You may have already heard the news, right? The American artist Akon would have decided to invest in Senegal, his country of origin to create a new city, in line with the ecological emergency of the country (and the continent). The city would also have its own currency (the crypto Akoin), among others.
It's been around 2 years that we've been talking about it everywhere in the media. But, concretely, where is the project today? We decided to do a little assessment to see if the project is on the one hand reliable and on the other hand, if it is progressing as it should.
If I decided to talk about it today, it's because Akon plans to launch its second IEO in the 2nd quarter of 2020.
Indeed, many people describe this project as megalomaniacal...Let's see if this is just a wacky project from Akon or if there is really something serious and profoundly revolutionary.
Akon, the philanthropist rapper
The rapper, real name Alioune Badara Thiam, grew up in the United States to Senegalese parents. He certainly spent part of his childhood in Senegal, a country he left at the age of 7 to go to the United States. It was there that he created, starting from nothing, a real career as a singer, star and business man.
After having made a breakthrough in music for around twenty years, Akon decided to gradually withdraw from the music scene. Even if he continues to collaborate with certain artists and produce certain albums, he has not created any records for quite some time now. For what?
Well, dear Akon has found a new passion for business. But be careful, not just any business, which is mainly intended to be ethical.
This explains why he decided to invest in the land of his ancestors to create a city which was intended primarily for ecotourism. The city would be built in the south of Dakar, more precisely in the village of Mbodiène. Little by little, the project became more complex and he also added his enthusiasm for cryptocurrencies.
He is not the only celebrity who wants to go back to basics to make investments. British actor Idris Elba also plans to build an eco-responsible tourist complex on an island in Sierra Leone, where his father is from.
Moreover, with his project "Akon City", this is not the first time that the rapper has tried to finance projects and great causes, particularly in Africa. We remember "Akon Lighting Africa" which is an investment fund still active on the continent that is used to finance projects related to solar energy. The humanitarian foundation has been widely recognized by the UN for its work in financing solar projects on the continent.
In an interview in the United States for Radio Power 106 FM, the artist declared:
"If you're sitting on a billion dollars in the bank, and there's all these people suffering and struggling to survive, that's just crazy to me, that's a waste."
We see that for him, this is not a simple fad.
An ecotourism city above all
Yes, remember that first of all the project remains technically viable and commercially very salesy. Akon still signed with the public company Sapco (Society for the development and promotion of the coasts and tourist zones of Senegal). It's a big contract for which I don't yet have the amount because the investment remains open. That is to say, since the study has not yet been completed, Akon will inject even more capital. As you can imagine, it is supposed to on the one hand revitalize the region on a local scale but also on an international scale, by bringing a new type of tourist.
The city would therefore run entirely on renewable energy and would be equipped with its own airport.
So far, nothing revolutionary. More and more ecovillages are appearing in Africa and around the world.
Some people will talk about real Wakanda. If, if you know, the fictional and futuristic city that we see in Black Panther.
In fact, the word futuristic may be an exaggeration and it gives the project little credibility. That's not how Akon and his partners are selling it, even if the singer has already made allusions to this city. It is more to signify the fact that this city could perfectly exist and that Africa should not refrain from thinking about such a project. After all, there are many cities that appear out of nowhere in Dubai, for example.
I wanted to clarify this because when you add the words futuristic, it gives an aftertaste of utopia. This is why many people talk about "Wakandareal".
Conversely, the project is truly reliable and stands up. Senegalese President Macky Sall is said to have offered land with an area of just over 8 square kilometers for the construction of the city. Creating an ecological city in Africa requires significant resources but these remain entirely suitable and serious projects.
Akon explains that “The city is less than 5 minutes from the new international airport, near the coast and a short drive from Dakar, the capital of Senegal. This mixed-use, master-planned city contains everything from residential to retail, parks, stadiums, light manufacturing, universities and schools.”
However, the construction ofAkon City should take around ten years.
An ecotourism city but also cryptographic!
If we are interested in this new smart-city type city, it is precisely because Akon plans to fully integrate cryptocurrency: “Akoin».
Akon City would therefore be a fully autonomous city whose official currency would be the Akoin. The desired goal is to develop Senegal's assets for travelers from around the world and thus boost the local economy.
He declared in fact:
“I want everything to be based on the technology of tomorrow and how it will be built for our future because all the latest technologies are now all instruments, minerals and resources coming from Africa. So we can build everything on the African continent without having to outsource anything.”
That said, Akoin has very significant ambitions if we compare it to other cryptocurrencies. There, the goal is in fact to stabilize other African currencies. We are not going to go into details because the article would be too long and we would touch on the political domain, which is not our goal here.
Just remember that the various African currencies are unstable (apart from the CFA Frand, but that's something else) and generally suffer from inflation. So this would be a way to use the Akon for a more stable, weaker to use and more international currency. All it takes is a simple smartphone to pay for different services and send and receive money anywhere in Africa and elsewhere in the world.
Yes, the stakes are enormous, indeed.
Then, Akon's white paper is rather solid. The crypto ecosystem Akoin relies on the protocol Stellar Consensus Protocol (SCP). Stellar is indeed very popular with banks precisely for its speed and security. There is also the token Akoin Utility which uses technology Atomic Swap in order to facilitate exchanges with other major cryptocurrencies and even fiat currencies.
Cryptocurrency does indeed have its place in such a city, it must be said. This could generate business opportunities in the region. Now all that remains is to hope that the city is really built and that it is also beneficial for the continent, the planet as well as for its inhabitants and its tourists.
Otherwise, if the subject interests you, discover blockchain and cryptocurrencies in Africa.
