Why is Cardano building Africa?

Cardano is getting renewed with new initiatives for the development of the African Region.

Input Output Global, the creator of Cardano (IOG), recently signed an agreement with Iceaddis- an Ethiopian incubator that supports startups in technology — to help local entrepreneurs and creatives. The Ariob incubator was developed by the two partners to help the growth projects that are supported by Project Catalyst the largest global decentralized innovation funds.

This collaboration will speed up the development and growth of Project Catalyst Foundation funded projects. Startups can gain access to venture capital expertise and resources in order to design products that address real issues in Africa. The public can select which programs they would like to see and those who developed the program will receive financial assistance to help make their ideas real.

Why Africa?

Africa is set to become the center of blockchain-related innovation. This is a large continent with a wide array of needs for technology. Africa doesn’t have to be restricted to old systems. This makes it much more feasible for technological advancements to be a success. The potential for modernization of industry and society is huge through projects in development, finance, and technology.

There is plenty of opportunity in Africa for the adoption and spread of cryptocurrency. The region is currently home to just 2% of cryptocurrency transactions around the globe however, analysts from KuCoin, the KuCoin cryptocurrency exchange have reported that the use of cryptocurrency within Africans in certain countries grew by 2670% between 2022 and 2023.

“Digital assets are used across Africa at an unprecedented rate.” According to Johnny Lyu, KuCoin CEO, African countries have the most cryptocurrency-related adoption anyplace around the globe. They are even more than other regions such as those of the USA, Europe, and Asia.

The region has one of the five global rates of adoption of cryptocurrency. 3 countries: Kenyan, Nigeria, South Africa, and Tanzania rank among the top 20 nations of the Global Cryptocurrency Adoption Index by Chainalysis. They are ranked 5,6 16, 16 and 19 respectively.

Republic of South Africa and South Africa are the leaders in terms of holdings of currencies and market size. According to the results of research carried out by the research firm KLA about 47% of adults living in South Africa are holders of cryptocurrencies, and a third strategy is to invest in them in the near future.

Input Output Global announced last year that it had partnered with Ethiopia’s Ministry of Education. This collaboration will provide five million Ethiopian students the chance to show their academic credentials using Atala-based Atala PRIM technology. IOG is also working with World Mobile in Zanzibar to offer basic internet services that utilize blockchain technology due to the fact that 40% of Africans are not connected to internet access. 1000 service providers across 100 countries provide services to the world’s developed countries, which completely ignores almost half of one continent.

Charles Hoskinson, founder and CEO of IOG, has repeatedly stated that Africa can perform an “economic miracle” and catch up to the economies around the globe, such as China or the United States. Cardano intends to help support the possibility of such an occasion in the African continent.

In this way incubator programs are vital. Project Catalyst, Ariob and other initiatives offer Africa with tools for economic development in addition to educational and entrepreneurial tools to help accelerate the development of ecosystems. In their most recent launch, an IOG representative added the following comment:

“The Ariob incubator where a variety of projects will be given support. The program will run through the first half of 2022. The program will help develop creative potential and test ideas. It also aids with the development of prototypes in order to find the best product. Ariob assists in linking projects with educational institutions and non-governmental organizations.

How is the Cardano ecosystem working all around?

Cardano is currently working on Hydra updates and has focused its efforts on sustainability as well as improving the system. Cardano is currently at the Basho stage, which seeks to create an optimized ecosystem to support and facilitate the creation of decentralized apps (dApps). The Cardano ecosystem has seen an impressive growth. In the present, over 1000 projects have been developed using Cardano.

NFT projects are among the most active, with 47.9 percent. The reason for this is that both creators and users have been betting on the blockchain’s promising performance. Cardano NFT has been able to make Snoop Dog a big star because Clay Nation partners with the rapper to deliver “iconic NFTs” via the web.

Additionally increasing numbers of users are interested in cross-blockchain projects that allow transactions between different blockchains. Cardano is taking a similar path. Milkomeda was launched on the Cardano main network at end March. https://blockchainuwdn356.werite.net/post/2022/04/26/New-details-on-the-policy-of-cryptocurrencies-in-Russia is a second level protocol that offers EVM features to different blockchains. This allowed users to install Ethereum dApps into the Cardano ecosystem.

The third largest part of the Cardano ecosystem is the lending sector. The size of the global credit market is expected to increase up to 26.08 billion US dollars in the near future. Additionally, the industry’s average annual growth rate from 2021 and 2028 will be 24%..