Musician and cryptocurrency flag-bearer Akon is to launch the ‘Akoin’ through Stellar.
The rapper, who is currently masterminding a self-contained city with a cryptocurrency infrastructure in his native Senegal, has cited the network’s track record of assisting entrepreneurs and businesses in developing countries as the leading reason for the decision.
The move means the Akoin utility token will be fully compatible with Stellar wallets and interoperable with all digital assets and fiat currencies supported by Stellar.
“It’s a global platform that we’re building and Africa is our target market because as we see it now, Africa has the most challenges,” said the 46-year-old musician.
The objective of Akoin – and also Akon City – is to provide a trusted currency alternative and empower individuals across the world’s youngest population. It is expected that, by 2045, the African workforce will be the largest in the world.
Permission to create the 2,000 acre Akon City on land given to him in 2018 by Senegal’s president Macky Sall was granted last month.
Once complete, the self-contained community will trade using the Akoin which is to be launched later this year.
The project is based close to the picturesque coastal town of Mbodiene and an hour away from Blaise Diagne International Airport. By the time Akon City is complete, however, Senegal’s latest international airport will be officially opened just a ten-minute drive away.
Groundwork
It is understood groundwork on the ambitious scheme has already begun as the musician aims to have the city fully up and running by the end of the decade.
“It’s a 10-year building block, so we’re doing it in stages,” Akon recently explained to Los Angeles radio station Power FM.
“We started construction in March 2019 and stage two is going to be 2025.”
Estimates put the cost of constructing the self-sufficient, eco-friendly city at around $2 billion.
The singer-turned-entrepreneur – whose real name is Aliaume Thiam – recently invested heavily in a solar power venture called Akon Lighting Africa which has taken off in many communities, providing 100,000 households with power as well as 13,000 street lights across 14 African nations.
As well as cryptocurrency, Akon City will rely heavily on blockchain – the technology which underpins Bitcoin and other digital currencies.
Speaking at a recent blockchain conference in Malta, the artist pointed to the technology as a huge asset to Africa.
“I think that blockchain and crypto could be the saviour for Africa in many ways because it brings the power back to the people,” he said.
“Cryptocurrency and blockchain technology offer a more secure currency that enables people in Africa to advance themselves independent of the government.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.