Singer Akon to Launch Own Cryptocurrency - Akoin

Akon, a Grammy Award-nominated singer responsible for hits such as Don’t Matter and Lonely is establishing his own cryptocurrency - Akoin, according to numerous media reports.

According to a report from Bloomberg, the singer told the news outlet in an interview that Akoin will be used as the local currency in Akon City, a 2,000-acre development in Senegal.

Akon, who invested in Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term back in 2014 and has been active within the crypto community, announced the potential plans for Akon City in 2019. Earlier this year, the land agreement was finalised with the Senegalese government. The city will be a futuristic-cryptocurrency themed city, with the first phase expected to be completed before the end of 2023.

The aim of Akoin is to be adopted by the African continent and beyond, with the launch most likely set to happen in early July this year, according to Jon Karas, president and co-founder of Akoin.

According to the interview, 10 per cent of the total float of Akoin will be issued initially through a public sale. However, this amount might change depending on demand. Another 10 per cent will be held by company executives, advisers and directors, the Whitepaper Whitepaper A whitepaper is defined as a pitch or persuasive, authoritative, and often in-depth report on a specific topic that presents a problem along with a respective solution. Marketers rely on whitepapers for a variety of reasons, most simply to educate an audience about a particular issue or to promote a particular methodology. In the cryptocurrency world, a whitepaper is a document that should contain all of the information about the technology that was used to build a cryptocurrency network, and ho A whitepaper is defined as a pitch or persuasive, authoritative, and often in-depth report on a specific topic that presents a problem along with a respective solution. Marketers rely on whitepapers for a variety of reasons, most simply to educate an audience about a particular issue or to promote a particular methodology. In the cryptocurrency world, a whitepaper is a document that should contain all of the information about the technology that was used to build a cryptocurrency network, and ho Read this Term said.

Akoin has three founders - Akon, Karas and Lynn Liss, who also serves as chief operating officer. The coin has been built to be a utility token and not an investment tool, Karas told the news outlet.

Inspiration behind Akoin

Akon, 47, told the news outlet that the motivation for Akoin came a few years ago when the singer tried to convert some of Senegal’s currency to euros. However, the currency exchange didn’t take the West African CFA franc, the currency used in many French-speaking West African countries, including Senegal.

“It really just opened my eyes,” Akon, said in the interview with Bloomberg. “That really catapulted the energy to say ‘We have to have our own currency. I don’t care what it takes — we’re going to fix this.'”