[image credit : Toshi]
Grammy-nominated rapper and entrepreneur Akon has shared the whitepaper for his cryptocurrency project “Akoin.”
According to a report by CoinTelegraph, the news outlet was able to receive a copy of the whitepaper for Akoin ahead of its release. The document describes the project as a cryptocurrency “designed for entrepreneurs in the rising economies of Africa and beyond,” with a mission statement to “unlock the potential of the world’s largest growing workforce” using blockchain technology.
The whitepaper emphasizes Akoin’s utility to facilitate “atomic swaps” between existing cryptocurrencies, fiat and mobile phone credits, with the latter being a popular form of payment in certain parts of Africa.
Akon said, “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.”
Akon explained that Africans have difficulty trading cell phone credits outside their villages and local communities. He said Akoin’s network is focused on facilitating swaps and providing flexibility for alternative forms of money.
Akoin will be launched on Stellar XLM’s network, with the whitepaper noting that private transactions made in Akoin’s ecosystem will incur a fee of 2.5%.