The construction contract for Akon City has been awarded to KE International, a US based Consulting and Engineering firm for the sum of $6 billion. The Akon City is the futuristic vision of the award winning artiste which will be powered by renewable energy and will utilize the cryptocurrency Akoin for economic exchange.
According to a tweet by the official twitter handle of the Akoin Cryptocurrency, construction will begin with the commencement of phase 1 by 2023 which will include roads, residences, hotels, hospital campus, mall, school, police station, waste facility and a solar power plant.
The construction project is expected to be completed by the year 2029 and will cover a land mass of 2000 acres of land given to Akon by the Senegalese President and which is closed to the new airport in the capital of the country, Dakar.
Funding and Construction of Akon City
According to a press release, KE International has secured $4 Billion from investors for the first and second phases of execution of Akoin City and will have the architectural designs done by the Dubai based Bakri & Associates Development Consultants.
KE International is known for the execution of the green city in Kenya Mwale Medical and Technology City (MMTC) by the US based Kenyan entrepreneur Julius Mwale which also partnered with Akoin Platform in 2019 for digital transactions.
The Senegalese tourism agency SAPCO is also a developer in the Akon City and will assist in the advancement of the tourism sector.
Phases for the construction of Akon City
The first phase of the project will is expected to be completed by the 2023 and will feature some important society structures such as schools, hospitals, malls, police station and power plants etc.
The second phase of the project is expected to commence from the 2024 and will be completed in five years time by the 2029. This completion of the city will see the commencement of the use of the Akoin Cryptocurrency for facilitating exchange of goods and services in the city.
Tax Free Zone
The Akon City has been declared to be a tax free zone by the president of Senegal. This he has done with several planned tax breaks to create the necessary environment for investments.
Users to Mine Monero (XMR) on Exodus 1S Blockchain Phone – HTC
HTC has announced users of its EXODUS 1S blockchain smartphone will be able to mine the monero cryptocurrency.
Privacy centric cryptocurrency, Monero also known as XMR will be mined directly from the smartphone. In the announcement made on Friday, the consumer electronics maker said it has partnered with ASIC chip design company, Midas Labs to create the technology.
Midas Labs is currently developing an application that will enable users mine Monero on the device.
The App which is called DeMiner is expected to be available in the second quarter of 2020. The app according to HTC works by deactivating mining when the phone is in use or when the device isn’t connected to a power source for charging.
According to Midas Labs, mining on computers is not economical especially in the era of powerful machines. Midas Labs was quoted saying “mining monero (XMR), a privacy-centric cryptocurrency, on desktops is not cost-efficient. The firm said a typical laptop can mine XMR of equivalent to around $0.06 per day by burning 65W of power, which costs roughly $0.156 daily — “a loss-making endeavour.”
Jri Lee, founder and CEO of Midas Labs who is also a professor at National Taiwan University explaining how DeMiner ensures profitable mining said “Midas Labs empowers EXODUS 1S users to mine at least $0.0038 of XMR per day on average, while the electricity cost is less than 50% of that,”
Phil Chen, HTC’s Decentralized Chief Officer, speaking on the development of the App, said DeMiner would help decentralize mining and make it “cost-efficient.”
Continuing, Phil Chen said “The crypto world is under threat from the domination of the hashrate by giant mining pools. The most effective way to eliminate this problem is to make mining accessible for the masses, and that is through mobile. This app makes smartphone mining cost-efficient, which gives incentives to individual miners and helps to decentralize the network,”
President of Venezuela Nicolas Maduro Calls on Public to its Newly Opened Petro Supported Casino
The President of Venezuela has announced the opening of crypto supported casino in the country. This announcement was made on the 17th of January, 2020.
According to the President, the Ávila National Park’s Hotel Humboldt will soon be home to an international casino which will make use of the Petro (PTR) – the country’s cryptocurrency.
Nicolas Maduro went further saying, the proceeds from the casino activities will fund the country’s public health and education sectors.
Betting has been halted in the country for several years prior to the administration of the current President Nicolas Maduro. Prior to this administration, betting places were ordered closed down because of being dens of drugs and other criminal activities.
Giving details on the operation of the Casino, President Maduro said he has authorized legal bets with petros. According to him, the Hotel Humboldt will have an international casino and everyone will be able to place bets using the petro.
