Akon, rapper, and entrepreneur shared a white paper on their upcoming ‘ Akoin ‘ Blockchain-Based Cryptocurrency project. Rapper Akon Releases Whitepaper for ‘Akoin’ Cryptocurrency.
“Akoin is a cryptocurrency-powered by a blockchain-based ecosystem of tools and services designed for entrepreneurs in the rising economies of Africa and beyond,” the whitepaper reads.
The production of this cryptocurrency was revealed in 2018. The celebrity announced at that time that he would create “Akon City,” a space operated 100 percent by cryptocurrency.
Akoin aims to unlock the potential of the world’s largest rising population by creating opportunities across Africa and other lean economies for learning, earning, investing and saving.
It will be built five minutes from the Senegal International Airport to make it convenient for both the people and visitors to the region.
The Akoin Multi-Currency Wallet enables people to trade with each other on an interchangeable basis without the major hurdles or fees of traditional money exchanges.
The token is often used to pay fees for listing applications, transaction fees, site advertisement fees and as a means of the network- exchange.
Akoin will be launched over the Stellar (XLM) network. Tokens can be kept in wallets of both Stellar and Akoin.
The Whitepaper also states that private transactions “processed on the Akoin network” are subject to a charge of 2.5%.
BitMinutes platform aims to host an ecosystem of decentralized applications (Dapps) to launch Dapp on the Akoin network.
Just 10% of Akoin tokens are distributed through an initial exchange offer (IEO). The existing 90 percent of the supply of Akoins will be distributed among advisors.
The platform contains proprietary Atomic Swap technology that allows users to easily move money, cryptocurrency, seamlessly in and out of the network. The Akoin ecosystem offers the tools, services, and user-friendliness required to run a production company or gig-based career.