From payment processing to transportation, Akon City residents will be able to secure daily needs using cryptocurrencies
Akon, the internationally known singer and songwriter, has shared further details about the Akon City project — a city designed to operate primarily with cryptocurrencies and currently under development in Senegal.
According to Jon Karas, co-founder and president of the Akoin cryptocurrency, Akon City will be built to give residents practical tools to use cryptocurrencies and related technologies in their everyday lives, with systems designed to scale across the African continent.
Karas explained that they aim to work with the government to use blockchain technology across a range of municipal activities, including taxes, import duties and trade-related operations.
He also revealed that the city’s concept for an autonomous transport system draws inspiration from the model developed in the Swiss Crypto Valley.
“You can board and exit the tram and pay with your crypto-card using a tiny fraction of Bitcoin [or altcoins],” he said.
The CEO added that Akon City residents will be able to use Akoin to pay for essential utilities, taxes and business licenses.
“We believe blockchain tools and services will be one of the key elements that help Africa develop in the decades ahead, and that what people can access through this technology has the potential to bring lasting and significant change,” Karas said.
The Akoin white paper, published in March, defines Akoin as a utility token for African markets that enables atomic swaps between various cryptocurrencies, fiat currencies and mobile phone credits. The cryptocurrency platform will be built on the Stellar (XLM) network.
“‘Akoin’ is a cryptocurrency powered by a blockchain ecosystem of tools and services designed for entrepreneurs in emerging economies across Africa and beyond. Akoin’s mission is to unlock the potential of the world’s fastest-growing workforce by creating opportunities to learn, earn, spend and save across Africa and other low-consumption economies,” the document states.
Development of Akon City is supported by a $6 billion construction contract with KE International, an American engineering firm that has already secured $4 billion to fund the project’s first two phases. Phase one is scheduled to begin early next year and continue through 2023, with the overall project timeline estimated at roughly 10 years.
Akon, the founder of Akoin, is a celebrity and philanthropist. He is a Grammy-nominated artist, producer and award-winning entrepreneur.
Translated by Carolane de Palmas