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Rapper Akon Releases The Whitepaper For HIs Upcoming Cryptocurrency

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Rapper Akon Releases The Whitepaper For HIs Upcoming Cryptocurrency
Rapper Akon Releases The Whitepaper For HIs Upcoming Cryptocurrency

Rapper and entrepreneur, Akon, shared the whitepaper for his upcoming ‘Akoin’ cryptocurrency project. The document describes Akoin as a cryptocurrency “designed for entrepreneurs in the rising economies of Africa and beyond,” adding that the project’s mission is to “unlock the potential of the world’s largest growing workforce” using blockchain technology.

The whitepaper describes Akoins as utility tokens that power “atomic swaps” between cryptocurrencies, fiat currencies, and mobile phone credits on the Akoin network. Speaking about his project, Akon emphasized that mobile credits are being used as a currency in Africa, stating:

“We have so many currencies in Africa – a lot of them are unstable, and most of them are untrusted. It got to the point where the day-to-day African people don’t even use the currencies anymore, they’re using their cell phone minutes and credits as a way of trading for basic goods like produce, fish, fruits and things on the market.”

“Ultimately, outside of the villages, you really can’t trade cell phone minutes for anything,” he continued. “So we want to utilize that same mindset to take advantage of that mechanism outside of Africa – so even when they leave the continent, they can be able to utilize all of their credits and really be able to purchase real things.”

The token is also used to pay for fees for listing applications, transaction fees, fees for advertising on the platform, and as a means of exchange across the network. Akoin will be launched on top of the Stellar (XLM) network. Tokens can be held in both Stellar and Akoin wallets. The whitepaper also notes that private transactions “processed on the Akoin ecosystem” incur a fee of 2.5%.

The platform seeks to host an ecosystem of decentralized applications (Dapps), with the Akoin Foundation pledging to support and invest in Dapps that build on top of the Akoin network. The platform has partnered with peer-to-peer payments and mobile credit exchange platform, BitMinutes, who are working toward launching an app on the network. The whitepaper identifies several industries that the Akoin team believes can flourish using decentralized applications to target the African market – including mobile credit trading, micro-lending, phone credit trading, solar energy trading, media sharing, and healthcare.

Only 10% of Akoin tokens will be distributed via an initial exchange offering (IEO). The whitepaper states that the IEO will be conducted in partnership with a “top tier cryptocurrency exchange” during the second quarter of 2020, as per the terms of “an agreement with the unnamed exchange partner. The IEO is slated to distribute 45 million Akoins at $0.15 each, giving the offering a hard cap of $6.75 million. IEO participants will need to contribute in the form of XLM.

The remaining 90% of Akoins supply will be distributed among advisors — who will receive 5%, the team and foundation — with 10% each, the Akoin Wallet Retail Exchange — with 15%, and the treasury — with 20%. The remaining 30% of supply which will be placed in Akoin’s escrow fund, from which 2% will be released each month for 48 months. The total supply is planned to be released over four years, however, the paper notes that this will be subject to change based on “Escrow tokens being placed back into Escrow if they are not needed in the month they are released.”

Akon also in the early stages of building “Akoincity” on 2,000 acres of land provided to the project by the president of Senegal. Akon predicts that the city’s construction will be complete in five to ten years. Once complete, the rapper plans to construct additional Akoincities in every major African country in a bid to unify the African economy.

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Tether Chimes In On Why It Hasn’t Burned Any USDT

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Tether Chimes In On Why It Hasn’t Burned Any USDT
Tether Chimes In On Why It Hasn’t Burned Any USDT

Tether (USDT) cites the popularity of its Ethereum (ETH)-based asset as the reason why the company has never burned a single token. The recent report from Flipside Crypto concluded that Tether is not in the practice of burning its Ethereum tokens: “We can also see that no tokens ever go to the “burn” category, which means that throughout the course of April no USDT supply was destroyed. Looking at the full history of USDT on Ethereum, we found that no tokens have ever been burned.”

Paolo Ardoino, who serves as CTO for both Tether and Bitfinex, explained that the company burns its tokens on Omni and Tron (TRON) networks, while it holds authorized but unissued and unbacked ERC20 tokens in the “inventory”:

“We have not yet destroyed Ethereum-based USDt. We have destroyed unneeded USDt on Omni and Tron so far. Ethereum has been the most popular blockchain in recent months and demand for ERC20-based USDt has been high. Accordingly, when redemptions have been processed, Tether retained those USDts in its authorized but unissued — and unbacked — inventory for future market demand.”

