CRYPTOCURRENCY & EMPOWERMENT

Gary, CAO Medallion XLN

My article’s title is both bold in its typeface, and it's meaning. Merriam-Webster defines cryptocurrency as any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions. And defines empowerment as the act or action of empowering someone or something: the granting of the power, right, or authority to perform various acts or duties. Many in the crypto community hail cryptocurrency as a world-changing form of empowerment. There is no shortage of people who have made it their mission to make sure that cryptocurrency equals empowerment.

Empowerment has no gender, age, ethnicity, sexual orientation, religious, spiritual, class, or educational bias. Neither does crypto. However, the world is full of socioeconomic challenges due to rampant biased actions, beliefs, and behaviors. In an article in the Chicago Booth titled Empowering Entrepreneurship with Crypto by Michael Blanding, he shines a light on work being done via crypto to help empower Africa’s next generation for incredible success. With a population of 1.4 billion-and, 40 percent under the age of 15, Africa possesses a huge untapped workforce, set to explode in the next generation. It’s already seeing a surge of young entrepreneurs setting up new businesses. These ambitious professionals face a host of challenges amid the continent’s struggling financial infrastructure, hyperinflation, and government corruption. Transferring money across national borders is difficult, and more than 60 percent of people in sub-Saharian Africa don’t have a bank account.

Nairobi, Kenya

Enter Akon, the Senegalese-American singer, songwriter, record producer, entrepreneur, change-maker, innovator, and humanitarian. Akon, along with his fellow co-founders Lynn Liss, Executive Consultant, long-time business associate, and Hollywood film producer Jon Karas created the cryptocurrency Akoin. Akon describes Akoin on their website as a cryptocurrency, powered by a marketplace of tools and services to fuel the dreams of entrepreneurs, business owners, and social activists. Akoin helps them connect and engage across the rising economies of Africa and beyond. Africa has over 40 currencies across 54 countries, each struggling with a level of inflation and instability that makes growing business within the continent and internationally extremely difficult. Through Akoin, one currency powers a digital suite of business-building tools and services to unite the people of Africa, and connect them with a world ready to fuel entrepreneurial dreams; including unparalleled access for global brands seeking access to the next largest untapped and unrivaled rising economy. Akon has also made headlines with his plans to build his $6 billion “futuristic” city in Senegal using Akoin as its currency.

Akon City, Senegal

In an article featured for Cointelegraph written by Abraham Cobos Ramirez titled Crypto education can bring financial empowerment to Latin Americans, Ramirez reveals another aspect of how crypto leads to empowerment. That’s through education. In October 2021, it was estimated that approximately 15% of the world’s supply of Bitcoin (BTC) was in circulation in Latin America. According to a recent report released by Crypto Literacy, however, 99% of Brazilian and Mexican respondents failed a basic assessment of crypto literacy. Crypto adoption is well underway across the region - on the rise even - but people still lack a basic understanding of its underlying technology and use cases. For remote communities, we must create mobile-friendly educational opportunities so that individuals can access learning materials from their phones without needing to travel miles to the nearest city. For global audiences, we should create resources in local languages - Spanish and Portuguese in Latin America - to ensure we reach the widest audience possible.

Empowerment through cryptocurrency has become a global chant of the disenfranchised and their allies. A headline in Forbes Digital Assets is titled How Bitcoin Is Empowering People To Become Sovereign Individuals. There’s Crypto for Black Empowerment (CBEE), defined as black crypto leaders building the new internet worldwide. Women’s Coin: Building A Better World - Building Better Lives - Through Education and Empowerment. Knowledge truly is power. Knowledge of cryptocurrency is truly empowering.

It’s time to put the power in your hands. That’s our mission at Medallion XLN, to empower creatives to have control over their digital assets and its economic value. Technology is moving at breakneck speeds, my friends.  Sometimes it crashes into a wall and explodes. Sometimes it takes the checkered flag of victory. Either way, it’s a wild ride. We appreciate you riding with us at Medallion XLN. Every day, we’re adding more horsepower and creating more torque. So continue to enjoy the smooth limousine ride. Because in a few short weeks we’re going to launch off at speeds that defy calculation. You may want to invest in a helmet. Hit that subscribe button. Stay tuned for our next podcast.

Subscribe to Medallion XLN as we are building the next generation of technology using XR, Blockchain, AI, and the power of decentralization to reclaim our digital sovereignty.