According to the Coinmarketcap, there are as much as 1656 cryptocurrencies that have a total market capitalization of more than $277 billion. One that is yet to find itself there, however, is the AKoin cryptocurrency which as you can guess from the name, was created by Aliaume Thiam, or was he is popularly known, Akon.
Joining other extremely popular cryptos like Bitcoin, Ethereum, Monero, Dash, and many others, Akoin comes for something completely different, to serve as the currency for the futuristic city, that the singer has his mind on creating in the capital of Senegal, Dakar. There are many things to know about this currency.
AKoin Cryptocurrency Facts
1. It was created By Akon
As earlier stated, AKoin is a cryptocurrency that was started by Akon in 2018. Of Senegalese descent, the Grammy-nominated singer believes that the cryptocurrency will become the savior of Africa in many ways. Before starting the AKoin, the Missouri-born producer has worked on a number of projects that would bring development to African communities including the Akon Lighting Africa through which he has been working to provide solar electricity to 18 African countries. The project is still building to cover much more countries.
2. Akon’s Wakanda City (Akon Crypto City)
AKoin will grow to become the official currency of the Wakanda real-life town that the singer is setting up in Dakar, the Senegalese capital. The city will be developed 2000 hectares of land in the country’s capital and it will be known as Crypto City. The city which is not far from the country’s new state of the art airport will have great schools, medical facilities, and a lot more. It will also be a place for people to do business. It is also on the back of the AKoin cryptocurrency that the city will be built and funded.
If everything goes as expected with the Akon Crypto City, it will become the first city in the world to have cryptocurrency as the basis of main means of transaction.
The goal of the currency is to bring together digital and real life platforms as regards the activities of the cryptocurrency.
3. Coin for entrepreneurs
More than just funding the Crypto City, the American Senegalese singer is also hoping that his coin will help young and future entrepreneurs in Africa. This is because he hopes that it will take care of things like the instability of currency, inflation, and other problems that are associated with traditional banking such as poor services.
4. How it will operate
Because it is a crypto, it will operate independent of any central bank, and instead, it will take advantage of the blockchain technology. This means that it will serve as a public financial database that the user will have ultimate control and follow transactions. According to Akon, because of the security it promises and delivers, cryptocurrency will be the savior for Africans as it will give back power to the people.
5. Currency of operation
Even though it is a currency of its own just like other cryptos including Bitcoin and others that are more popular, the Wakanda Coin as it has also been referred to as is measured by the US dollars which is the international trading currency also used by other cryptocurrencies.
6. The Value of the AKoin Cryptocurrency
For now, the AKoin is yet to make its Initial Coin Offering (ICO) which is a fundraising mechanism that will allow for the sale of crypto tokens in exchange for the new currency, or the AKoin. It is the transaction here that will determine the value of the newly introduced currency as it will rise and fall based on this. Once that is done, the AKoin Digital Wallet will be set as well as the AKoin Token and the apps.
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For now, since it is yet to go into operation, the AKoin website is still calling on investors and entrepreneurs as it moves on to build an imposing currency that will drive the creation of the futuristic city of the Platinum selling singer.
7. Not to be confused
Not to get things mixed up, there is also another cryptocurrency which is known as the Acoin, and it is completely different from the Akoin. The former is already in circulation with a 1.22 Million total supply. It was launched in 2014 and has a market cap of $112,136 USD.
