Akoin Cryptocurrency And Akon City
Akoin, which many of you may know as Akon cryptocurrency or acoin, is a cryptocurrency introduced by the globally famed African Singer and visionary change-maker Akon.
The currency is powered by an ecosystem based on the blockchain with tools and services made for businesses and entrepreneurs in the rising African economy. Moreover, on 14 Jan, Akon tweeted about his finalized agreement of building the ‘Akon City’ over 2, 000 squares acre land in a West African country. He aims to make this smart city in Africa, a ‘real-life Wakanda,’ which will entirely run on Akoin.
From Where It All Started?
Since 2008, cryptocurrencies are in the limelight when the world was introduced to Bitcoin. The unidentified Satoshi Nakamoto wrote the Bitcoin whitepaper and named it a peer-to-peer electronic cash system. The purpose of creating bitcoin was to offer a faster, decentralized, and a cheaper way of transferring value to users.
With the limitation of internet connectivity only, the decentralized infrastructure of Bitcoin offered unmatched financial freedom to users. Almost after a decade, the crypto market rose above $200 billion, with additionally available 2,000 cryptocurrencies.
In 2019, some of the big names in the entrepreneur world joined the cryptocurrency world.
It is projected that by 2030, the blockchain will source even more high-quality value to businesses estimated beyond $3.1 trillion.
With Akoin in Africa, now consumer-facing companies have an opportunity to grow immensely. African businesses and also consumers require a more reliable, universal platform where they can take advantage of this new opportunity and interact together.
Speaking to a blockchain conference held in Malta, the artist and philanthropist pointed to the crypto technology as a huge benefit for Africa. He said that in many ways, crypto and blockchain could be the redeemer for African nations as it will bring back the power to people.
According to him, blockchain technology and cryptocurrency is a secure currency that will offer African people to make themselves advance as well as independent of government.
How is Akoin a Different Cryptocurrency?
Akoin is an app-based cryptocurrency to build the economy of Akon city. It is a digital wallet with multi-currency attached to the online marketplace to simplify the local as well as a global value exchange.
The Akoin marketplace is going to be a hub for financial services, DApps, and Apps for businesses and other users who want to access and utilize it.
The Akoin ecosystem will provide resources, tools, and ease-of-use that are necessary for running a gig-based career or a successful business. Users can learn, earn, save, and send Akoin cryptocurrency across the plethora of applications that entrepreneurs consider the most significant.
Akoin is the foundation of the Akon city ecosystem and is available across all 54 countries of Africa. With the creation of stable currency, there will be many innovative opportunities that will generate revenue and make a deep impact all across the world. No wonder why people are waiting eagerly for its Akoin release and the announcement of Akoin price so they can buy Akoin.
Akoin Merging Real-life with Digital World
Akon’s unique platform creates a mixed medium of real and digital life tools. It will integrate a wide range of services to motivate consumers about cryptocurrency. At the same time, brands and entrepreneurs will also get benefits.
Below are some of the main features of Akoin cryptocurrency.
⦁ Marketplace: The primary focus of Akoin is entrepreneurs constructing apps and decentralized apps (DApps) that will touch Africa. Other than earning, spending, and saving opportunities, Akoin brings the additional bonus of reward programs and discounts for its users.
⦁ Exchange: The private exchange and multi-currency wallet effectively provide a market for the DApps cryptocurrencies. This market will specifically allow trading in and out.
⦁ Reliable Currency: Akoin is considered as a safe cryptocurrency for transactions that will occur within that marketplace. Users can exchange into local fiat currency and prepaid minutes. The coin on the backend can be used for cellphone top-ups and prepaid minute exchange.
Overall, Akoin claims that it is a considerably less volatile and stable currency that holds an exceptional value.
⦁ Marketing: Akoin is a massive platform for a range of brands and foundations. This kind of diversity will probably help Akoin in the long-run.
Akoin is for those who do not have a credit card, bank account, or ID and want to get into cryptocurrency. Akoin platform will enable those individuals to get onto the bandwagon of the cryptocurrency market.
What Are The Use Cases of Akoin?
On the Akoin marketplace, users can find integration and onboarding of best class DApp and App partners that offer tools and services much-needed by entrepreneurs. Thus, it is an ‘Entrepreneurship Building Block’ for young entrepreneurs.
