Cryptocurrency News Today – Senegalese American rapper and entrepreneur, Akon, has shared the whitepaper for his future cryptographic project Akoin. The white paper describes Akoin as a token created for entrepreneurs in the growing economies of Africa and the rest of the world. The mission of the project is to “unlock the world’s biggest growing workforce” with Blockchain technology. The Akoin token is designed to serve as a utility token that powers swaps between cryptos, fiat, and mobile credits.

The Fast-Growing Mobile Credit Trading in Africa

Speaking on his upcoming project, Akon remarked that mobile credits have become a popular currency model in Africa. Akoin will reportedly be used to pay for all fees on the network. The token will also be used to pay for other fees for listing apps, transaction fees, as a means of exchange and advertising fees on the platform. Akoin will reportedly be launched on the Stellar network. User tokens (Akoin) can be held in Stellar and Akoin wallets respectively. The whitepaper also adds that all private transactions conducted on the Akoin network will incur a 2.5% fee.

BitMinutes to Launch Dapp on the Akoin Blockchain

Akoin is looking to host an ecosystem of DApps with the Akoin Foundation. No wonder the project has pledged to support and invest in decentralized applications on the Akoin Blockchain. The platform has collaborated with peer-to-peer mobile credits and payments exchange, BitMinutes. BitMinutes are looking to launch an app on their network. The whitepaper also identifies some industries that Akoin’s team believes can flourish with dApps to target Africa including mobile credit trading, phone credit trading, micro-lending, solar energy trading, healthcare, and media sharing.

The white paper also indicates that about 10% of the Akoin token will be distributed through an IEO (initial exchange offering). The IEO will distribute 45 million Akoins. This will be done at $0.15 each. It will give the offering a $6.75 million hard cap. The participants of the IEO will have to contribute XLM.

The 90% Akoins supply remaining will reportedly be distributed among advisors (who will get 5%), the team behind the project and the Akoin foundation (will get 10% each). Others include the Akoin Wallet Retail Exchange (will get 15%) and the treasury (will get 20%). Finally, the 30% supply of Akoin left will be placed in an escrow fund. Then another 2% of this 30% in Akoin escrow will be released in consecutive months (for 48 months in total).