The Cardano ecosystem is being refilled with new projects aimed at the growth of the African region.
Input Output Global (IOG) the company that developed Cardano and Cardano, has signed a deal with Ethiopian incubator iceaddis to assist local entrepreneurs and creatives. The Ariob incubator was created by the partners in the context of an incubator program to boost the number of projects supported through Project Catalyst (the largest decentralized innovation fund in the world).
This strategic partnership was created to boost the development of projects that are backed through the Project Catalyst Foundation. Startups can gain access to the expertise and resources of venture capitalists in order to create products that address real issues in Africa. The community decides on the programs they would like to see and the creators receive financial assistance to implement their concepts.
What is the reason for Africa?
Africa is on the cusp of becoming a global hub for innovation in blockchain. Africa is a vast continent that is seeing the rapid development of innovative technologies. Africa isn’t required to be tied down to old systems. This makes it simpler to bring in new technologies and make an impact. Initiatives that are in the area of financial services, technology and development hold great promise for modernizing both industry and society as a whole.
There is a lot of opportunity in Africa to see the adoption and distribution of cryptocurrency. The region is responsible for just 2% of all global cryptocurrency transactions. However, KuCoin cryptocurrency exchange analysts have reported that Africans used cryptocurrencies in some countries at a rate of 2670% higher than in 2018.
“The acceptance rates of digital assets are growing rapidly across Africa,” stated KuCoin CEO Johnny Lyu. African countries are the most advanced in cryptocurrency adoption in the world They are also ahead of countries like the USA, Europe and Asia,” said KuCoin CEO Johnny Lyu.
The region is home to one of the highest rate of adoptions by mass of cryptocurrency. 3 countries: Kenya is, Nigeria, South Africa (and Tanzania) have a place in the top 20 countries according to the Global Cryptocurrency Adoption Index. Chainalysis places them in the 5th-6th position 16th-16th, and 19th.
Republic of South Africa leads the way for both market volume. KLA Research has found that 47% of South Africans are holders or plan to hold cryptocurrencies.
Input Output Global, a global collaboration with the Ethiopian Ministry of Education and Input Output Global, announced last year that five million Ethiopian high school students will be able to utilize Atala PRISM technology to confirm their academic credentials. IOG has also partnered with World Mobile Zanzibar in order to offer basic internet services through blockchain technology to 40% of Africans. 1000 service providers across the world provide coverage to developed countries, however almost 50% of Africans do not have internet access. covered.
Charles Hoskinson is the founder and CEO at IOG. He has said repeatedly that Africa can achieve an “economic miracle” and catch up with bigger economies such as China as well as the United States. Cardano intends to help support such a miraculous event on the African continent.
In this regard incubator programs are crucial. Project Catalyst, Ariob and other initiatives offer Africa with economic tools along with educational and entrepreneurial tools that will help boost the growth of ecosystems. To their latest launch, an IOG representative made this observation:
“The Ariob incubator. A selected number of projects are chosen to take part in the program of support. It will last until the first half of 2022. The program will assist you in achieving your creative potential, explore your ideas and develop prototypes that will result in the most effective product. Ariob can also assist in the connection of projects to universities as in addition to local and non-governmental organisations.
What is the state of Cardano ecosystem performing generally?
https://www.indiegogo.com/individuals/29145743/ is working currently on Hydra updates and is focusing its efforts on sustainability and improving the system. Cardano is currently at the Basho stage, which is designed to build an optimized environment that can support and encourage the development of decentralized apps (dApps). Cardano is already showing significant growth. As of now more than 1,000 projects are being developed using Cardano.
NFT projects boast the highest activity -47.9%. 47.9%, as creators and users bet on the promising performance of blockchain technology. The most well-known and popular rapper of Cardano NFT is Snoop Dog. The singer has joined forces with Clay Nation to offer “iconic NFTs” online.
The public is increasingly interested in cross-blockchain applications that allow transactions to be performed across various blockchains. Cardano is also involved in this field. Milkomeda was introduced on the Cardano main network at end March. It is a second-level protocol that provides EVM features to different blockchains. This allowed users of Ethereum dApps to be deployed within the Cardano environment for the first-time.
The lending sector is the third popular sector of activity within the Cardano ecosystem. The global credit industry market will grow at a rate of 24% between 2021 and 2028.