Let’s find out more;
Airtime Top-Ups and Prepaid Minute:
The existing prepaid minute network leverages due to the Akoin platform, which provides financial help to unbanked. In Africa, prepaid minutes are a significant value store; thus, it is a major utility feature of the Akoin platform.
⦁ With DApp and BitMinutes partnership, peer-to-peer transfer of value is possible to over 1.2 billion mobile and bank accounts to about 70 contracting countries.
⦁ The prepaid airtime top-ups will be available in 120 countries and over 4 billion mobile accounts.
The goal is to achieve mass Akoin adoption to access 4 billion people on the day of launch. It is a critical success factor. BitMinutes tokenizes the prepaid cellphone minutes and allows for selling for cryptocurrency and fiat through the Akoin ecosystem.
For prepaid minutes, it is the same as blockchain-based settlement and banking system to convert the minutes into cash or crypto.
⦁ Individuals without any bank account can get prepaid minutes.
⦁ The vendors in town or villages can convert the cash into Akoin or BitMinutes.
⦁ Through the Akoin marketplace, the BitMinutes can be freely and quickly sent to other cellphones.
BitMinutes have a widespread program to train Trusted Agent Network TAN so that more people can adopt across Africa. In Nigeria, so far, over 100 TAN agents have trained already.
The team is planning to replicate the rapid growth all over Africa to make sure a unified integration after the launch of Akoin.
Existing prepaid consumers and vendors can apply to enter in TAN to become a human ATM network. The network encourages to offer the cash-out service and serve as a micro-lending agent in the local community.
The TAN agents can increase the limits of their micro-lending by ensuring a prompt loan repayment to small businesses and entrepreneurs.
The growing network of TAN agents can also conduct AML and KYC processes on smartphones in real-time to make sure the completion of top-notch vetting practices and businesses.
It is a universal naming and addressing platform through which anyone can get a unique universal address anywhere.
⦁ The UNL Platform is building an essential Internet of Places. It will bring about 4 billion unaddressed people into the new rising digital economy to create a far-reaching social-economic impact.
⦁ UNL is assimilating into the hub of the Akoin marketplace and platform. UNL is focused on creating a great economic impact by unleashing the new geographies for services based on location.
⦁ It also motivates users to submit geographical data to Akoin and support them in building a digital infrastructure that is required to make a bright future in Africa.
Additionally, with the creation of a new geographical location and address generation, the Apps and DApps in the marketplace will gain access to many more potential customers.
For example, in the marketplace, if an e-commerce company is launched, it can deliver products to a continually rising customer base because UNL expands the digital infrastructure of the nation.
⦁ By taking advantage of UNL, Akoin will create unparalleled opportunities for demographics.
⦁ Akoin will open its reach to consumers who are not able to participate in the rising digital economy.
An innovative micro-raffle lottery will launch on the Akoin platform with leading raffle/lottery partners this year all over the continent. In 2018, the value of the global lottery market was approximately $1.7 billion.
From 2019 to 2024, it is expected to increase by 4.13%.
Lining up with this estimate, Akoin will offer a micro-many custom solution where a considerable number of users can get micro Akoin token amounts or prizes that will empower and fuel the entrepreneurial goals.
Besides, it will be an earning opportunity for the users to create their web stores to sell micro-lottery tickets, much similar to the TAN model. This unique model will empower a mass because of new earning opportunities all prepared to kick start or grow a business.
Akoin onboards best breed DApp partner that provides crowdfunding services and tools, aims to spur and support investment. The team aims to develop a model that is applicable in developed countries to become a major source of financial business support.
Crowdfunding is one of the many tools and services that are employed in developed countries to boost new businesses. The aim is to bring the service through the DAPP/App platform into the African market to be able to make availability of funds that were inaccessible for entrepreneurs.
To get support from the U.S. and other developed countries, Akoin works in line with the Akoin foundation to bring financing and awareness in Africa.
Land record, tilting, and ownership management is the main issue in developing countries. Akoin, in partnership with the land governance leader, utilizes blockchain and technologies to provide low-cost and user-friendly land administration systems.
The goal is to promote the full financial inclusion of every party and economic development by people in underdeveloped countries to establish formal property ownership.
One of the most prominent commitments of Akoin is to revolutionize the healthcare system in Africa. And other underdeveloped countries all over the world. Akoin team is aiming to function this by implementing DApp partner for customized healthcare.
