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Back in June I covered Akon's story and dream to build a tourist city with crypto-based economy. Akon City is Simcity for billionairs, cause the only time I was building cities was while playing Heroes of Might and Magic. The billionaire philanthropist launched the project more than two years ago and is currently working with the Senegalese government to complete the city according to his plan.
Akon City development follows a sustainable masterplan, being powered by solar power and every transaction will be completed using Akoin, Akon's stable-coin, built on the Stellar payment network. The city’s Phase 1 will be completed by 2023, when all roads, the hospital, residences and hotels will be finalized. The solar power plant, school, police station and the waste facility will be prioritize before the construction of accomodation. Phase 2 will be completed by 2029, and the whole city will b e running exclusively on AKOIN cryptocurrency. KE International has secured $4 billion from investors and will lead the architectural designs of Akon City.
Akoin is being promoted under the motto "One Africa. One Koin", as a trusted currency alternative that enables entrepreneurs to build and grow their business. Akoin will implement the technology that will allows the people to seamlessly exchange cryptocurrencies and fiat currencies. The first step towards implementation on the whole African continent is the launch as a method of payment in Kenya. The Mwale Medical and Technology City (MMTC) in Kakamega county started using Akoin this summer and by the end of 2021 every payment will be in Akoin, from medial bills and wages to coffee and biscuits. At the moment, the 35,000 residents and over 2,000 merchants are paid in the Akoin. The residents will be able to swap Akoin for US Dollars, buy phone credits or pay for utilities. This evolution of payments comes as a solution for cash transactions during the Coronavirus pandemic.
Akoin was added on Bittrex on the 11th of November, with trading pairs with Tether and Bitcoin. The Akoin launch had the best timing, as the cash transactions are on decline, and digital transactions are spreading like wildfire. When Akon City will be finalized, this currency will be used exclusive for all transactions, but the main goal is to turn Africa into a stable crypto ecosystem.
Resources:
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