Akon is hoping the alternative models proposed by Akon City will help Senegal, a country dealing with mass protests in the wake of an economic crisis, tackle poverty and youth unemployment. Construction on the project is expected to start this year, and is expected to cost around $6 billion, pooled between Akon and outside investors. The singer this week also announced plans to build a “sister” Akon City in Uganda.
Akoin is envisioned not just as a utility token, but as an ecosystem of tools and services designed for entrepreneurs. It is backed by a multi-currency wallet and decentralized exchange that allows users to trade with each other interchangeably or between major cryptocurrencies without the major hurdles or fees of traditional money exchanges. Users can eventually convert their tokens into fiat currencies or purchase mobile phone airtime. Akoin can be purchased via a secure online wallet using major cryptocurrencies such as stellar, bitcoin, ethereum, or with credit and debit cards.
The central hope of Akoin is to minimize the barriers to entry faced by many entrepreneurs and small businesses such as the extensive paperwork required by banks.
“The Akoin ecosystem will be the infrastructure that allows African entrepreneurs to take part in the gig economies, and will provide the tools they need to compete in the realm of international business for the first time,” the project’s website explains. “With Akoin, African entrepreneurs will have access to financial, health, education, technology, professional, governance and land services, using the Akoin Token as a central medium of exchange.”