It will digitize not only the medical records but also the chain of custody on the blockchain for drug testing. The end-result for end-users is a no-cost and easy-to-use solution. The system can radically reduce inefficiencies, deliver improved health results, and resource wastage.
The capability of blockchain for private and secure delivery is the best fit for the whole supply chain of the healthcare system.
DApp Builder Tool:
Any entrepreneur can access the toolbox through Akoin to create its own DApp for the Akoin platform. It will be offered in the Akoin DApp Builder Tool. The users will be able to drag and drop the essential components easily to build a usable and viable DApp to fulfill business needs.
Let’s Meet the Main Components of Akoin
Below are the main components of the Akoin.
Akoin Swap Technology: It is the proprietary of the Akoin ecosystem, will make possible
⦁ The direct trade between fiat currencies
⦁ Alternative currency partners
⦁ And other major cryptocurrencies on the platform as well as in the local market.
With the Atomic Swap functionality, small businesses that face massive hurdles with not much major exchange need not worry about growing in a big pound. Now they will have a currency to put their product out there as well as trade-in and out of Akoin. For a lot of DApps, Akon and the team are marketing the platform, especially those that are launched.
It will be the central mechanism for value exchange between users within the marketplace of Akoin. The particular cryptocurrency of the Akoin ecosystem is the Akoin Utility Token.
⦁ Through Akoin multi-currency wallet integration, the tokens can be spent seamlessly within DApps on the Akoin platform.
⦁ The Akoin users are able to make the transition inside and outside of the ecosystem by prepaid cell phone minutes into cryptocurrency or converting fiat currency.
⦁ With Akoin token, users can get an alternative of more trusted currency to 40+ existing currencies utilizing currently across all the 54 Africa countries.
The main features of Akoin tokens are user transactions that will be paid in Akoin, exchanging payments for services and goods, listing fees for supporting, and listing applications. This includes a certain amount of Akoin currency and advertising space fees for placing advertisements in the marketplace.
It will enable entrepreneurs to grow and build their business with a unified in and out network transition via prepaid minutes or fiat currencies.
Akoin Multi-currency Wallet:
This digital wallet will be used to store digital assets securely.
⦁ It is a universal cryptocurrency wallet that people with the least technical knowledge can store, receive, and send major crypto-assets via a single contact point in the market.
⦁ Another feature, Akoin Multi-currency Wallet, will allow people to trade interchangeably with each other without typical money exchange fees or any major hurdle. Akoin wallet will be an access point for Africans to contribute to the digital economy.
⦁ It will allow users, especially entrepreneurs, access to Apps, and DApps within the Akoin platform. From financial, education, health, and professional services, it will cover infrastructure and will go further than the entrepreneurship building blocks.
⦁ Also, this digital wallet is home for Atomic Swap functionality and operates similarly to DEX (decentralized exchange). In DEX, users always have the ownership of the multi-currency wallet to hold tokens. This means a third party never manages the token during the process of Atomic Swap.
In the DApp store, users can access Apps and DApps, whether they are transacting in Akoin, other cryptocurrencies, or fiat currencies to the thing that adds value. It is a bright and broad platform and very helpful to the blockchain world.
This app will be open to all, just like the Apple App Store. The ultimate mission is to get tools for education, social impact, entrepreneurs to get those into people’s hands.
Via DApp stores, the third parties can pay bills, purchase online services and goods, and directly deposit the funds to mobile or bank account by converting Akoin into an “instant Digital Credit.”
Thanks to the incredible features and promising Akoin price, a rapid increase is being noticed in Akoin value.
Technological Overview of Akoin Ecosystem
The Akoin ecosystem is the representation of the symbiotic services and decentralized applications that connects the product and services infrastructure. The Akoin ecosystem is built on the SCP (Stellar Consensus Protocol).
Stellar Anchor Network power
⦁ Increase liquidity through Stellar DEX
⦁ Sources superior transaction speed on the network (almost 3-5 seconds for transaction confirmation)
⦁ And shared economic inclusion vision are the reasons Akoin chose them to partner with them.
Distributed Application Hub:
The purpose behind the Akoin ecosystem and token is to set a scalable and seamless platform through which token holders can host different DApps.
⦁ The first DApp partner BitMinutes is the blockchain technology that was incorporated into the Akin ecosystem. It is the ERC20 based token and can couple with the international mobile communication networks.
