Akon had released a cryptocurrency named after himself and it is called “Akoin”. Akoin has stated itself as “One Africa. One Coin”. 

It is a cryptocurrency that is also powered by blockchain technology and its ecosystem is based on tools and services that will facilitate the entrepreneurs, business owners and social activists, and help in rising the economy of Africa.

As Akoin’s whitepaper states, “Akoin’s mission is to unlock the potential of the world's largest growing workforce by creating learning, earning, spending, and saving opportunities across Africa and other lean economies.”

Akoin’s official website: https://www.akoin.io/

On the official website of Akoin it aims to build a crypto city named “Akon city” in Senegal, Africa which Akon also calls “a real-life Wakanda”.

Wakanda is a fictional country in Marvel’s Black Panther and just like it, Akon refers his city to be a “futuristic environment” or “futuristic city” too.

Akon said, “I think that blockchain and crypto could be the savior for Africa in many ways because it brings the power back to the people and brings the security back into the currency system and also allows the people to utilize it in ways where they can advance themselves and not allow government to do those things that are keeping them down.”

Akon has been gifted by the President of Senegal, 2000 acres of land to build the city. While Akon city would be a short drive from Dakar, the capital of Senegal.

He calls it to be “the first 100% crypto-based city with Akoin at the centre of transactional life". 

Also Read, What are Stablecoins?

Akon City is expected to be completed by 2029. It has also received a LEED - Leadership in Energy and Environmental Design certificate, also it is designed to be operated through solar energy.

The city is expected to be entirely be run on cryptocurrency.

Cryptocurrency is said to be volatile in nature, however, with the Akoin it will act as a stablecoin and the coin is designed to be immune to such fluctuations or volatility that is mostly expected and experienced of a cryptocurrency. With Akoin, the users will be able to buy, spend, or hold their cryptocurrency with the help of their smartphones. It aims its wallet app to be available on every mobile phone and to be transferrable without disruption amongst other currencies.

Akon has even admitted that he does not know all the technical aspects of this venture, 

“I come with the concepts and let the geeks figure it out.”