reza Profile picture
16 Oct, 20 tweets, 5 min read
Thread//

I’ve been keeping my head down working on this for a while, think it’s time I catch you all up on what I’ve been up to.

Why I believe in @AkoinOfficial and decided to join the team.

Opinions or thoughts below are solely my own
When I first learned about Akoin, I approached it how I approach any crypto associated with a well-known celebrity: with extreme doubt and bias.

I quickly discovered a few factors of the business that set it apart from others and made it seem, well, feasible.

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Banking the Unbanked

It’s a buzz-phrase we’ve all heard time and time again. Countless companies have tried, but none of them seem to be able to go the last mile.

The last mile, in this case, is actually getting crypto into the hands of people who don’t have bank accounts

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There’s a slew of problems that arise when you’re actually attempting this.

For one, many of the people on continents like Africa that don’t have bank accounts, also don’t have common forms of identification, or birth certificates, or recognized mailing addresses.

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This makes it difficult for them to transfer value from the physical world to the digital world.

Most if not all digital financial services require identification, and at least minimal KYC/AML procedures.

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"Many companies launching cryptocurrencies lack the experience, relationships, and executable strategy required to distribute tokens to the people they hope to call their demographic.”

medium.com/@RezaJafery/ho…
When I met the @AkoinOfficial team, it was for an article I was writing (linked above).

During my research, I realized that they are the only company I’ve encountered that has a feasible solution to the last mile: onboarding users into crypto via prepaid cell phone minutes.

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In Africa, prepaid cellphone minutes are used as currency, as they are more stable in value than the national currencies available.

Akoin allows users to take prepaid cellphone minutes, that they can buy from their local corner stores and such, and convert those into Akoin.

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From there, they can enter the greater cryptocurrency ecosystem with ease.

Feasibility

Something I hear all-too-often from colleagues in traditional finance is how government intervention will inevitably be the end for cryptocurrencies (I disagree, but that’s another conv.)

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While I don’t see government intervention as blockchains demise..

I recognize that government regulations can make it more difficult for ambitious blockchain companies to succeed.

Success requires cooperation, which is not something governments typically greet crypto with

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The Difference with Akoin

@Akon has already provided so much value to the continent of Africa through projects like Akon Lighting Africa, that he’s already connected with the gatekeepers who can make or break an initiative like banking the unbanked in Africa.

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@Akon, his history in Africa, and his track record of making an impact on the continent-- make @AkoinOfficial 's plans for implementation far more feasible than the majority of crypto companies with comparable goals.

He has worked his way through bureaucracy before.

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An example of this in action: the recent deal with Mwale City in Africa.

Akoin hasn’t launched yet and it’s already the official currency of a city, where citizens will be paid salary in Akoin, be able to pay for utilities in Akoin, etc.
Before launching, there is already a larger use case than most companies in the space are able to establish within years of business development.

This doesn’t even take into account Akon City… which will provide a comparable use case on a grander scale.

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What makes me excited about being able to contribute to Akoin is how it'll help outside of the cities it partners with.

Via our partnership with UNL for example, we will help create addresses for parts of Africa that have never been digitally mapped.

medium.com/@akoin.io/mapp…
This means that people in small villages might be able to take part in online shopping or calling a home repair/plumbing company for the first time.

It won't happen overnight, but we're building the digital infrastructure needed to help bring Africa to the forefront of tech.
tldr; @AkoinOfficial is already beginning to execute the groundwork necessary for its plans to bank the unbanked and has the potential to be a massive on-ramp for crypto-users in emerging economies.

Something that I, as a lvl 100 crypto-nerd, can really get behind.

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Also, I find it funny when companies claim to be aimed at a certain demographic (I.e. the unbanked) but then distribute the majority of their tokens to speculative traders with no plans of actually utilizing the token as its intended.

Akoin has put its money where its..

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...mouth is by working to distribute the supply to users on the ground in Africa-- both through partnerships like Mwale City, and other functionalities we'll be announcing soon.

We're actively working to ensure that Akoin becomes what it was meant to be.

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A coin for emerging economies, the unbanked, and those suffering from hyperinflation.

Not a coin for the traders and speculators.

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