New projects are being planned to improve the African region.
Input Output Global, the creator of Cardano (IOG), recently signed a deal with Iceaddis an Ethiopian incubator that helps support technology startups — in order to support local creatives and entrepreneurs. As part of Project Catalyst, the largest decentralized innovation fund in the world, the three partners established the Ariob incubator.
This collaboration will speed up the development and growth of Project Catalyst Foundation funded projects. The expertise and resources of venture capital can be utilized by startups to help them develop products that solve real Africa-related problems. The participants can pick which programs they would like to see, and those who developed the program will receive financial assistance to make their idea real.
Why Africa?
Africa is in the process of becoming a world hub for blockchain innovation. This is a large continent with a wide array of needs for technology. Africa isn’t restricted to old system. This makes it more feasible for technological advancements to flourish there. Development, technology and financial services hold great potential to modernize society and all industries.
There is plenty of potential in Africa for the adoption and distribution of cryptocurrency. Now this region accounts for only 2% of cryptocurrency transactions around the globe, but analysts of the KuCoin cryptocurrency exchange reported that the use of cryptocurrency within Africans in certain countries increased by 2670% between 2022 and 2023.
” https://diigo.com/0obn4a of digital assets is growing exponentially in Africa,” said Johnny Lyu, KuCoin’s CEO. African countries have the highest percentage of cryptocurrency adoption, and even outdoing regions such as Asia, Europe, and the USA,” stated Johnny Lyu, KuCoin CEO.
The region boasts one of the highest percentages of the widespread adoption of cryptocurrency around the world. 3 countries: Kenya is, Nigeria, South Africa (and Tanzania) rank in the top 20 countries according to the Global Cryptocurrency Adoption Index. Chainalysis ranks them 5th-6th, 16th-16th, and 19th.
The absolute leader in terms of the number of currency holders and market size are the Republic of South Africa. KLA conducted a survey and discovered that 47 percent of South Africans have cryptocurrency accounts. A third are planning to invest in cryptocurrency in the future.
Input Output Global announced in 2015 a partnership to the Ethiopian Ministry of Education. The partnership will allow five million Ethiopian students to demonstrate their academic credentials through Atala-based AtalaPRISM technology. https://tokenednx850.doodlekit.com/blog/entry/20792250/new-details-on-the-policy-of-cryptocurrencies-in-russia has also partnered with World Mobile in Zanzibar to give access to basic online services that utilize blockchain technology due to the fact that 40 percent of Africans don’t have internet access. 1000 internet providers offer connectivity in advanced countries across the globe however this is not the case for nearly half the continents.
Charles Hoskinson, the founder and CEO IOG frequently stated that Africa could create a miracle in economics and catch up to larger economies, such as China or America. Cardano intends to help support this kind of development on the African continent.
In this sense incubator programs are essential. Initiatives such as Project Catalyst and Ariob provide projects in Africa that not only provide economic tools, but also educational and entrepreneurial tools that can accelerate the growth of ecosystems and ensure sustainability. IOG representatives also made the following statement in their most recent launch
“The Ariob incubator. A certain number of projects are selected to participate the support program. It will last until the first half of 2022. The program offers services to help you realize your the potential of creativity, test concepts, and make prototypes to discover the best product. Ariob can also link projects with local businesses, government agencies, and non-governmental organisations.
How is the Cardano ecosystem working generally?
Cardano has concentrated on sustainable growth and improvements in the system due to the Hydra update. Cardano has achieved the Basho stage. The goal is to build an environment that can facilitate and support the creation of decentralized applications (dApps) Cardano is already showing impressive growth. At the moment around 1,000 projects have been developed on Cardano.
NFT projects boast the highest amount of activity — 47.9%, as users and creators are betting on the potential of blockchain technology. American singer Snoop Dog has become a celebrity in the Cardano NFT because the rapper works with Clay Nation to present “iconic” NFTs on the web.
Cross-blockchain initiatives, which permit transactions between blockchains that are different are becoming increasingly well-known. Cardano is actively working in this direction. Milkomeda is a second-level platform offering EVM capabilities across different blockchains. ада кардано was first launched on Cardano’s main cardano network at March 31st. This allowed users the ability to deploy Ethereum dApps on the Cardano network for the first time.
The lending industry is the third most frequented sector within the Cardano ecosystem. In the near future, the volume of the global credit industry market is expected to be 26.08 billion US dollars. Furthermore, the average annual growth rate of the industry between 2021 and 2028 will be 24%.