Cardano’s ecosystem is getting refilled with new projects that are aiming to improve the African region.
Input Output Global (IOG) the company that created Cardano, has recently signed with Ethiopian incubator iceaddis to assist local creatives and entrepreneurs. As part of Project Catalyst, the largest innovative fund that is decentralized in the world, the two partners created the Ariob incubator.
This strategic partnership will speed up the growth of projects supported by Project Catalyst Foundation. The expertise and resources of venture capital can be accessed by startups to help them create solutions to real African problems. The community decides which programmes they want to use, and the creators get financial aid to implement them.
What is the reason for Africa?
Africa is poised to be a center of blockchain innovation. This is a large continent with diverse technology needs. In Africa, there is no desire to adhere to outdated systems, therefore it is easier for technological advancements to be able to grow and establish a foothold there. The potential for modernization of industry and society is enormous through projects in technology, finance and development.
African countries have a huge opportunity to adopt and spread cryptocurrency. токены is responsible for just 2% global cryptocurrency transactions. However, KuCoin cryptocurrency exchange analysts have reported that Africans have used cryptocurrency in certain countries by 2670% more than in 2018.
“The adoption of digital assets is growing exponentially in Africa.” African countries are the most popular for cryptocurrency in the world. They are ahead of regions like the USA as well as Europe.
The region is home to one of five worldwide cryptocurrencies adoption rates. Three countries: Kenya (Nigeria, South Africa, Tanzania) are among 20 top countries in the Global Cryptocurrency Adoption Index. It ranks them at 5 6 and 16 and 19th respectively.
Republic of South Africa and South Africa lead the way in terms of holdings of currencies and market volumes. According to research conducted by the research company KLA about 47% of people living in South Africa are holders of cryptocurrency, while a third strategy is to invest into them in the future.
In ada криптовалюта , Input Output Global announced that it had partnered with the Ethiopian Ministry of Education to give five million Ethiopian students with the opportunity to demonstrate their academic qualifications using Cardano-based Atala PRISM technology. IOG is also working in partnership with World Mobile Zanzibar for basic internet access via blockchain technology. 1000 internet providers offer access in developed countries worldwide, but this ignores almost half of Africa.
Charles Hoskinson (founder and CEO of IOG) has repeatedly stated that Africa is able to perform an “economic miracle”, and catch up with larger economies like China as well as the United States. Cardano is dedicated to promoting this kind of miracle on the African continent.
In this way incubator programs are essential. Project Catalyst or Ariob offer projects in Africa that not only provide financial instruments, but also educational and entrepreneurial resources that can help grow the ecosystem. For their most recent launch, an IOG representative added the following comment:
“The Ariob incubator. Here are a handful of projects that will be part of the support program that will last up to the first half of 2022. The program provides services to aid in the development of creativity, testing ideas, and creating prototypes to create the best products. Ariob is also able to link projects with local businesses or government agencies as well as non-governmental organisations.
How does the Cardano ecosystem function in general?
Cardano is currently working on Hydra updates and is focusing its efforts on sustainability and improving the overall system. Cardano is currently in the Basho stage. It is aiming to create an optimized ecosystem that will facilitate and support the development of decentralized apps (dApps). The ecosystem has already seen substantial growth. At the moment, more than 1,000 projects have been built on Cardano.
NFT projects see 47.9% of their activity this is due to creators and customers who are betting on its potential performance. Cardano NFT has seen Snoop Dog, an American rapper, turn into a huge success. Clay Nation collaborated with Snoop Dog in bringing “iconic” NFTs online.
Additionally, cross-blockchain project that allows transactions between different Blockchains is growing in popularity. Cardano is also working in this direction. Milkomeda was launched on the Cardano main network towards the end of March. It is a second level protocol that offers EVM capabilities to other blockchains. This enabled users to deploy Ethereum-based dApps within the Cardano ecosystem.
The sector of lending is the third on the list of Cardano’s most favored business. The global credit industry market will grow at a rate of 24% between 2021 and 2028.