Why is actually Cardano creating Africa?

Cardano’s ecosystem is being refilled with new projects that are aiming to improve the African region.

Input Output Global, the creator of Cardano (IOG) Input Output Global, the creator of Cardano (IOG), recently signed a deal with Iceaddis an Ethiopian incubator that assists tech startups in order to provide support to local entrepreneurs and creatives. The Ariob incubator was established by the partners as part of an incubator program that will increase the growth of projects supported by Project Catalyst (the largest decentralized innovation fund in the world).

This strategic partnership is intended to boost the development of Project Catalyst Foundation funded projects. Startups can gain access to venture capital expertise and resources to help create products that can solve real problems in Africa. The community can choose which programs they would like to see, and those who developed the program are provided with financial aid to turn their vision into a reality.

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Africa is poised to become an important hub for blockchain-related innovation. It is a vast continent with a wide array of needs for technology. Africa has no need to be tied to obsolete technology. It is therefore much easier to introduce new technologies and make a mark there. The possibility of modernizing both society and industry is great through projects in finance, technology and development.

African countries have a huge opportunity to implement and distribute cryptocurrency. Although only 2% of cryptocurrency transactions that are made within the region, KuCoin cryptocurrency exchange analysts have reported that Africans use cryptocurrencies in certain countries that can reach 2670% by 2022.

“The use of digital assets is increasing exponentially across Africa,” said Johnny Lyu, KuCoin’s CEO. African countries are the most popular for cryptocurrency in the world. They outdo countries like Europe, the USA and Europe.

The region has one among the top rates in the world of widespread adoption of cryptocurrency. 3 countries: Kenya, Nigeria, South Africa and Tanzania are among the top 20 countries in the Global Cryptocurrency Adoption Index from Chainalysis, taking 5th 6th, 6th, 16th, and 19th places within it, respectively.

Republic of South Africa leads in the field of the number of currency holders as well as market volume. KLA conducted a survey and discovered that 47 percent of South Africans have cryptocurrency accounts. A third are planning to make investments in crypto in the near future.

Input Output Global and the Ethiopian Ministry of Education announced an agreement last year to provide five million Ethiopian students an opportunity to prove their academic credentials using Atala the PRISM system. IOG is also working together with World Mobile in Zanzibar to provide access to basic online services using blockchain technology due to the fact that 40 percent of Africans are not connected to internet access. 1000 service providers provide services to all developed nations in the world, but almost half of Africa isn’t covered.

Charles Hoskinson (founder and CEO of IOG) has repeatedly stated that Africa can do an “economic miracle” and catch up with larger economies like China and the United States. Cardano will be supporting such a “miracle” in the African continent.

Incubator programs play a crucial role in this aspect. Project Catalyst or Ariob offer projects in Africa that not only provide financial tools , but also education and entrepreneurial tools to boost the growth of ecosystems. A IOG representative made the following statement to their recent launch:

“The Ariob incubator. Here a select number of projects will participate in the support program that will last until the first half of 2022. The program offers assistance to develop the creative potential of ideas, try out concepts, and make prototypes to discover the best product. Ariob can also connect projects with local companies as well as government agencies and non-governmental organisations.

What is the way that the Cardano ecosystem work ?

Cardano’s Hydra update is on the way and the Cardano community has been focusing on the sustainable growth of the system. Cardano is currently in Basho that aims to create an ecosystem that will support and facilitate decentralized applications development (dApps). Cardano already has more than 1,000 projects.

NFT projects boast the highest amount of activity -47.9%. 47.9 percent, as the creators and users bet on the potential of blockchain technology. Cardano NFT has seen Snoop Dog, an American rapper, turn into a huge hit. Clay Nation collaborated with him in bringing “iconic” NFTs online.

Cross-blockchain initiatives, which permit transactions between different blockchains are also becoming popular. Cardano is taking a similar path. Milkomeda was launched on the Cardano main network at the end of March. It is a second-level protocol that offers EVM capabilities to other blockchains. 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 in the Cardano ecosystem. The value of the global financial industry market is estimated to reach 26.08 billion US dollars, and the annual average growth rate of the industry between 2021 and 2028 will be 24%.