Popular Rapper to Launch Own Token

"Smash That" creator Akon represented the whitepaper of Akoin token "created for entrepreneurs of growing economies"
16 March 2020   235

Popular rapper and Grammy Award winner Akon has unveiled the white paper of his Akoin token, which will be launched on the basis of the Stellar blockchain.

The document describes the token as "created for entrepreneurs of growing economies in Africa and around the world." Apparently, Akoin will be a service token used for atomic swaps between cryptocurrencies, fiat money and loans on mobile phones. The latter often work in the country as currencies.

We have so many currencies in Africa - a lot of them are unstable, and most of them are untrusted. It got to the point where the day-to-day African people don't even use the currencies anymore, they're using their cell phone minutes and credits as a way of trading for basic goods like produce, fish, fruits and things on the market.




Tokens can also be used to pay commissions for listing applications and advertising, as well as a medium of exchange. It will be possible to store Akoin tokens both in a Stellar wallet and in Akoin's own wallet.

The platform hopes to attract developers of decentralized applications and has already entered into partnership agreements with the BitMinutes payment gateway, which will allow Akoin to integrate with the mobile credit system. At the same time, BitMinutes plans to launch its own application in the Akoin system.

Already in the 2nd quarter of this year, an initial public offering (IEO) will be held on the “top cryptocurrency exchange”, while 10% of the total number of tokens will be allocated on IEO. A total of 45 million Akoin tokens will be sold at $ 0.15 for each, that is, Akon hopes to gain $ 6.75 million already at the first stage.

The remaining 90% of the total number of tokens will be distributed between advisers (5%), the development team and the fund (10% each), the Akoin exchange (15%), and 20% will remain in the storage. The remaining 30% will be placed in an escrow fund, from which 2% of tokens will be issued each month.

Akon also has plans to build Akoncity, a smart city whose economy will be based on the Akoin token. The Government of Senegal has already allocated 2,000 acres of land for these purposes, and construction should be completed in 5-10 years. In the future, similar cities should appear in every major African country.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   239

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 


Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.