The Cardano ecosystem is being replenished by new initiatives aimed at the development of the African region.
Input Output Global (IOG) The creator of Cardano, recently signed with iceaddis , an Ethiopian incubator for tech startups to help young entrepreneurs and creatives in the local area. The Ariob incubator was created by the partners to support the development projects supported by Project Catalyst the largest global innovative fund decentralized.
This strategic alliance will help accelerate the growth of projects supported by Project Catalyst Foundation. Startups can access knowledge and resources from venture capitalists in order to design products that address the real problems in Africa. The community decides which programs they like, and the creators get financial support to implement them.
Africa is in the process of becoming a global hub for blockchain-related innovation. It is a vast and diverse continent, where there is an accelerated introduction of technological advancements. Africa does not have to be tied down to outdated system. This makes it easier for technological innovations to thrive there. The potential for modernization of society and industry is great through projects in development, finance, and technology.
There is plenty of opportunity in Africa to see the adoption and distribution of cryptocurrency. The region is responsible for just 2% global crypto transactions. However, KuCoin cryptocurrency exchange analysts discovered that Africans have used cryptocurrency in certain countries at a rate of 2670% higher than in 2018.
“The adoption rate of digital assets is increasing rapidly in Africa,” said Johnny Lyu, KuCoin’s chief executive officer. African countries have the highest rate of cryptocurrency adoption, and even outdoing regions such as Asia, Europe, and the USA,” stated Johnny Lyu, KuCoin CEO.
The region has one of the five global cryptocurrencies adoption rates. Three countries: Kenya is, Nigeria, South Africa (and Tanzania) have a place in the top 20 countries in the Global Cryptocurrency Adoption Index. Chainalysis places them in the 5th-6th position 16th-16th, 19th and 19th.
Republic of South Africa and South Africa are the leaders in terms of currency holdings and market size. KLA research found that approximately 47% of South African adults own cryptocurrencies. The third option is to purchase them in the near future.
In the year 2000, Input Output Global announced a partnership with the Ethiopian Ministry of Education to give five million Ethiopian students with the possibility to prove their academic credentials through the use of Cardano’s Atala PRISM technology. IOG is also in conjunction with World Mobile Zanzibar for basic internet access via blockchain technology. 1000 service providers are available to all developed nations in the world, however nearly half of Africa is not accessible.
Charles Hoskinson, founder and CEO of IOG has stated repeatedly that Africa is able to perform an “economic miracle” and catch up to the economies around the globe including China or the United States. Cardano plans to support this kind of development in the African continent.
In this regard incubators play a significant role. Project Catalyst (and Ariob) offer African projects economic and entrepreneurial tools. This aids in increasing ecosystem growth and sustainability. For their latest launch, an IOG representative added this comment:
“The Ariob incubator, where the best projects will be chosen to be part of the program of support, which will run through the first half 2022. This program offers services that assist in realizing creativity in testing ideas, as well as creating prototypes to create the most effective products. Ariob can help you connect your projects with non-governmental organizations such as educational institutions, as well as local businesses.
What is the current situation within the Cardano ecosystem?
Cardano’s Hydra update is on the way, so the Cardano community has been focusing on the long-term growth of the platform. Cardano is at the Basho stage. It is aiming to create an optimized ecosystem to help facilitate and encourage the creation of decentralized apps (dApps). Cardano already has over 1,000 projects.
криптовалюта ada have the highest amount of activity — 47.9 percent, as the users and creators are betting on the potential of blockchain technology. American singer Snoop Dog has become a sensation in the Cardano NFT because the rapper works with Clay Nation to present “iconic” NFTs on the web.
In addition, a cross-blockchain project that allows transactions between various Blockchains is growing in popularity. Cardano also operates in this direction. Milkomeda has been launched on the Cardano network at the end of March. This protocol has EVM capabilities across all blockchains. It allowed users to integrate Ethereum dApps into the Cardano ecosystem.
The lending industry is the third frequent activity within the Cardano ecosystem. In the near future, the size of the global financial industry market is predicted to reach 26.08 billion US dollars. The annual average growth rate of the sector from 2021 until 2028 will be 24%.