Akon, the rapper, recently announced that he had finalized agreements with the government of Senegal for the launch of Akon City. The rapper has been talking about his city for over a year and a half now. According to the rapper, he is going to launch the city on a 2000-acre piece of land in Senegal. The nation’s president as a gift gave the land to him.

While discussing the city in past interviews, Akon has said that he believes the blockchain and digital currencies will save Africa. In his opinion, this will be possible since the blockchain technology and cryptocurrencies give power back to the masses. Besides that, he believes that the technology introduces better security to the currency systems. Additionally, Akon has said that crypto allows people to use it to advance themselves without any interference from the government.

The Project is Underway

When Akon announced plans to launch the real-life Wakanda, not many people had faith in the project. Some thought it was merely a lofty dream that would never see the light of day. However, Akon City is happening.

According to his Twitter post, they have finalized all agreements needed to make Akon City a reality. He added that he was looking forward to hosting millions of fans from around the world in the future. In a November interview with Nick Cannon, Akon revealed that the city would run purely on renewable energy. Besides that, he revealed that the city’s economy would run on Akoin, a digital currency that he plans to launch soon. He also revealed that the city would be built in phases over 10 years.

According to a video posted on the project’s Facebook page, the city will only be a short distance from the nation’s international airport. The video goes on to claim that the coin will be inflation-proof and secure. Besides that, it claims that anyone from any part of the world will be able to live in the city, which has been dubbed Crypto City.

Not Many Details about the Coin

While progress on the project appears to be great, not much is known about the cryptocurrency. This is because there is no whitepaper on the coin that has been released. It is also worth noting that Akon himself has not gone into the technical details of the coin. As such, it is not known whether it will be a stablecoin, a state-backed digital currency, or a cryptocurrency like Bitcoin. With the city underway, such details will no doubt be revealed to the public soon.

A Test Run

The launch of Akon City could serve as a useful test run for how entire economies could run in the future. If it succeeds, other cities around the world might try to launch their crypto-based economies. In general, this is good for the crypto industry. It shows that blockchain and crypto technology has uses outside of speculative trading. It could also lead to the mass adoption of crypto in Africa.

Image Source: Flickr 

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