Will cryptocurrency ever be taken seriously? Can it draw major capital?
We might be at a turning point since we are about to embark upon a new city that is based around cryptocurrency.
The singer Akon founded Akon City which is being billed as “futuristic cryptocurrency themed city”. It is an idea that is centered around cryptocurrency being the medium used for exchange within the city.
Akon City is going to be in Senegal. The singer already awarded the engineering contract to a U.S. based firm, KE International. The project already secured $4 billion for outside investors. Dubai based Bakri & Associates Development Consultants will handle the architectural designs for the city.
This shows how far along the project is. It is passed the planning or idea stage.
In fact, the Phase 1 construction plans were already released.
Akon City’s phase 1 is expected to complete by end of 2023, and will see the construction of roads, a Hamptons Hospital campus, a Hamptons Mall, residences, hotels, a police station, a school, a waste facility and a solar power plant.
The AKOIN will be the token that is used. It is built upon the Stellar network and the goal is that it will spread all over the continent of Africa.
It is a land mass that is highly populated with people who are unbanked yet have smart phone capability. Having a project that is local and caters to the needs of the populous could really help the adoption rate.
The stablecoin will also be used in Mwale Medical and Technology City, a green city based in West Kenya. This project was started in 2014 and is 85% complete.
Akon will obviously expand beyond the initial phase. During Phase 2, we see further development.
Akon City phase 2 will run from 2024 to 2029 and will end with a complete cryptocurrency city running exclusively on akoin cryptocurrency.
Here we see the merging of the digital and physical worlds. Cryptocurrency was long thought to be an "online" mechanism. Well, online appears to be expanding as we digitize more of our world around us.
Erecting an entire city around the use of cryptocurrency is a new approach. A major part of the problem with the current financial system is that most residents are required to use the national currency that is for that geographic area. Here we see a shift where the required currency is crypto.
It is also interesting to note that the project was able to raise $4 billion towards its development. This means that investors found the idea worthwhile. Of course, it could simply be the opportunities in real estate development that interested people. However, they are all being exposed to the concept of cryptocurrency.
This is just another example of where the industry is headed. It is more than just online projects that it can be applied to.
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