The construction of Akon City, the $6 billion futuristic city that will function solely on the akoin cryptocurrency, is underway. Akon says cryptocurrency will empower Africans to overcome hurdles, such as high inflation and government corruption.
Akon City Will Be Like ‘Wakanda’ in Black Panther
Senegalese-American star and philanthropist Akon has updated the progress of Akon City, a $6 billion cryptocurrency-run futuristic city in Senegal. Akon says his city will resemble Wakanda from the Marvel hit movie Black Panther in more ways than just its futuristic appearance.
He told TMZ last week that Wakanda has helped him secure investment for the project from investors and partners. “This movie literally made an idea of what Africa could really be,” Akon was quoted as saying. “It’s just ironic that I was already working on this before the movie came out, but it’s something that helped me a lot when I was trying to explain to explain to people what I was trying to do.”
The centerpiece of Akon City will be a 5,000-bed hospital, which Akon says will cost about $1 billion to build, the media outlet conveyed. Besides the hospital, the first phase of construction includes homes, hotels, schools, police and fire stations, an airstrip, a mall, a waste facility, a solar power plant, and all the other hallmarks of modern-day cities. Akon plans for the city to be “renewable” with a focus on solar energy.
The complex is already 85% complete, according to Akon. The Grammy Award nominee expects phase one of Akon City to be completed by 2023. The entire city, running entirely on the akoin cryptocurrency, is expected to be completed in 2029.
U.S. engineering firm KE International recently awarded Akon with a $6 billion contract to build Akon City in Senegal. The company previously said it had already secured $4 billion from investors for the first two phases of Akon City’s construction.
At the heart of Akon City is the Stellar-based akoin cryptocurrency. Akon aims for the coin to be used as a common method of payment allowing for easy exchange between Africa’s 54 countries so that citizens and entrepreneurs can engage in the digital economy with only a mobile phone.
The akoin cryptocurrency has its own wallet. It “allows users to trade amongst partnered cryptocurrencies internally … through a proprietary and private Atomic Swap technology that makes a direct transfer with all major cryptocurrencies, our partners’ alt currencies possible, without having to go through a major exchange,” the akoin website details.
Akon explained on a Binance virtual conference last month how the akoin cryptocurrency will empower Africans. Reiterating his stance that cryptocurrency “could be the saviour for Africa in many ways,” he emphasized that it will help them overcome key hurdles, such as high inflation, government mismanagement of funds, and corruption. Pointing out that many African fiat currencies suffer from rampant inflation, the singer noted that it is very difficult to exchange them into other currencies. For example, he said that when he traveled to his home country of Senegal, he was unable to exchange the West African CFAs into euros, which had led him to create his own cryptocurrency.
For ease of use, there will be an internal conversion system, allowing conversion between cryptocurrencies, fiat currencies, and prepaid cell minutes, which Akon says are exchanged as currency by many Africans. The akoin wallet app will also allow users to “learn, earn, spend, and save,” the singer said.