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New Tipbot Uses Cryptocurrency As An Incentive For People To Answer Questions

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New-Tipbot-Uses-Cryptocurrency-As-An-Incentive-For-People-To-Answer-Questions
New Tipbot Uses Cryptocurrency As An Incentive For People To Answer Questions

A new kind of cryptocurrency tipbot allows users to pay others to answer their questions on social media, providing a new tool to pool data in the ecosystem. Liser Lee of CCTip said that the system can help drive engagement or generate expert commentary. It lets users create a Twitter poll and automatically pay anyone who shares it with cryptocurrency, helping a poll gain more exposure and answers. 

The company is also considering a system that pays the poll respondents instead. Other than Twitter, CCTip will also work on Telegram, Discord, WeChat, and on Reddit as well. It supports 200 different crypto assets, including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Tron (TRX), and many Ethereum-based tokens. Tron founder Justin Sun publicly thanked the firm when it added support for TRX in early April. Lee explained said that using a cryptocurrency-powered system is more effective when interacting with crypto enthusiasts compared to traditional systems. She pointed out that crypto community members may be simply happy to see their favorite crypto asset being used in the real world:

“If you pay BCH to a BCH enthusiast, he’s happy to see that BCH being used.”

Furthermore, the firm also launched the CCTip Ask feature last week, enabling users to ask any Twitter user a question. Lee showcased the system on May 18 by asking Bitcoin ABC lead developer Amaury Sechet if he believes Bitcoin Cash’s value can exceed the value of Bitcoin. Sechet was paid 0.5 BCH (about $114 as of press time) to answer the question he was asked on Twitter through the system. Lee commented:

“[CCTip Ask is] an effective way to get your question answered by a celebrity. If you raise a good question, answering the question is a good way to show your opinions. And it will attract more users’ attention.”

Cryptocurrencies enable anyone to instantly send payment to anyone else without having to share sensitive information with each other. This feature makes crypto assets the perfect fit for social media tipping, as many users on those platforms prefer to remain pseudonymous or otherwise protect their privacy. Because of this synergy, there’s lots of development in the crypto tipping space. 

It was recently reported, that blockchain firm Aeternity recently launched its own social media monetization tool, which supports tipping in the form of Aeternity’s native coin, AE. The ever-changing landscape of cryptocurrency regulation still often threatens companies operating in the space, including tipbot services. In mid-May, XRP TipBot, a service enabling users to transfer XRP to each other via comments on Twitter, Reddit, and Discord, managed to save itself from having to shut its operations due to new regulations by partnering with digital payment platform Uphold.

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A Crypto Futures Exchange Is Integrating Chainlink’s Price Oracles

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A Crypto Futures Exchange Is Integrating Chainlink's Price Oracles
A Crypto Futures Exchange Is Integrating Chainlink's Price Oracles

Forthcoming Seychelles-based crypto derivatives trading exchange Digitex Futures has announced it will integrate Chainlink’s (LINK) decentralized price reference contracts on its platform. Chainlink’s decentralized price oracles are typically utilized by decentralized finance (DeFi) applications. 

With the integration, Digitex claims to comprise the first centralized crypto futures exchange to decentralized oracles. The integration will be used as an anchor to detect internal deviations over a defined percentage. Chainlink describes its price feeds as “security reviewed, sybil resistant, fully independent.” The index is informed by “a variety of trusted spot market sources.”

Digitex asserts that the price reference contracts provide traders “with strong protection against price manipulation,” and “overexpos[ure] to slippage” should the firm’s internal index produce extreme fluctuations. The contracts will be used to support Digitex’s initial Bitcoin (BTC)/U.S. dollar perpetual contracts, before incorporating additional feeds alongside other crypto assets in the future. 

Adam Todd, the founder and chief executive of Digitex, stated that “Chainlink provides Digitex with highly reliable and transparent price feeds that protect our users against the negative outcomes of abnormal market conditions or internal complications.” Digitex’s futures exchange opened on mainnet to selective user onboarding at the end of April. The platform currently plans to publicly launch during summer.

At the end of April, it was announced that leading Tezos (XTZ) developer teams Cryptonomic and SmartPy had begun working to bring Chainlink’s price oracles to the Tezos network. The move followed Coinbase’s launch of its own price oracle for the DeFi ecosystem.

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