Famous rapper and entrepreneur, Akon has<a href="https://s3.cointelegraph.com/storage/uploads/view/11c28228fc655812e33351817bff2383.pdf?_ga=2.226943707.71846108.1584342985-719985450.1583400484"> published</a> the whitepaper for  ‘Akoin’, his cryptocurrency for Africa.

Akoin cryptocurrency is getting labelled as “designed for entrepreneurs in the rising economies of Africa and beyond,” and outlines the project as a step to explore with the help of blockchain technology, the true potential of the world’s most rapidly growing workforce.

Akoin is being labelled as a <a href="https://www.cryptoknowmics.com/crypto/bitfinex-crypto-exchange-to-debut-new-exchange-utility-token/">utility token</a> to power “<a href="https://www.cryptoknowmics.com/crypto/blockstream-enables-atomic-swaps-for-liquid-sidechain-assets/">atomic swaps</a>” to manage transactions of cryptocurrencies, fiat currencies and phone credits on the Akoin network. While discussing it Akon says that that the instability and the unreliability of currencies have rendered currencies in Africa useless. People have switched to credits and mobile minutes as a medium to buy basic stuff like food, fish.
<blockquote>“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."</blockquote>
The token has been utilized to pay fees for advertising and also as a means of exchange.  Stellar (XLM) network would make their way on Stellar, and the coin would be available both on Stellar and Akoin wallets. According to the whitepaper, a fee of 2.5% would be incurred on private transactions that would be processed on a particular ecosystem.
<h2>Akoin to Partner With Bitminutes</h2>
Akoin is eyeing to enter into a new deal with Bitminutes, which is a mobile credit exchange and who are half-way through launching the app on the network. The whitepaper explores the areas which Akoin can target and flourish, especially the fields of mobile credit trading, micro-lending, phone credit and solar energy trading,  and healthcare are getting targetted. Advisors will receive the remaining 90% of the Akoins supply.

The IEO will be conducted with a top-notch crypto exchange but in the initial coin offering (IEO) only 10% tokens will be made available. The offering will occur in the second quarter of 2020 as the per terms in the whitepaper “ an agreement with the unnamed exchange partner”.

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Akoin White Paper Published by The Rapper Akon

The famous rapper has taken another step toward launching his Akoin, in order to revolutionize the struggling economy of Africa.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Akoin White Paper Published by The Rapper Akon

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