Akon published the white paper of his project of cryptocurrency Akoin. RnB singer and entrepreneur plans to launch IEO in the 2nd quarter of 2020.
Now online, the white paper of Akoin describes the project as a cryptocurrency powered by an ecosystem blockchain of tools and services designed for entrepreneurs in emerging economies Africa.
The ecosystem Akoin is based on protocol Stellar Consensus Protocol (SCP) and on the token Akoin Utility that exploits a technology Atomic Swap in order to facilitate exchanges with the other main cryptocurrencies, the alternative currencies of its partners and fiat currencies.
Akoin chose to partner with Stellar because of the power of the Stellar Anchor Network, the speed of transactions on the network (3-5 seconds to confirm), the increase in liquidity via the Stellar DEX and our shared vision of financial inclusion, ”reads the document.
Scheduled for 2nd quarter 2020, theInitial Exchange Offering (IEO) of Akoin aims to distribute 45 million tokens out of a total of 450 million.
Akoin allowance – source: white paper Akoin
We learn that theIEO will be organized on a popular cryptocurrency, the identity of which has not been disclosed, and which investors will only be able to invest in with digital coins XLM.
Announced in the summer of 2018, the project Akoin follows on from the initiative Lighting Africa, launched in 2014 by Akon, which is developing solar-powered infrastructure by Africa.
The rapper is also currently working on an ecological and futuristic city project in Senegal, Akon City, in which its future cryptocurrency will be at the center of the economy.
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