Many people may think Africa was late to the cryptocurrency development scene, but many have forgotten about the ongoing Akon City and the Akoin cryptocurrency developed alongside the city. In 2018, the Senegalese-American singer full name Aliaune Damala Badara Akon Thiam but referred to as Akon as his stage name shocked Africa and the rest of the world. This happened when he made the announcement that he was going to develop a futuristic city in Senegal meant to offer technological and architectural support and development to the rest of Africa. His goal was to develop a city that would lead his mother country and continent to the future by helping in the development of technology and infrastructure required to modernize the continent and lead to industrialization and thus the development of the entire African economy.
The Senegalese government loved the idea and offered him a huge piece of land for the project. Since the announcement made in 2018 by Akon and the Minister of tourism, Mr. Alioune Sarrin, not much has been published about the project. This article presents information about the development of the Akon City and Akoin, which was tailor-made for the African economy.
The budget for the construction of the city is estimated to cost $6 billion. This is not a small project, and it will take time for the project to be completed. After the announcement of the city to be constructed, it took another 2 years to plan and get funds to start the project. On 31st August 2020, the first stone was laid on the construction site marking the beginning of construction. The project was slowed due to the pandemic, but construction is back on course and shaping up to be one of the projects that will improve the African economy.
Akon has developed the Akoin token. Akoin cryptocurrency token was developed to be the currency to be used in the Akon city as the legal tender for transactions. According to the plan for the city’s development, the goal is to have a city where all transactions are made through cryptocurrency and, primarily, the Akoin token. As planners and architects were designing the city, the token was developed and launched to the world. Akon partnered with Jon Karas and Lynn Lisa to develop the Akoin.
People can get the token on various cryptocurrency exchange platforms that support the token. To get the token, people have to deposit a token to the wallets on the platform supporting Akoin. After doing so, they can swap tokens and have Akoin of the same value as the amount they deposited. Although the token does not have much application at the moment, this might be the perfect time to invest in the token before Akon city construction ends and demand for the token skyrockets. These might be one of the sleeper tokens that will blow up in the next few years. It might take 5, 10, or even 15 years before the Akon city is fully operational, but once the city starts operations, no matter how small the economic activities will be, the token will start gaining value.
