Rap Superstar Akon Moves Forward With 'Crypto City' in Africa to Fight Controlled Economy
While many other rappers in the hip hop world use their spare time and money to pose for photos with large amounts of cash while degrading women, rap superstar, and Senegal transplant, Akon is using his fame and changing the world. In 2018, he began a solar investment program in Sierra Leone to bring thousands of solar powered lights and traffic lights to the people, which was successful. Now, he's moving forward with plans to build an entire 'crypto city' to help pull Africa's economy out of poverty and corruption.
The city will be known as "Akon City" and will trade exclusively in his own digital cash currency called AKoin. Currently, the city is a vacant 2,000 acre plot just south of Senegal's capital, Dakar but big plans are underway and Akon has already proven his ability to get things done.
Throughout Africa, corrupt governments print money to finance their spending which has created an inflation epidemic on a massive scale. Some countries have seen inflation rates topping 800 percent. For those struggling to get by, watching their money lose most of its value, literally overnight, is a horrifying fate. To combat this problem, many folks across the continent are switching to cryptocurrency.
Akon seeks to shift the paradigm away from the corrupt politicians and in favor of the people with decentralization. Speaking during the virtual Binance Blockchain Week earlier this month, Akon noted that blockchain and crypto technology has the potential to revolutionize financial access and participation in countries across Africa.
Featuring some of the world’s highest adoption rates when it comes to crypto, "Blockchain will help to play a big role to create organization and transparency to these issues we're facing in Africa,” he said during the virtual conference.
Akon has already proven he can follow through with massive project like this one. As TFTP reported in 2018, through his program Akon Lighting Africa, this rap superstar made some major accomplishments.
Recommended for You
In less than one year, according to Akon Lighting Africa, a wide range of quality solar solutions, including street lamps, domestic and individual kits, have been installed in 14 African countries -- thanks to a private-public partnership model and a well-established network of partners (including SOLEKTRA INT, SUMEC and NARI).
As a result, a number of households, villages, community houses, schools and health centers located in rural areas have been connected to electricity for the first time ever thanks to Akon's initiative. Local jobs, primarily for young people, have also been created in these communities, for installation of equipment’s and for maintenance.
Now, they are moving on to build an entire sustainable city using the same drive.
On the Akoin website, Akon explains how Africa is rich in resources but its people are poor because they are exploited by corrupt governments.
The African continent has 15% of the world’s population. It is the most valuable region in the world in terms of under and aboveground resources. It has 8% of world’s natural gas reserves: 45 countries on the continent have oil reserves. It has 57% of the world’s cobalt, 47% of its diamonds, 49% of its manganese, 31% of its phosphate and 21% of its gold. Moreover, the continent has a tremendous potential for hydroelectric power, solar energy and geothermal energy.
By this reckoning, the African continent should be the realm of the richest countries and people. However, the truth is the exact opposite. Africa is the least developed continent in the world, having 34 of the 49 poorest countries. More than 40% of its population live on less than one dollar a day. Furthermore, Africa suffers from civil wars and terrorism.
Construction of the city was set to begin in July of last year, but the pandemic was a major setback. Throughout 2021, Akoin will be further developed Akon and his team to raise funds to build this city. It is already seeing massive gains in the first quarter of 2021.
Hopefully, through free market innovation and the blockchain, Africa may soon see these wars and terrorism come to an end as its people begin to prosper and it's partly thanks to one man's desire to do good. This world certainly needs more Akons.
