Akon Wants To Use Blockchain and His Cryptocurrency Akoin to Fuel a New Ecosystem in Africa.
The singer Akon wants to give young, business-minded developers in Africa a way to create the digital future.
A string of celebrities, from Paris Hilton to Ghostface Killah, have moved to capitalize on the booming technology. Among the latest—and most ambitious—is Akon, the five-time Grammy-nominated R&B singer turned philanthropist. Last year, he announced AKoin (pun intended), a mobile-friendly cryptocurrency designed to fuel an #AKoin
Akon sees entrepreneurial ambition, synergized with blockchain, as the antidote to injustice and economic stagnation in one of the largest emerging economies in the world.
Planned amenities of the AKoin ecosystem include a soft (or digital) wallet for safe storage and payment of AKoin transactions, as well as exchanges of traditional fiat money, other cryptocurrency and even prepaid cellular minutes (which, in Africa, are highly valuable). It will enable users to build up credit and participate in microloans, further spurring entrepreneurial potential.
So how's it going? AKoin has yet to release a workable token or detailed plan, nor is there a technical team in place. Akon acknowledged last year it was a work in progress. "I come with the concepts," he said, "and let the geeks figure it out." The challenges, critics say, will be winning the trust of Africans who have been burned by fraudulent online investment schemes.