It has recently been announced that Akon (songwriter-singer, entrepreneur and philanthropist), who is originally from Senegal is building a "cryptocurrency-powered city" in Senegal. Here is what Akon said about Akon City and and Akoin on his Twitter account:
Here is a snapshot from Akoin's website - ONE AFRICA. ONE COIN. - On his tweet about the city and the coin, he says this coin/platform can be replicated to rest of Africa if successful. In fact, he even goes on to say that Akoin can be a "trusted currency alternative for Africa and all developing countries around the world". So overall pretty "ballsy" project with high ambitions!
The question is: will this succeed or will it become the next failed crypto-project?
I don't know about the "rest of the world" and perhaps not even sure about "whole Africa" but I am pretty bullish on the success of this coin in Senegal for two main reasons. Firstly, Akon is a proven philanthropist, especially for his past activities focusing on his home, Africa. For example, Akon Lighting Africa project has successfully supporting many African countries. Secondly, I believe the governmental and regulatory elements which seem to be slowing down adoption of cryptocurrency in some parts of the world will not be a roadblock in Senegal. Akon being a good philanthropist originating from Senegal seems to have developed good ties with his country, which should open doors to this project. According to a CNN article, Akon has been gifted 2000 acres of land by the president of the country for Akon City. With such a large commitment from the country, one can only assume the Senegal government is fully backing the project and Akoin is not likely to experience various roadblocks that other crypto-projects have been facing in other countries.
Perhaps one coin for Africa is a little too ambitious but I have high expectations that this project will succeed in Senegal. And if it can prove itself there, there is a possibility it will be adopted in parts or as a whole in other parts of Africa or other countries. Overall, very positive sentiment.
How will this impact the wider Cryptocurrency Ecosystems?
Well, Akoin will run on Stellar Network. The same CNN article mentioned above says: "The new city would also trade exclusively in his own digital cash currency called AKoin, he (Akon) said." Therefore the use and success of the coin will definitely have a positive impact on Stellar Ecosystem. And if it does succeed, it is likely to bring further usage to the network by either being plugged in other places in Africa or alternatively similar projects being developed in other parts of the developing world that will run on Stellar Network (given the success of Akoin). Also, bear in mind that if the Akoin project succeeds, the growing usage of cryptocurrency for cross-border transactions across the world will most likely flow through Akoin to a large degree in the areas that will adopt Akoin.
What do you think? Do you agree/disagree?
*The post has been adapted from my Publish0x account