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.