BMT or BitMinutes token is used to top-up the prepaid phone devices across the globe. The interoperability between BitMinutes and prepaid phone minutes has developed the perfect use case for the target markets of Akoin in Africa.
The Atomic Swap is a currency interoperability breakthrough as it allows instant exchange on different consensus protocols on a token basis. For example, the BMT ERC20 and Stellar-based Akoin can be instantly converted through the Atomic Swap. A real-world example is airtime top-up to showcase the Swap benefit. If users hold Akoin tokens, then they can swap a part of them to BMT. Then they can choose to send those BitMinutes as prepaid phone minutes on mobile phones.
Akoin Cash In/Cash Out:
Web wallet is the heart of the Akoin platform. For value exchange, the wallet works as an entry and exit point.
⦁ The wallet enables users to deposit major cryptocurrencies’ deposits such as Stellar, Ethereum, and Bitcoin towards the Akoin purchase.
⦁ In addition, many other altcoins can be used, such as BitMinutes, to buy Akoin cryptocurrency through this wallet.
⦁ It also has the option to buy Akoin with debit or credit cards available in the areas that support these systems of payment processing.
There are many different methods through which users can transfer value out of the wallet. Exchanges that are compatible with the Stellar protocol can transfer Akoin Tokens. TAN (Trusted Agent Network) is like human ATMs and is the innovative and unique option available for cash-out. BitMinutes have cultured a setup of individuals who went through the KYC/AML (Know Your Customer & Anti-Money Laundering) standard procedures. They have registered as the endpoints for the exchange of value.
Any Akoin holder who want to convert the tokens into real-world fiat, they can convert the Akoin tokens to a Tan and get the local currency from an agent.
The Akoin system also supports Peer-to-peer lending and value exchange. For an Akoin holder, it is easy to choose between peers due to Stellar rails. On the Akoin platform, the exchange of email addresses and mobile numbers is also possible. This provides opportunities for interaction and collaboration.
What We Know About Akoin Ecosystem or Akoin Platform So Far?
The Akoin ecosystem, indeed, establishes itself as a robust system that will bring revolution in African’s economy. It will build entrepreneurial capacity and capability that will open an array of opportunities for African people.
Let’s explore some of its highlights;
⦁ Currency Base: The platform mainly concerns digital currency, money transfers, raffles, cash in and out, and more. The platform will tell the user’s about the coin balance of micro-lending, minute’s exchange, roadmap DApps, and entrepreneur raffles. It will also have transfer, deposit, and withdrawal options.
⦁ Infrastructure: Among other factors, the infrastructure of Akon city depends mainly on Wi-Fi, solar power, and technology. The Akon platform will have the option of ‘Wi-Fi Sharing” that will display the current connections and total amount.
⦁ Financial Services: The services will include peer-to-peer, micro-lending, and credit establishment. Another feature is the loan application that will ask the duration between 15 days and will show the gross monthly income.
The app will ask the indebted how he is going to use the money and give options such as labor cost and purchasing equipment.
⦁ Professional Services: The notable examples include crypto-based jobs, share economy, freelance. A feature ‘Job Searching’ will show the number of requests, submissions, answers, and awaiting submissions. At the bottom, it will also display a job list.
⦁ Governance, Health, and Education Services: In the education section, the list includes health, business, languages, and programming. Moreover, another section displays a list of tutorials pertaining to the category of choice.
⦁ Content Marketing: This includes advertising, video, and music. On the platform, the ‘Media Sharing’ section displays the content uploader’s stats, including views, likes, and shares. Besides displaying the total amount, it will tell you the monthly earning you make.
The Concept of Micro-Lending With Akoin
Micro-lending is the next big offering of the Akoin team.
The ‘micro-lending’ term refers to a small amount of money. Those who want to start a new setup, micro-lending is the perfect source of getting money.
Getting something online or set up the shop, it only takes a few dollars. Micro-lending will make it possible. In return, the individuals providing microloans will also get benefit from this scheme. It is an earning opportunity for them.
The microlenders can earn Akoin if they can prove that they can give out loans in the market and the surety of the return of those loans. It’s a win-win situation for them.
The world is eagerly looking forward to the sustainable, eco-friendly, and smart Akoin Crypto city based on Akon’s vision in the near future.
Planned to develop in the coming decade near darker, it seems that Akon city will set new conscientious urbanization standards before the rest of the world, and the Akoin cryptocurrency will open the doors for financial growth in Africa.