- Stellar based Akoin will be integrated into Kenyan tech city
- Akoin will be integrated into the MMTC in Kenya
- Akoin will have its first major usage in the African continent
Stellar Lumens News Today – African-American Grammy award-winning recording artist, Akon has announced further plans for his Akoin cryptocurrency. Per the report, Akoin will now be used at the MMTC (Mwale Medical and Technology City) in Kenya. It is understood that the $2 billion technology city currently in western Kenya is home to 35,000 people. MMTC will be one of the first major applications for Akoin.
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The MMTC Will Use Akoin in All Areas
According to the rapper, the Mwale Medical and Technology City is going to use the Stellar-backed Akoin in all areas. The city’s hospital complex is reportedly the first sector to use the Akoin digital currency. The move could result in 50 million Akoin transactions every year by 12,000 patients daily and 9,000 employees. The next sector after the hospital to use Akoin will be the Mwale-Mart supermarket chain and the city’s hospitality industry.
The Akoin Foundation reports that Akoin will record one million transactions in Mwale in the first year. This number will grow to 100 million transactions per year over five years. The Akoin will compete with the mPesa smartphone-based money processing service offered by Vodafone for Vodacom and Safaricom. Akoin’s competitive edge is that there will be no transaction fees with the only exception coming when users withdraw funds from the Akoin platform.
Akoin Chose the Stellar Lumens Blockchain for its Capabilities
American singer Akon and other representatives of the company have stated that the project is designed to conquer the East-Central African market in phase 1. Meanwhile, Phase 2, which will cover a five year period (2025) will focus on taking over the West African market. The project is still in the beta phase, although it is expected to enter the market this year.
The team behind the Akoin cryptographic project has chosen the Stellar’s Blockchain because it has the smart contract capabilities and it is a more scalable offering than its competitors. The transaction cost, speed, and per second ratio that Stellar offers are ideal for the applications planned for the Akoin Blockchain.
All Akoin users will be able to facilitate quick transactions of different values, with a Blockchain with higher fees. Akoin depends on the advantages of Stellar Lumens means that the digital currency can also be traded on the Stellar Decentralized Exchange (Stellar DEX) against other cryptos like BTC and ETH. This will give the Akoin greater liquidity and better access to the digital currency world. The project will enter the market sometime this year.