Akon’s coin, AKoin, seized the news lately. After launching a first project that brought solar power to 15 countries (and counting), the former artist hopes to power the economy of an entire Senegalese city with cryptocurrency. AKoin co-founder Ryan Scott revealed in an interview with Vice a few reasons why their project is fully feasible, contrary to the beliefs of certain American politicians.
The residents of the crypto-powered city will be free to use AKoin with no transaction fee. The coin will be available for purchase everywhere, even in corner shops, and spent using bank-like POS systems. “This is really going to be one of the first consumerized cryptocurrency offerings that can be used practically on a day-to-day basis,” Scott affirmed.
The costs will be largely covered by companies that wish to join the platform, and the final picture will look much like an “an app store for African entrepreneurship”.
The project is still under development and its founders wish to allow it to develop in its own pace. “Dubai faced the same thing,” said Akon. “You’re building a city fast and there’s a lot of excitement and a lot of money spent. But it all depends on the person spending the money and how they project their funds to come back.”
Akon’s critics pointed out that he might actually be opening the gateway for China’s plans to exploit the continent. Some even suggested that the Chinese hope to be able to exploit the cheap labor force and natural resources offered by Africa.
Others suggested that the logic and necessity for his project are questionable. But Akon and his partners expressed that they are highly confident in the feasibility of their project and blockchain technology, which will allow the citizens to adopt an active role in the economy, rather than look at their money being manipulated by corrupt leaders.