As globalization and technology continue to provide more opportunities for people throughout the world, a few significant challenges remain- especially in underdeveloped countries with less than stable economies and national currencies. For years, cryptocurrency experts have stressed the importance of building crypto-based economies in countries such as these (many of them in Africa). Now Akon, one of the industry’s biggest philanthropists, has joined other cryptocurrency enthusiast hip-hop artists as he continues to unveil more details about Akoin.
While Akoin was announced in June of this year, the artist recently revealed even more details about his proprietary cryptocurrency. The overall goal of Akoin supports Akon’s current economic and charitable initiatives- to create opportunities for young entrepreneurs in Africa. On a more technical level, Akoin provides “an abundance of digital and in-real-life platforms and experiences that create opportunity and inclusion for youth entrepreneurs by allowing consumers to buy, hold, and spend cryptocurrency right from their smartphone through a suite of blockchain-powered apps.” Akoin has already partnered with major names and built up an exclusive suite of sustainability and growth-building crypto-based apps including as CauseCast, Buttrfly, Guardium, Votem, and Impact Media as well as public and NGO organizations in Africa and throughout the world. The intent of these partnerships is the same: to offer immediate and ongoing new revenue-generating opportunities to stimulate micro-exchanges and financial stability.
At the release party of Akoin on August 22, Akon noted that the coin, which is specifically focused on developing economies within Africa, has benefits for a variety of end users. “Businesses that could be utilized in Africa, the population that can be using it in Africa, and, more importantly than anything, the entrepreneurs that can be developed and honed in Africa.”
Akon’s focus on creating an Africa-specific cryptocurrency couldn’t have come at a better time. Leading crypto publication Coin Telegraph echoes the popular sentiment that has been swirling around crypto communities for years: Bitcoin and blockchain tech are ripe for mainstream adoption in Africa, where the population is well positioned to embrace the innovative technologies as alternatives to the expensive and/or outdated banking systems scattered across the continent.
While creating a proprietary cryptocurrency might seem like a daunting task to even the most experienced crypto enthusiasts, Akon is no stranger to achieving big things. Since 2014, his charity, Akon Lighting Africa, has provided scaled solar power solutions throughout 480 communities in 18 countries in Africa and created approximately 5,500 jobs.
Akoin’s ICO is expected to launch by the end of 2018.