The successful singer Akon wants to launch his cryptocurrency Akoin on the Stellar blockchain.Akoin co-founder and president Jon Karas said they chose Stellar because they shared similar values.
“Akoin chose Stellar’s distributed hybrid blockchain because they share the same vision. They want to ensure financial integration around the world, especially in regions like Africa,” he said in a February 28 release.
Among other things, Stellar wants to give people access to banking services without access to them. Akoin’s spokesman emphasized that Stellar is already working with companies in Africa and could help with the project’s planned dapps and microcredit.
Exchange one currency for another
The Akoin utility token will be compatible with the Stellar wallet and will be interoperable with all digital assets and fiat currencies supported by the Stellar network. Users can immediately switch from one currency to another. Karas said the fact that the Stellar network enables “efficient, cross-asset value transfers” is a key factor. That would contribute to one of the goals of the project: to realize the value of prepaid minutes on mobile phones. Due to inflation and problems with banking services, minutes are used as a form of digital currency in some African countries, such as Nigeria.
The Akoin platform gives users the opportunity to exchange minutes for fiat or other cryptocurrencies. The spokesman confirmed that the Akoin rate would fluctuate. “Akoin is not a stablecoin, but we will provide access to other leading stablecoin offerings within our ecosystem,” he said. The platform also includes a multi-currency wallet and a mobile marketplace where users can “learn, earn, spend, and save.”