Rapper Akon Shares Whitepaper for Upcoming Cryptocurrency

Rapper and entrepreneur, Akon, shared the whitepaper for his upcoming ‘Akoin’ cryptocurrency project exclusively with Cointelegraph.

The document describes Akoin as a cryptocurrency “designed for entrepreneurs in the rising economies of Africa and beyond,” adding that the project’s mission is to “unlock the potential of the world’s largest growing workforce” using blockchain technology.

Mobile credit trading in Africa

The whitepaper describes Akoins as utility tokens that power “atomic swaps” between cryptocurrencies, fiat currencies, and mobile phone credits on the Akoin network.

Speaking with Cointelegraph, Akon emphasized that mobile credits are being used as a currency in Africa, stating:

“We have so many currencies in Africa – a lot of them are unstable, and most of them are untrusted. It got to the point where the day-to-day African people don’t even use the currencies anymore, they’re using their cell phone minutes and credits as a way of trading for basic…