The businessman behind Akon Metropolis, the two,000-acre crypto undertaking in Senegal ‘powered by’ Akoin tokens, has defined how the futuristic $6 billion metropolis will work.
Co-founded with singer Akon, the whitepaper for the Akoin cryptocurrency published in March, says it’s a utility token aimed on the African market that powers “atomic swaps” between cryptocurrencies, fiat currencies, and cell phone credit (a well-liked retailer of worth in lots of nations). The platform can be launched on high of the Stellar (XLM) community.
The futuristic metropolis is not only a pipe dream both with the undertaking signing a $6 billion construction contract with U.S. engineering agency KE Worldwide, and elevating $4B to fund the primary two phases. Section one begins early subsequent yr and can be accomplished by 2023, with the complete undertaking accomplished inside ten years.
However what does ‘powering a metropolis’ utilizing Akoin cryptocurrency imply?
Cointelegraph spoke to Akoin co-founder and president Jon Karas to seek out out. He stated that when Akon City is completed in 2030, it can supply sensible instruments for residents to make the most of crypto in on a regular basis life, with the potential to unfold adoption throughout Africa.
“We’re seeking to work with the federal government to assist use blockchain expertise for all types of issues which are typical metropolis infrastructure as pertains to taxes and import duties and trade-related stuff,” Karas stated.
“We predict it helps make it seamless for them to have the ability to monitor and toll and do all these sorts of issues.”
Karas acknowledged that the town’s autonomous transportation system would take its cues from the setup in Crypto Valley in Switzerland.
“You may get on and off the tram and pay together with your crypto-related card with an infinitesimal piece of a Bitcoin [or altcoin]” the Akoin co-founder stated.
Karas additionally acknowledged that it will be potential for residents to pay for taxes, enterprise licenses, and even fundamental utilities utilizing crypto.
“There’s all types of blockchain functions that can simply make [the city] extra futuristic, extra seamless,” Karas stated, explaining the town will exhibit the potential of the expertise to different African leaders and nations.
“Our perception is that blockchain instruments and providers can be one of many key issues that can assist Africa to rise within the coming many years, that the issues that folks can entry by this expertise have the flexibility to impact everlasting and monumental change.”
He added that the whole lot the undertaking does because it grows and grows can be centred round offering “entry factors to instruments and providers and groups and schooling to assist enhance the standard of life not simply in Africa, however in rising economies typically.”