Why Uganda chose Stellar to power currency of its new city

News BTC

Per a report by NBS Television, Uganda is planning to build a futuristic city. The project has received the green light from the local government and is set to be completed by 2036. American singer of Senegalese origin, Akon, has been awarded one square mile of land to carry out the project.

To be named “Akon City” it will use a cryptocurrency based on Stellar Lumen’s blockchain to power the economic sector, AKoin. With a similar project to be executed on his native Senegal, the project cost is estimated to be as high as $6 billion.

How To Get Free Crypto  

According to the blueprints on the Senegal city project, Akon plans to build malls, schools, police departments, waste management services, hospitals, and other buildings for recreation and culture. The singer expects to drive and contribute to the development of these countries and “bring opportunities” to its inhabitants.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Stellar Lumens, the perfect place for AKoin

In a previous post, Akon explained why he has chosen Stellar to issue its Akoin. Claiming that blockchain will help emerging markets, like Senegal and Uganda, the singer believes Stellar will help to strengthen the financial infrastructure. Akon claimed:

Bringing the benefits of blockchain to Africa is our core mission at Akoin. We aim to improve Africa’s financial infrastructure and lower costs by removing intermediaries and increasing transparency.

The end goal is to “lower” economic barriers for all Africans, said Akon. Stellar is a platform with “speed and scalability”, therefore, the singer believes it fits with Akoin uses cases and the applications plans for its ecosystem. Akon adds:

Stellar Development Foundation has also established a wide network of charities that accept Stellar Lumens as a form of donation — and philanthropy is at the core of the Akoin ethos and the Akoin Foundation. These factors (…) make Stellar an obvious choice for Akoin.

XLM is rallying on the 24-hour chart with 18.2% profits. Over the past week, XLM has record 27% gains and 23.6% in the monthly chart.

Coinbase Banner  

XLM on a 24-hour rally. Source: XLMUSDT Tradingview

Go to Source
Author: Reynaldo Marquez


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.