Why is actually Cardano developing Africa?

Cardano ecosystem is being revived with new initiatives to boost the African region.

Input Output Global (IOG) is the creator of Cardano recently signed an agreement with iceaddis , an Ethiopian incubator for tech startups — to assist young entrepreneurs and creatives in the local area. They launched the Ariob incubator as part of a plan to boost the sustainability and growth of the projects supported by Project Catalyst — the largest innovation bank that is decentralized in the world.

This partnership is meant to aid in the development of projects funded by the Project Catalyst Foundation. Venture capital experts and resources are available to entrepreneurs to assist their creation of products that can solve the real issues in Africa. The community decides which programs they want to use and creators are provided financial assistance to help put their ideas into action.

What is the reason for Africa?

Africa is poised to become an important hub for blockchain-related innovation. It is a huge continent that has a variety of cultures, which permits the rapid development of cutting-edge technology. Africa is free of obsolete systems and it’s more suited for technological advancements to develop in the continent. There is great potential for modernization in both the industry and society through projects in finance, technology services, and development.

African countries are a great place to adopt and distribute cryptocurrency. This region currently accounts for just 2% of cryptocurrency transactions around the globe however, analysts from KuCoin, the KuCoin cryptocurrency exchange reported that the use of cryptocurrencies among Africans in certain countries increased by 2670% by 2022.

“The use of digital assets is increasing rapidly across Africa.” African countries have the highest rate of cryptocurrency adoption in the world They are also ahead of countries like the USA, Europe and Asia,” said KuCoin CEO Johnny Lyu.

The region has one of the most high levels of widespread adoption of cryptocurrencies. Three countries: Kenya and Nigeria are among the top twenty nations on the Global Cryptocurrency Adoption Index (Chainalysis) with 5th 6th, 16th and 5th 17th and 19th places.

The absolute leaders in terms of the amount of holders of currencies and market size is the Republic of South Africa. KLA conducted a survey and found that 47% of South African adults have cryptocurrency accounts. A third are planning to make investments in crypto in the near future.

Input Output Global announced in 2015 a partnership to the Ethiopian Ministry of Education. The partnership allows five million Ethiopian students to display their academic credentials using Atala-based technology called AtalaPRISM. IOG is also with World Mobile Zanzibar for basic internet access via blockchain technology. 1000 service providers across the world offer coverage for developed countries, however, more than 50% of Africans do not have internet access. provided with internet access.

Charles Hoskinson is the founder and CEO at IOG. Hoskinson has stated repeatedly that Africa can attain an “economic miracle” and be able to catch up with larger economies like China and the United States. Cardano is in favor of an “economic miracle” in the African continent.

Incubator programs are crucial in this respect. Project Catalyst & Ariob are two initiatives that offer Africa with not just economic tools, but also entrepreneurial and educational tools to help in the growth of ecosystems. IOG’s representative has added the following comment: IOG has added the following statement regarding their most recent launch:

“The Ariob incubator. https://www.mixcloud.com/blockchainrmti354/ is where a few projects will be chosen for the program of support. The program will run until the beginning of 2022. This program provides services that help to realize creative potential, test ideas, and use prototypes to discover the best product. Ariob is also able to link projects with local businesses or government agencies as well as non-governmental organizations.

What is the general situation of the Cardano ecosystem?

Cardano has focused on sustainable growth as well as improvement within the system as a result of the Hydra update. Cardano is currently in the Basho stage, which seeks to build an optimized ecosystem to support and facilitate the development of decentralized apps (dApps). It has already shown significant growth. At this point, around 1,000 projects have been built using Cardano.

NFT projects have the highest activity with 47.9%. Both users and creators are believing in the power of blockchain technology to produce amazing outcomes. Cardano NFT has witnessed Snoop Dog, an American rapper, turn into a huge success. Clay Nation collaborated with him to bring “iconic” NFTs online.

The public is increasingly interested in cross-blockchain applications that allow transactions to be performed across different blockchains. Cardano is also working on this issue. Milkomeda was introduced on the Cardano main network at end March. It is a second level protocol that offers EVM capabilities to other blockchains. This enabled users of Ethereum dApps to be deployed in the Cardano environment for the first-time.

The lending industry is third on the list of Cardano’s top activity. The value of the global credit industry market is estimated to reach 26.08 billion US dollars. Furthermore, the annual average growth rate of the industry from 2021 to 2028 is expected to be 24%..