Why is Cardano establishing Africa?

Cardano is being renewed with new initiatives for the growth of the African Region.

Input Output Global – the developer of Cardano was recently signed by iceaddis which is an Ethiopian incubator for startups in the field of technology and young entrepreneurs. The Ariob incubator was developed by the partners to support the growth of projects funded by Project Catalyst the largest global decentralized innovation funds.

This strategic partnership will accelerate the growth projects that are funded by Project Catalyst Foundation. Startups can access the resources and expertise of venture capitalists to develop products that address actual problems in Africa. The community chooses the programs they prefer and the creators are provided with financial assistance to implement their ideas.

Why Africa?

Africa is set to become an important hub for blockchain technology. It is a vast continent that has a variety of technology needs. Africa doesn’t have to be restricted to old systems. It makes it simpler for technological advances to flourish there. There is great opportunity for modernization of the economy and society with projects in technology, financial services, and development.

There is plenty of opportunity in Africa for the adoption and distribution of cryptocurrency. While only 2% are crypto transactions made within the region, KuCoin cryptocurrency exchange analysts say that Africans utilize cryptocurrencies in certain countries up to 2670 percent in 2022.

“Digital assets are being used in Africa at an exponential rate.” African countries are the most advanced in cryptocurrency adoption around the globe, they are even ahead of regions such as the USA, Europe and Asia,” said KuCoin CEO Johnny Lyu.

The region is home to one of the highest levels of widespread adoption of cryptocurrency in the world. 3 nations: Kenya, Nigeria, South Africa and Tanzania are among the top 20 countries on the Global Cryptocurrency Adoption Index from Chainalysis with 5th 6th, 6th, 16th, and 19th places on it, respectively.

Republic of South Africa is the top of the line in terms of market size and currency holders. KLA Research revealed that as high as 47% of South Africans own or are planning to hold cryptocurrency.

Input Output Global announced in 2015 a partnership with the Ethiopian Ministry of Education. The partnership permits five million Ethiopian student to show their academic credentials using Atala-based technology called AtalaPRISM. IOG is also working with World Mobile Zanzibar for basic internet access using blockchain technology. 1000 service providers cover all developed countries in the world, however nearly half of Africa isn’t provided with internet access.

Charles Hoskinson founder and CEO of IOG has repeatedly said that Africa could perform an “economic miracle” and catch up with the economies that dominate the globe, such as China or the United States. Cardano believes in a “miracle on the African continent.”

In this regard incubator programs are crucial. Project Catalyst or Ariob offer initiatives in Africa not just financial tools but also educational and entrepreneurial tools to grow the ecosystem. IOG’s representative has added the following comment: IOG has added the following statement on their recent launch:

“The Ariob incubator, where the best projects will be selected to participate in the support program, which will run until the beginning of 2022. The program provides services aimed at realizing creative potential, testing ideas and making prototypes to determine the most efficient product. Ariob is also available to assist in the connection of projects to educational institutions , as in addition to local and non-governmental organisations.

What are the current conditions in the Cardano ecosystem overall?

Due to the upcoming Hydra update due to the Hydra update coming out, the Cardano community has been focusing on ensuring sustainable growth and improvement of the system. Cardano currently lies in the Basho stage. This stage aims to create an ecosystem that can support and encourages the development of decentralized apps (dApps). The ecosystem has already demonstrated significant growth. At the moment, about 1,000 projects are being developed on Cardano.

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 outcomes. https://zenwriting.net/cryptokaod202/what-is-an-stablecoin-how-do-you-buy-them is a favorite for Snoop Dog, an American rapper who is a part of Clay Nation in order to share “iconic NFTs” online.

A cross-blockchain initiative that allows transactions between various Blockchains is gaining popularity. Cardano is also working on this issue. Milkomeda is a second-level protocol providing EVM capabilities for different blockchains. It was launched on Cardano’s main cardano network at March 31st. This allowed users the ability to deploy Ethereum dApps on the Cardano network for the first time.

The third most popular part of the Cardano ecosystem is the lending sector. The global credit industry market is expected to expand at an average rate of 24% between 2021 and 2028.