The businessman behind Akon City, a 2,000-acre crypto project in Senegal that has been “backed” by Akoin tokens, explained how the $ 6 billion futuristic city will work.
Akoin Cryptocurrency White Paper published in March, which he co-founded with singer Akon, states that it is a utility symbol for the African market that supports “atomic swaps” between cryptocurrencies, fiat currencies, and cell phone credit (a store of value in many countries). The platform is launched via the Stellar Network (XLM).
The city of the future is not just a distant dream, be it by signing a $ 6 billion construction contract with American engineering company KE International and raising $ 4 billion to fund the first two phases. The first phase starts early next year and will be completed by 2023. The entire project will be completed within ten years.
But what does it mean to “supply” the city with the Aquien cryptocurrency?
Cointelegraph spoke to Akoin co-founder and President John Karas to find out. When completed in 2030, Aykon City said, residents will be provided with practical tools to use encryption in everyday life, with the potential for adoption spreading across Africa.
“We look forward to working with the government to use blockchain technology for all kinds of things that are typical of a city’s infrastructure in terms of taxes, import duties and trade-related things,” said Karas.
“We think it helps them keep track of and accomplish all of these things.”
Karas stated that the city’s autonomous transportation system would depend on location in the Swiss Crypto Valley.
“You can get on and off the tram and use your cryptocurrency card to pay with a little bitcoin (or altcoin),” said Akoin’s co-founder.
Karas also mentioned that residents will be able to pay taxes, business licenses, and even basic utilities using encryption.
“There are all kinds of blockchain applications that make [the city] more futuristic and smoother,” Karas said, explaining that the city will show African executives and other countries the potential of technology.
“Our belief that blockchain tools and services will be one of the most important things that will make Africa advance in the coming decades, and that the things that people can access with this technology have the potential to make lasting and massive change.”
He added that everything the project does during its growth and development will focus on providing “access points to tools, services, teams and education to improve the quality of life not only in Africa but in emerging economies in general.”