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Rapper and businessman Akon published the white paper of his future cryptocurrency project Akoin.
In the document indicated that the coin is intended for“Entrepreneurs in emerging economies.” Akoin is described as a utility token that will be used to conduct atomic swaps between cryptocurrencies, fiat currencies and mobile loans.
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Speaking to reporters, Cointelegraph Akon stated:
We have so many cryptocurrencies in Africa. Most of them are unstable, local residents do not trust them. It came to the point that Africans simply do not use any currencies. To trade basic goods, they use minutes and credits on their mobile accounts.
Akoin cryptocurrency will be launched on the basis of the Stellar network (XLM). Tokens can be stored both on Stellar wallets and on a special Akoin wallet.
The white pager indicates that all private transactions in the Akoin ecosystem will be subject to a 2.5% commission.
In addition, according to the rapper, in the second quarter of 2020 “at one of the largest” exchangers will be conducted IEO, during which it is planned to sell 45 million Akoin for $ 0.15 apiece.
Recall that at the moment, Akon is also busy building its own crypto city on 2,000 acres of land allocated to it by the President of Senegal.
According to the materials cointelegraph.com