Crypto in Africa: Akon launches digital coin for Senegal’s Crypto City

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Africa has come a long way in making sure it does not miss on opportunities. The continent, rich with numerous possibilities, has openly accepted blockchain to help it move to the next level. Despite the rejection, criticism and slow adoption of blockchain and its technology they are still making major changes in Africa.

Akoin finds its way to Akon Crypto City in Senegal

Akon, a popular R&B singer, has finally launched his cryptocurrency in Senegal. According to reports, Akon has launched the Akoin coin to be used in his crypto city.

The coin will be the main currency that will be used to make any transaction in Akon Crypto City. The city, which is currently in the development stage, will occupy 2,000 acres of land in Senegal that was allocated to the singer by the president of Senegal. The new city is reportedly going to be 100% crypto-based with Akoin at the center.

The recent development has stirred up mixed feelings among the community. Some are still skeptical about crypto due to the various scams that have been seen; however, others believe Akoin has the potential to make a great impact on African communities, not only in Senegal, but also in other countries in the continent.

The cryptocurrency is aimed at helping people in the community make monetary transactions without the need for a traditional banking system. The new crypto is also aimed at empowering the youth in the community by providing different opportunities, especially in Crypto City.

While speaking to reporters, Akon stated that blockchain and cryptocurrencies could be the savior for Africa in many ways, as it brings power back to the people. He also believes that this technology will help bring back security into the currency system. He further added that blockchain would help liberate African from the bad governorship.

Since his retirement from the music industry, Akon has been greatly involved in charity work, especially in Africa. He has already managed to make a difference in many homes through his Lighting Africa Project.

Kenyan’s first blockchain technology

Kenya will soon have its first-ever cryptocurrency, TMX coin. TMX Global, a cryptocurrency payment and logistics platform, will launch this new blockchain technology to solve problems in the import and export industry. According to reports, this technology is the first of its kind in Africa.

Antony Njoroge, the CEO of TMX, said while speaking to local reporters that the company created the cryptocurrency to help people in the import and export business protect their products during transportation and to ease processes. Njoroge noted the technology was in response to the numerous complaints they received from exporters and imports who sought to have a solution created using blockchain for the industry.

This new cryptocurrency will also help enhance cargo logistics businesses by providing security, transparency and proper record keeping for the industry. The TMX blockchain integrates information about shipments onto a secure platform accessible to shippers, carriers, freight forwarders and other persons related to the industry. It will also reduce the overall cost incurred when exporting or importing cargos into Kenya.

The TMX cryptocurrency was created in 2017 as a decentralized protocol that uses smart contracts based on blockchain technologies. TMX coin is expected to be rolled out to the public before the last week of September 2018. The company hopes their technology will be fully adopted by the public in May 2019.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.