From payment processing to transportation, residents of Akon City will be able to secure their daily necessities with cryptocurrency
Akon, the world-famous singer and songwriter, has revealed more details behind the exclusively crypto-powered Akon City currently undergoing development in Senegal.
According to Jon Karas, the co-founder and president of the Akoin cryptocurrency, Akon City will be developed to provide practical tools for residents to use cryptocurrency and related technologies in everyday life, with the potential for their systems to spread steadily across the African continent.
Karas explained they are hoping to collaborate with the government in the use of blockchain technology across a variety of activities related to typical city infrastructure, such as taxes, import duties and trade-related work.
He also revealed that the city’s concept for an autonomous transportation system would take inspiration from the setup created in Switzerland’s Crypto Valley.
“You can get on and off the tram and pay with your crypto-related card with an infinitesimal piece of a Bitcoin [or altcoin],” he explained.
The CEO also said that they would make it possible for residents of Akon City to use Akoin to pay their basic utilities, taxes, as well as their business licenses.
“Our belief is that blockchain tools and services will be one of the key things that will help Africa to rise in the coming decades, that the things that people can access through this technology have the ability to effect permanent and monumental change,” Karas said.
Akoin’s whitepaper was published in March of this year, and defines itself as a utility token for the African market that powers “atomic” swaps between different cryptocurrencies, fiat currencies and mobile phone credits. The cryptocurrency’s platform will be built on top of the Stellar (XLM) network.
“Akoin is a cryptocurrency powered by a blockchain based eco-system of tools and services designed for
entrepreneurs in the rising economies of Africa and beyond. Akoin’s mission is to unlock the potential of the world’s largest growing workforce by creating learning, earning, spending, and saving opportunities across Africa and other lean economies,” the paper begins.
The development of Akon City is backed with a $6 billion construction contract with KE International, a US engineering firm, that has already raised $4 billion to fund the first two phases. The first phase of construction will start early next year and will run until 2023, with the entire project’s timeline estimated to take around 10 years.
Akon, the founder of Akoin, is a celebrity and philanthropist. He has been nominated for Grammys and is a multi-platinum selling artist, producer and entrepreneur.