Rapper and entrepreneur, Akon, shared the whitepaper for his upcoming ‘Akoin’ cryptocurrency challenge completely with Cointelegraph.The doc descr
Rapper and entrepreneur, Akon, shared the whitepaper for his upcoming ‘Akoin’ cryptocurrency challenge completely with Cointelegraph.
The doc describes Akoin as a cryptocurrency “designed for entrepreneurs within the rising economies of Africa and past,” including that the challenge’s mission is to “unlock the potential of the world’s largest rising workforce” utilizing blockchain expertise.
Cell credit score buying and selling in Africa
The whitepaper describes Akoins as utility tokens that energy “atomic swaps” between cryptocurrencies, fiat currencies, and cell phone credit on the Akoin community.
Talking with Cointelegraph, Akon emphasised that cell credit are getting used as a forex in Africa, stating:
“We’ve got so many currencies in Africa – loads of them are unstable, and most of them are untrusted. It obtained to the purpose the place the day-to-day African folks do not even use the currencies anymore, they’re utilizing their mobile phone minutes and credit as a manner of buying and selling for primary items like produce, fish, fruits and issues available on the market.”
“In the end, exterior of the villages, you actually cannot commerce mobile phone minutes for something,” he continued. “So we wish to make the most of that very same mindset to benefit from that mechanism exterior of Africa – so even after they depart the continent, they’ll be capable to make the most of all of their credit and actually be capable to buy actual issues.”
Akoins used to pay charges on community
The token can be used to pay for charges for itemizing purposes, transaction charges, charges for promoting on the platform, and as a method of alternate throughout the community.
Akoin shall be launched on high of the Stellar (XLM) community. Tokens might be held in each Stellar and Akoin wallets.
The whitepaper additionally notes that non-public transactions “processed on the Akoin ecosystem” incur a payment of two.5%.
BitMinutes to launch Dapp on Akoin community
The platform seeks to host an ecosystem of decentralized purposes (Dapps), with the Akoin Basis pledging to assist and put money into Dapps that construct on high of the Akoin community.
The platform has partnered with peer-to-peer funds and cell credit score alternate platform, BitMinutes, who’re working towards launching an app on the community.
The whitepaper identifies a number of industries that the Akoin workforce believes can flourish utilizing decentralized purposes to focus on the African market – together with cell credit score buying and selling, micro-lending, cellphone credit score buying and selling, photo voltaic vitality buying and selling, media sharing, and healthcare.
Akoin to distribute 10% of tokens via IEO
Solely 10% of Akoin tokens shall be distributed by way of an preliminary alternate providing (IEO).
The whitepaper states that the IEO shall be performed in partnership with a “high tier cryptocurrency alternate” through the second quarter of 2020, as per the phrases of “an settlement with the unnamed alternate accomplice.
The IEO is slated to distribute 45 million Akoins at $0.15 every, giving the providing a tough cap of $6.75 million. IEO individuals might want to contribute within the type of XLM.
Akoin token distribution
The remaining 90% of Akoins provide shall be distributed amongst advisors — who will obtain 5%, the workforce and basis — with 10% every, the Akoin Pockets Retail Alternate — with 15%, and the treasury — with 20%.
The remaining 30% of provide which shall be positioned in Akoin’s escrow fund, from which 2% shall be launched every month for 48 months.
The entire provide is deliberate to be launched over 4 years, nevertheless, the paper notes that this shall be topic to vary primarily based on “Escrow tokens being positioned again into Escrow if they aren’t wanted within the month they’re launched.”
‘Akoincity’
Akon additionally within the early phases of constructing “Akoincity” on 2,000 acres of land supplied to the challenge by the president of Senegal. Akon predicts that the town’s building shall be full in 5 to 10 years.
As soon as full, the rapper plans to assemble extra Akoincities in each main African nation in a bid to unify the African financial system.