He went further explains, “You can come to bet. There will be offers, special prices. You buy your petro tokens, you can buy them if you bring yuan, if you bring yen, dollars, euros or any other cryptocurrencies … buy your petros and make your licit bets allowed by the state as contemplated by national laws.”
Owing to various sanctions hitting the oil filled country, the current President, Nicolas Maduro created the petro cryptocurrency to evade these sanctions and better position the economy of the state.
The announcement of President Maduro to open the casino evidently is an attempt to provide more use cases for the petro to improve acceptability amongst the populace and global community.
This move by the President will most likely fuel the emergence of new casinos across the country since it has been almost a decade casino activities were halted in the embattled state.
Binance to Support IOTX MainNet Token Swap
The IOTX mainnet token swap to be supported by leading cryptocurrency exchange, Binance. The crypto ecosystem giant made this known via its blog.
Withdrawals will be suspended from the 15th of January, 2020 by 0:00 AM (UTC) pending till the token swap is completed.
IoTeX describes itself as an open source platform, building the Internet of Trusted Things, where all physical and virtual ‘things’ — humans, machines, businesses, and DApps — can exchange information and value at global scale. It was founded in 2017.
Binance also revealed it will handle all technical requirements involved in the swap process for all users holding the IOTX token in their Binance accounts.
Whenever even after the mainnet migration a user sends ERC-20 IOTX tokens to Binance, Binance guarantees the tokens will be converted to the mainnet IOTX and the user will not be able to withdraw the ERC-20 IOTX Tokens after the swap.
We will make a separate announcement after the mainnet swap is complete to notify users when withdrawals for IOTX (native coin) will open, Binance concluded.
In November 2019, IOTX revealed via a blog post the roadmap it intended to follow in ultimately bringing staking/voting using the IOTX token to its mainnet.
In the post, it gave a summary of schedule for staking/voting using the IOTX token.
Mainnet Alpha (Apr 2019 – Oct 2019): staking on Ethereum using IOTX-E (ERC20) only
Mainnet Beta (Nov 2019 – Q1/Q2 2020): staking on both Ethereum and IoTeX using IOTX-E (ERC20) and IOTX (Native), respectively
Mainnet GA (Q1/Q1 2020 and on): staking on IoTeX using IOTX (Native) only. Note: all existing votes/tokens on Ethereum will be automatically converted to IoTeX
IoTex also stated that exchanges with IOTX-E currently listed will at their own different time perform official token swaps to IOTX (native) currency throughout Q4 2019 & Q1 2020.
The Internet of Trust Things platforms also stated that the final cutoff to swap IOTX-E to Native IOTX will be announced in Q1 2020.
CEO of MTN Group Speaks Out on MTNCOIN, Calls it Fake.
The CEO of MTN Group, Rob Shuter has spoken out on the document circulating the internet showing the Telecom giant, MTN Group to launch a utility token – MTNCOIN.
The CEO calls the document and unsolicited proposal and the Telecom firm will not consider it.
Fake news guys was an unsolicited proposal we are not taking forward.
— Rob Shuter (@ShuterRob) November 13, 2019
The document which was dated 29th of October, 2019 and titled “MTN COIN – Building Africa’s Universal Financial Services & Rewards Ecosystem” proposes a crypto token that will be used as a universal digital settlement currency for all financial.
In a statement published by MTN Group, it said it wishes to distance itself from the document as well as the services and offerings mentioned in the document as they are not provided by the firm.
According to the statement, MTN said the document was an unsolicited proposal submitted by an entity called Eureka Africa and it wasn’t adopted.
However, the Telecom giant affirmed its continual engagement and collaboration with various vendors, and if necessary it said, use official MTN channels to communicate such partnerships.
The document proposes the launch of a Stellar blockchain based cryptocurrency, MTNCOIN that will serve as a universal digital settlement currency for all financial users cases for all parties.
According to the document, It also intends solidifying and expanding MTN’s position as Africa’s leading communication services provider by staying at the forefront of digital transformation; capitalize on the Global Financial Technology revolution and lead the disruption of the traditional financial and insurance sector in the continent to protect current and create new revenue streams.
The Telecom giant has requested publishers to refrain from sharing the document or its contents on any public platforms.
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