Many imagined that the advent of cryptocurrency would usher in a new age of charitable fundraising. In light of a crowded market and lackluster performance so far, will singer Akon’s star power be enough to buck the trend?
When MazaCoin was introduced in 2014, it was touted[1] as the future of the Oglala Lakota Nation – one of the United States' most impoverished[2] Native American tribes. For the people of Sitting Bull and Crazy Horse, the advent of MazaCoin was supposed to represent a new future for a people long at odds with the federal government and its institutions.
Four years later, MazaCoin is selling[3] at $0.000673 per coin, or roughly one-third of the coin's price when it was first made available. MazaCoin is joined by WishCoin, CharityCoin, AidCoin, and Clean Water Coin in a growing club of coins with noble ambitions but no market appeal, at least if CoinMarketCap is any indicator.
Senegal-born singer Akon is seeking to buck this trend. At Cannes Lion, Akon announced that he plans to bring up for sale a new cryptocurrency named AKoin that would help fund the development of an "Akon Crypto City" in Africa. Akon explained in a panel discussion[4]:
"I think that blockchain and crypto could be the savior for Africa in many ways because it brings the power back to the people and brings the security back into the currency system and also allows the people to utilize it in ways where they can advance themselves and not allow government to do those things that are keeping them down."
Akon – also known as Aliaume Damala Badara Akon Thiam – has already made a name for himself in philanthropy circles with his Lighting Africa project, which helps
