16 March, 2020 | AtoZ Markets – Rapper and entrepreneur Akon shared the whitepaper for his upcoming "Akoin" cryptocurrency project. His white paper indicates that Akoin will function as an "atomic exchange" between cryptocurrencies, fiat currencies and mobile phone credits on the Akoin network.
The Akoin Utility Token
"The Akoin Utility Token" is the exclusive currency of the Akoin ecosystem. Our proprietary atomic swap technology enables immediate trading between the major cryptocurrencies. It also allows trading between our partners' alternative currencies and fiat currencies, both on the platform and in the local market, "said the white paper.
The plan is to make Akoin available in 54 African countries, according to its website. It is "a uniting cryptocurrency for Africa" and it "will strengthen Africa". Akon pointed out that mobile credits are used as a currency in Africa, saying:
"We have so many currencies in Africa - many of them are unstable, and most of them are unreliable. We have reached a point where Africans no longer even use currencies daily. They use minutes and credits from their cell phones to trade essential goods like products, fish, fruit and things in the market.
Ultimately, outside of villages, you really can't trade cell phone minutes for anything. So we want to use that same mindset to take advantage of this mechanism outside of Africa. So that even when they leave the continent, they can use all their credits and be able to buy real things. "
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Akoin Tokens Distribution
Only 10% of Akoin tokens will be distributed via an initial exchange offer (IEO). The white paper states that the IEO will conduct in partnership with a "high-level cryptocurrency exchange" in the second quarter of 2020. It is under the terms of an "agreement with the unnamed exchange partner". The IEO should distribute 45 million Akoins at $ 0.15 each, which gives the offer a hard cap of $ 6.75 million.
Moreover, the remaining 90% of Akoins' supply will be divided between:
- Advisers will receive 5%,
- The team and the foundation will receive 10% each,
- Akoin Wallet Retail Exchange will receive 15%, and
- The Treasury will receive 20%.
The remaining 30% will place in Akoin's trust fund. 2% of that will release monthly for 48 months. However, the full supply is expected to be released over four years. But the document notes that this may change depending on "escrow tokens that will be returned to the escrow if they are not needed the month they are released".
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Akoincity to Unify African Economy
Akon is also in the early stages of building "Akoincity" on 2,000 acres of land available to the project. Akon also predicts that construction of the city will complete in five to ten years. Once completed, the rapper plans to build other Akoincities in all major African countries to unify the African economy.
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