Akon is one of the latest celebrities and unarguably the most ambitious to enter into digital currency space. The Senegal-born R&B singer turned philanthropist earlier this year at Cannes Lions International Festival of Creativity announced the launching of a new cryptocurrency called Akoin. Long before that he announced (and more recently in a sit down with Nick Cannon), that he is also in the process of building a city in Senegal Akoin is a mobile-friendly digital currency designed to facilitate the ease of doing business especially in Africa. According to the singer, Akoin is a serious project, that’s meant to empower large unbanked populations in Africa, who have great potentials but being drawn back by unfriendly-business climate, bad governance and hyper inflations. Planned amenities of Akoin ecosystem include digital wallet for storage and payment transactions including exchanges for crypto and fiat-currencies, prepaid cellular minutes, credit and micro-lending facilities.
The 3-part vision of Akoin is to “empower, partner and transform”
Akon, who I got to sit down with this summer explained that his “Lighting Africa” initiative was the first step in further developing the continent through entrepreneurship; “We do our business in Africa that’s not [just] to help people, but empower them to make their money in the process.”
So, how’s it going to power Africa? Akoin will be used as a pilot project in the new “Akon Crypto City” in Senegal, to fuel its ecosystem. This unique ecosystem brings real-life tools and services such as “trusted currency, market place, exchange and marketing. The taking-off will be in “Crypto City” Senegal but it’s an African project to bring back economic power to the people of Africa. Akoin will be a digital platform for young entrepreneurs to synergize with blockchain, create their own market and monetize their products to make positive economic and social impact.
WHY IS THIS NEEDED NOW?
Africa has been tagged “the largest emerging economies in the world” but this murky “term” is yet to be actualized because of bad governance and non-utilization of its human and material resources. Young entrepreneurs in Africa are facing serious challenges in creating and building businesses for sustainable developments. There’s no better time than now, to integrate Africa into real digital world economy where great minds and potentials of African origin can utilize their full potentials. This is what “Akoin ecosystem” tends to achieve within some couple of years from now.
PRACTICAL USES OF AKOIN
- Akoin will be used to empower Infrastructures such as solar power, land, Wi-Fi, technology etc.
- Akoin will be used as a currency based platform for currency transfers, raffles, cash-in/out etc.
- Akoin will be used to render professional services such as crypto based Jobs, share economy,freelance etc.
- Akoin will be used to render financial services such as micro-lending, establish credit, p2p lending, etc.
- Akoin will be used as a digital technology to promote content and marketing such as advertising, music, video etc.
- Akoin will be valuable in education/health services and governance.
If the seriousness, the co-founders have shown in this project is something to be considered, then you’re in for a good investment. Akon, the chairman of Akoin is a household name in the music industry having dominated the hip-pop music in the last 15 years with no less than 12 Billboard Top Ten Hits. This well-travelled singer cum philanthropist with no credibility issue has lighted up over 25 countries in Africa via his Lighting Africa charity. For China to partner with him in his solar power project with $1 billion credit line and the president of Senegal, Macky Sall to gift 2000 acres of land for this project shows credibility and that, the project will fly.
The Beta platform for this project will be launched soon and the Akoin project team is encouraging people to be part of the exclusive group of Beta testers.
Akoin team is made up of seasoned experts in various fields of endeavors comprising finance, management, technology, security and marketing. Akoin cryptocurrency has two co-founders in the persons of Aliaume Thiam popularly known as Akon as the chairman and Jon Karas as the president. Other members of the team include Lynn Liss (COO) and ten other team members.
Akoin has eight advisors of notable people drawn across different areas of expertise. A detailed profile of the team members is available in Akoin official website.
Akoin is a cryptocurrency project launched by a renowned Senegal-born R&B singer turned philanthropist to empower young African entrepreneurs to achieve their great potentials. It’s being a sad tale that many great minds in the dark continent could not utilize their potentials in-spite of abundant human and material resources, and this is due to some limiting factors such as bad governance and environmental challenges. Akoin cryptocurrency is launched to address this pitfall with some cutting-edge services ranging from decentralized payment platform for small and medium scale businesses, entrepreneurship empowerment and digital oriented services.