Cardano ecosystem is being restored using new projects to help promote the African region.
Input Output Global (IOG) The creator of Cardano, recently signed with iceaddis , an Ethiopian incubator for technology startups to help young entrepreneurs and creatives in the local area. The partners created the Ariob incubator as part of an incubator program which will boost the development of projects funded by the world’s largest decentralized innovation fund Project Catalyst.
The purpose of this strategic partnership is to boost the development of Project Catalyst Foundation funded projects. Venture capital experts and resources are accessible to startups in order to help develop products that address actual problems in Africa. The community chooses the programs they prefer and the creators receive financial support to help implement their concepts.
Why Africa?
Africa is poised as the center of blockchain-related innovation. It is a vast continent with a wide array of needs for technology. Africa is free from outdated technology and makes it more suited for technological advancements to take root there. The possibility of modernizing both industry and society is huge with projects in finance, technology and development.
African countries hold a tremendous potential for the adoption and distribution of cryptocurrencies. Now this region accounts for only 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% in 2022.
“The acceptance of digital assets in Africa is growing exponentially. According to Johnny Lyu, KuCoin CEO, African countries have the most cryptocurrency-related adoption anywhere in the world. They’re even higher than other regions such as those of the USA, Europe, and Asia.
The region is home to one of the highest percentages of the widespread adoption of cryptocurrency around the world. Three countries: Kenya and Nigeria are among the top twenty countries in the Global Cryptocurrency Adoption Index (Chainalysis) with 5th, 6th and 16th, 17th and 19th places.
Republic of South Africa is the most dominant country in terms of market size and currency holders. KLA conducted a survey and discovered that 47 percent of South African adults have cryptocurrency accounts. A third plan to invest in cryptocurrency in the future.
Input Output Global announced in 2015 a partnership with the Ethiopian Ministry of Education. кардано permits five million Ethiopian students to demonstrate their academic credentials through Atala-based AtalaPRISM technology. IOG is also working together with World Mobile in Zanzibar to give access to basic online services using blockchain technology, since 40% of Africans don’t have internet access. 1,000 providers spread across more than 100 countries provide services to the developed world, but totally ignores the majority of the continent.
Charles Hoskinson, the founder and CEO IOG frequently stated that Africa has the potential to create a miracle in economics and be able to catch up to bigger economies, such as China or America. Cardano will be a part of this “economic miraculous development” in the African continent.
In this respect incubators play a significant role. Project Catalyst or Ariob offer projects in Africa not just financial instruments, but also educational and entrepreneurial resources that can help grow the ecosystem. A IOG representative has added this comment to their latest launch:
“The Ariob incubator. Here a select number of projects will participate in the support program that will last up to the beginning of 2022. The program offers services to help you realize your creative potential, test ideasand prototypes to identify the best product. Ariob also helps to link projects with educational institutions and non-governmental organizations.
What is the way that the Cardano ecosystem work in general?
Due to the imminent Hydra update due to the Hydra update coming out, the Cardano community has focused on ensuring sustainable growth and enhancement of the system. Cardano is currently in Basho, which seeks to create an ecosystem that can support and encourage decentralized application development (dApps). Cardano has seen significant growth already approximately 1,000 projects are built on it.
NFT projects are the ones with the highest activity with 47.9 percent. Both users and creators are betting on the potential of blockchain to deliver great results. Cardano NFT has seen Snoop Dog, an American rapper, become a huge hit. Clay Nation collaborated with Snoop Dog in bringing “iconic” NFTs online.
Users are becoming more and more interested in cross-blockchain applications that permit transactions to be made across different blockchains. Cardano also operates in this direction. Milkomeda launched on the Cardano network in the last week of March. This protocol provides EVM capabilities for all blockchains. This enabled users to install Ethereum dApps in the Cardano ecosystem for the first time.
The third largest share of activity in the Cardano ecosystem is the lending industry. The global market for credit is expected to increase by 26.08 Billion US dollars in the next few years. Furthermore that, the sector will see a 24% annual growth rate from 2021 to 2028.