Stellar News Today – Stellar blockchain has been known for its positive strides in the cryptosphere. This time it plans to have an upcoming project built on Stellar’s Blockchain. Grammy-nominated African-American singer Akon has revealed that he will launch his Akoin token using the Stellar Blockchain. The initiative is believed to share a few similarities with the Stellar network.

This report comes after the singer revealed a while ago that he has been granted a piece of land by the Senegalese government to build the first digital currency city in the world called Akoin. Here is how the news was unfolded.

Akoin Ecosystem to Be Built on Stellar’s Blockchain

According to the most recent update on the Akoin cryptographic project, the cryptocurrency ecosystem is going to be using Stellar’s Blockchain network as its basis for operations. The co-founder and president of Akoin Jon Karas described the decision as one that was made partly because both protocols shared similar values. That is Akoin and Stellar. Here is what Karas said:

“Akoin choose the Stellar distributed, hybrid Blockchain network for this purpose because the two projects have a shared vision. The goal for creating a global financial inclusion, in areas like Africa.”

The update also claims Akoin is going to be compatible with all Stellar wallets and will be interoperable with every digital asset and currencies that are currently supported by Stellar’s network. Karas also added that the Stellar’s cross-asset transfer value will users swap.

“The protocol offers efficient cross-asset transfers as a benefit for Akoin. All users will have the ability to instantly swap from one digital currency to another.”

Another benefit here is that users will have the opportunity to exchange mobile phone minutes. This has now become a very popular means of exchange in most parts of Africa, no wonder it has been adopted for Akoin and the other digital currencies on the Stellar Blockchain network.

The Spokesperson of Akoin Said Akoin isn’t a Stablecoin

The Akoin cryptographic project will not be a stablecoin. At least this what a spokesperson for the project stated. He said Akoin won’t a stablecoin but instead it will have a fluctuating price. Here is how he put it:

“Akoin isn’t a stablecoin. However, we will offer access to the other leading stablecoin’s in our eco-system.”

The representative said the project is designed to build an all-in-one place for cryptos where every user can learn, earn, spend and save funds.