurrency states that ‘the utility token gives room for atomic swap between cryptocurrencies, mobile phone credits, and Fiat currencies.’
The project website states that the utility token aimed at the African market is a cryptocurrency powered by a marketplace of tools and services fueling the dreams of entrepreneurs and business owners, as they connect and engage across the rising economies of Africa and beyond.
Akoin has been in existence for two years and at the time of writing, the current Akoin price stands at $0.03590099. Akoin joins an industry with a market capitalization of over $380 billion to trade alongside over 6000 cryptocurrencies.
The Technology Behind Akoin
The platform will be launched on the Stellar network (capable of handling millions transactions in a day), which is an open source and decentralized payment means that allows for cheaper, faster, seamless and secure transactions between currencies (both Fiat and cryptocurrencies). It operates using blockchain technology, which was created to ensure that financial systems can be transparent and decentralized.
The transactions that are carried out on the stellar network are transparent and added to a distributed ledger accessible to all. Stellar network uses its own distinctive method to reach agreement on transactions quickly (in a few seconds), and everything on the network is kept in synchronization by a unique algorithm known as the Stellar Consensus Protocol
The Prospects Of Akon City and Akoin In Africa
Despite Akon vowing to supply light to all African countries, he has taken another stride to create a ‘one of its kind country’. Akon believes that the blockchain technology and the cryptocurrency, Akoin would return power to African citizens and thus would be Africa’s savior in many ways.
A lot of people also propose that this will help African countries overcome their economic problems. A meaningful percentage of Africa’s population don’t use banks but smartphones are used by almost all and with the daily growing population, Akoin is believed to help solve Africa’s economic problems and empower Africans to scale through hurdles like high inflation and corruption.
A large proportion of the countries with the fastest growing economies are in Africa so, the continent would be a great place to kick off such a great project. This project on its own can help drive Africa through a significant development stage.
The Fiat currency in many African countries is being confronted with uncontrolled inflation and at most times, there is a great difficulty in exchanging them into other currencies. Akoin can be used as a medium of exchange between countries in Africa therefore, with just a mobile phone,citizens can easily exchange currencies in a fast, easy, transparent, seamless and secure way.
Akon city will begin to function in a couple of years from now. With the buzz all around, everyone is waiting to see how it would be started up and run.
Can this be the liberation Africa has been waiting for?
Would this help Africa through their development stage?
Is the city viable?
2030 is here already, let’s sit, relax and see how everything goes. You can also get some Akoins as potentially, the coins would become worthwhile within a short period of time.