- The Stellar blockchain-based Akoin will be used in the Mwale Medical and Technology City (MMTC) in Kenya.
- The cryptocurrency of the rapper Akon, which is still in the beta phase, will thus have its first major use case in Africa.
Grammy winner and rapper Akon has achieved another success for his cryptocurrency, Akoin. According to the press release shared with Crypto News Flash, the Akoin will be used at Mwale Medical and Technology City (MMTC) in Kenya. The $2 billion technology city in western Kenya was built around the 5,000-bed Hamptons Hospital and is home to over 35,000 people. The MMTC will be the first major application for the Akoin, which Akon says will power the entire African continent.
The report further states that Mwale Medical and Technology City will use the Stellar-based Akoin in all areas, with the city’s hospital complex being the first to introduce the Akoin. This could result in approximately 50 million transactions per year using the Akoin, by 12,000 patients per day and 9,000 employees. After the hospital, the Mwal-Mart supermarket chain, followed by the city’s hospitality industry, will introduce the Akoin.
Furthermore, the Akoin Foundation has stated that the Akoin platform will record at least one million transactions in the city in the first year and will grow to 100 million transactions annually within five years. At the same time, the Akoin will compete with the already popular mPesa, a smartphone-based money transfer service from Vodafone for Safaricom and Vodacom, the largest mobile network operators in Kenya and Tanzania. The competitive advantage of Akoin is said to be that there are no transaction fees unless users withdraw their money from the Akoin network.
This strategic partnership with MMTC will give Akoin a dominant position to control the market of 400 million people in East and Central Africa, many of who rely on mobile digital transactions for their financial services.
According to Akon and other company representatives, the project plans to conquer the market in East Central Africa in phase 1 of its development. Phase 2, which will last until 2025 and will focus on conquering the West African market. However, the project is currently still in the beta phase, but is expected to come onto the market this year.
Akoin relies on the advantages of Stellar Lumens (XLM)
The Akoin team has, according to the foundation, chosen the Stellar blockchain because it is “both equipped with smart contract and more scalable than its competitors,” according to a blog post in March:
The transaction cost, transaction speed, and transactions per second that Stellar facilitates are ideal for the use cases and applications planned for the Akoin Ecosystem. Akoin users need to be able to initiate quick transactions of varying values, using a blockchain with higher fees might limit our users in the same way that their current remittance and money transfer options limit them.
Starting on Stellar implies that Akoin can be traded on Stellar DEX (Stellar Decentralized Exchange) against other cryptocurrencies such as Bitcoin or Ethereum. This will allow the Akoin to have greater liquidity and greater access to the world of cryptocurrencies.