Senegalese musician, Akon, has announced his new cryptocurrency, AKoin. More interesting is that AKoin forms an important part of Akon's plans for a "crypto city" or what he has called a "Real-life Wakanda."
According to the AKoin website, the real-life Wakanda will be built on 2,000 square meters of land "gifted from Senegalese President Macky Sall."
AKoin is described as a "cryptocurrency/digital wallet with an integrated eco-system of DApps (Decentralized Crypto Apps) that will provide immediate and ongoing new revenue-generating opportunities and micro-exchanges to stimulate and support youth entrepreneurship, economic stability, and growth in Africa."
At first, glance, what pin is all about is not crystal clear as it appears to involve the offering of all manners of services, some unrelated. Added to that, despite it being about youth entrepreneurship and creating income-earning opportunities, it is not quite clear why it was necessary that the model incorporates a cryptocurrency. More than anything, given the mentioning of rewarding partners, it sounds like a rewards programme which could operate just as well without being a cryptocurrency.
According to the AKoin website, the cryptocurrency will also be used to fund the Lighting Africa Initiative by Akon - a renewable energy project he launched in Senegal. It will also, as mentioned, apparently form the core of the real-life Wakanda crypto city.
"Parallel to AKoin being established as stable currency alternative throughout Africa - and fueling entrepreneurship - Akon Crypto City is in development and has opportunities for crypto experiences to be painted throughout this one of kind city; a never before opportunity for brands, businesses and high-profile individuals to do amazing things in this closed environment, welcoming anyone looking to step into the future!"
The crypto city is apparently already under development, located 5 minutes close to the new international airport in Dakar. It will be a "mixed-use, master-planned city, containing everything from residential, retail, parks, stadium, light manufacturing, universities, and schools!"
We really look forward to seeing this become a reality so we can get a clearer picture of how it all works.