A lot of interesting stuff is going on in the crypto community, and it looks like each new day comes with amazing news about cryptocurrency and its exploits in the cyber world. One good thing about this emerging technology is that just like money, it has the ability to cut across different industries, and permeate different sectors. Interestingly, even the entertainment sector is not left out, as we have seen different reports about the adoption of cryptocurrency and blockchain technology for one purpose or another in the music industry.
Akoin And Stellar Blockchain
One prolific player in the music industry, Akon, who has had his records hit platinum several times, has made the news again. The musician who is building a smart city in Senegal, has also decided to join the trend of crypto owners, as he has decided to also start a cryptocurrency project that will see Africa enjoying improved financial inclusion. The cryptocurrency called ‘Akoin’ will be built on the Stellar blockchain, and according to Jon Karas who is the co-founder of Akoin, the choice to use Stellar’s blockchain is factored on the similarity in value proposition between Akoin and Stellar.
Stellar intends to help the unbanked people become banked, and it already has some partnerships with some African businesses. The partnership with Akoin could pave the way for more innovations across the African continent with its micro-loans and DApps development features.
About Akoin Cryptocurrency
The Akoin token is designed to function with Stellar wallets, while still being able to operate with different fiat currencies and digital assets that are supported by the Stellar system. Akoin users will enjoy the feature of the utility token that enables instant swaps through different currencies. Furthermore, Karas added that one of the major factors making it possible is the fact that the Stellar Network has the ability to facilitate and propagate an efficient and effective transfer of value of cross-assets. Applications will help deal with banking and inflation issues, and also help to identify the value contained in the prepaid minutes of mobile phone networks. For instance, in Nigeria, minutes function as a type of digital asset, and with Akoin, users will be able to perform a swap of the minutes for cryptocurrencies or fiat currencies.
It is important to note that even though Akoin will have a price that fluctuates (it is not a stablecoin), users will have access to some top stablecoin offerings that are available within the ecosystem. Furthermore, the platform will also function as a mobile marketplace, as well as have a wallet to contain different types of currency.
The whole point of creating Akoin is to be able to have financial services provided to the unbanked in different parts of Africa, as well as other developing countries in different parts of the world. The total Akoins supplied will be 400 million, and the spokesperson of the company has said that the Akoin whitepaper will be made available in the coming week, and the whole tokenomics will be contained within the whitepaper, as well as more details about the utility token.