There is no denying African is financially still under the joke of European colonialism. Bad currency practices and banking t that is not global is some of many of the problems that Africa still grapple with.
Akon is the man
To solve this problem Akon with who is known as a great philanthropist and very savvy businessman teamed up with cryptocurrency Stellar and their platform to create the cryptocurrency Akoin, an African currency that is for the future. One coin, one Africa. Hopefully unlocking the potential of Africa, I read the white paper and it’s a very ambitious project. At first look I thought there was just another celebrity going to use his name to promote and get some money but he seems really in this and Senegalese government is working with him to create a city and he’s been awarded a 6 billion construction contract with our American firm to create a specific tourist city in Senegal. The news and star power seem too good to be true but everything seems real and he’s got funding for this coin which is not on CoinMarketCap yet which is not launched.
I skim through white paper I admit didn’t read it in depth but there is a lot in it, it’s 48 to 50 pages long and it’s more like a “white paper booklet “with a lot of things in it.
They want to have a currency, want to have Dapp’s and want to have a whole ecosystem.
My hat off to stellar, I like it more than XRP from our philanthropist stand. But Akoin is a coin that just feels to me like it’s another coin that just copy and paste, what other cryptocurrency‘s and platforms can do. Putting the face of a celebrity on it does not change that. I didn’t find a problem being solved I didn’t find anything new. They could easily take lumens and Stellar or any other cryptocurrency and Akon could use his celebrity and his fame to spread adoption instead of creating a whole new currency convoluting the space.
In my opinion Africans need to know more about Bitcoin, more about Ethereum, because we have institutions catching on we have Russia, Iran and all these other countries catching on to the potential of Bitcoin and it being decentralized and it feels just like Africa is being left behind again. Africa needs is more decentralization, they need to get out of from underneath the boots of the Western financial system they can’t compete, what I don’t really think that they need is more centralized financial solutions if bitcoin is supposed to free us from central control and having people instead of governments and institutions controlling us. I mean institutions have not worked out for Africa so far, I’m just afraid that the information is getting too slow to Africa and the people there but I do believe that there’s hope I don’t like this a coin no matter how much he wants to say that he’s philanthropist and stuff like that I think his efforts would be better off spreading already perfect ecosystems in crypto because it’s only gonna be about the about the top 100 coins or maybe the top 10 crypto and we don’t want to be it I don’t think Africa needs to be in a position where they have their specific a coin or currency that once again, they can’t exchange for anything they. We don’t see other developing countries creating own currencies, they try to get piece of cake of what is “next”.
African needs to be on board the wagon not chasing it yet again.
What are your thoughts? Do you guys agree?
Do you believe that this is the best way to spread crypto to Africa and bank the unbanked ?