Akon Releases Whitepaper for Cryptocurrency Launch

Grammy-nominated rapper, Akon, has recently disclosed the whitepaper for his soon to launch a cryptocurrency called ‘Akoin.’

The whitepaper revealed that Akoin would operate as an “atomic swap,” which enables direct trade between major cryptocurrencies, fiat currencies, both on the platform and in the local market, among other services on the Akoin network.

The project would financially fund the “Akon City,” slated to be initially set up in Senegal, West Africa.

Akoin is a cryptocurrency-powered by a blockchain-based ecosystem of tools and services designed for entrepreneurs in the rising economies of Africa and beyond. Akoin’s mission is to unlock the potential of the world’s largest growing workforce by creating learning, earning, spending, and saving opportunities across Africa and other lean economies,” the whitepaper reads.

The project will be built on the Stellar blockchain network and will be compatible with the respective cryptocurrency as well. It will also…