Cardano is getting renewed with new initiatives for the growth of the African Region.
Input Output Global’s Cardano developer, Input Output Global (IOG) has signed an agreement with Ethiopian incubator iceaddis in support of local creatives. The two partners have established the Ariob incubator as part of an incubator plan which will boost the development of projects funded by the largest innovation fund that is decentralized in the world. Project Catalyst.
This partnership will increase the growth and development of Project Catalyst Foundation-funded projects. Venture capital experts and resources are available to startups to assist develop products that address actual problems in Africa. The community selects the programmes they want to use and the program’s creators are provided with financial support to implement them.
Why Africa?
Africa is preparing to become a center of blockchain innovation. https://zenwriting.net/blockchainhvlp262/what-is-a-stablecoin-and-how-do-you-purchase-them is diverse and has seen rapid adoption of new technologies. In Africa, there is no desire to adhere to outdated systems, so it is easier for technological advancements to establish themselves and gain the momentum they need to gain. There is great opportunity for modernization of the industry and society through projects in technology, financial services, and development.
African countries have a huge potential for the adoption and distribution of cryptocurrency. Although only 2% of crypto transactions conducted in the region, KuCoin cryptocurrency exchange analysts report that Africans utilize cryptocurrencies in certain countries up to 2670% by 2022.
“The use of digital assets is increasing exponentially across Africa,” said Johnny Lyu, KuCoin CEO. African countries are the most advanced in cryptocurrency adoption in the world, they are even ahead of countries like the USA, Europe and Asia,” said KuCoin CEO Johnny Lyu.
The region is home to one of the most high rate of adoptions by mass of cryptocurrencies. Three countries: Kenya is, Nigeria, South Africa (and Tanzania) are among the top 20 nations according to the Global Cryptocurrency Adoption Index. Chainalysis ranks them 5th-6th, 16th-16th, and 19th.
Republic of South Africa is highest of the list in terms of number of currency holders and market volumes. KLA conducted a survey and discovered that 47 percent of South African adults are cryptocurrency holders. Another third of them plan to invest in cryptocurrency in the near future.
Input Output Global and the Ethiopian Ministry of Education announced the partnership in January of last year. The goal was to provide five million Ethiopian students an opportunity to show their academic achievements through Atala PRISM technology. IOG is also working together with World Mobile in Zanzibar to provide access to basic online services using blockchain technology since 40 percent of Africans are not connected to internet access. 1,000 providers spread across more than 100 countries provide services to the developed world, but totally ignores the majority of the continent.
Charles Hoskinson, founder and CEO of IOG has stated repeatedly that Africa can achieve an “economic miracle” and catch up with the bigger economies of the world like China or the United States. Cardano is in favor of an “economic miracle” in the African continent.
In this respect, incubator programmes are vital. Project Catalyst (and Ariob) provide Africa’s projects with both economic and entrepreneurial tools. This can help increase the sustainability of the ecosystem and increase its growth. IOG representatives also made the following note during their most recent launch:
“The Ariob incubator, where the best projects will be chosen to participate in the support program, which will run until the beginning of 2022. This program is designed to help you realize your creative potential, test your ideas and develop prototypes that lead to the best product. Ariob also helps to link projects with educational institutions as well as non-governmental organizations.
What is the way that the Cardano ecosystem work ?
Cardano is currently working on Hydra updates and has focused on sustainability and making the system better. Cardano has entered the Basho stage. The goal is to build an ecosystem that facilitates and supports the development of decentralized application (dApps) Cardano has experienced significant growth so far: around 1,000 projects are currently built on it.
NFT projects see 47.9% of their activity that is due to its creators and customers betting on its promising performance. Cardano NFT has witnessed Snoop Dog, an American artist, become a massive success. Clay Nation collaborated with Snoop Dog to bring “iconic” NFTs online.
Furthermore to that, more and more users are looking into cross-blockchain initiatives that permit transactions between different blockchains. Cardano has also been involved in this field. Milkomeda is a second-level technology that offers EVM capabilities for different blockchains. It was launched on the main cardano network of Cardano on March 31. This enabled users of Ethereum dApps to be deployed in the Cardano environment for the first-time.
The lending sector is the third most sought-after area of activity within Cardano. The projected volume of the global credit market is expected at 26.08 trillion US dollars. The industry’s annual growth rate is expected to be 24% in 2021-2028.