Cardano is getting renewed with new projects for the development of the African Region.
Input Output Global (IOG) the company that created Cardano, has recently signed with Ethiopian incubator iceaddis in order to support local entrepreneurs and creatives. The two companies launched the Ariob incubator as part of an incubator scheme which will boost the development of projects funded by the world’s biggest decentralized innovation fund Project Catalyst.
This strategic alliance will help accelerate the development of projects that are funded by Project Catalyst Foundation. Startups can access the resources and expertise of venture capitalists to develop products that address real problems in Africa. The community can choose which programs they would like to see, while the people who created the program will receive financial assistance to turn their vision into a reality.
Why Africa?
Africa is on the verge of becoming a global hub for innovation in blockchain. Africa is a vast continent that is seeing an explosion of new technologies. Africa isn’t required to be tied to outdated systems. It is therefore much simpler to bring in innovative technologies and make an impact on the continent. The potential to modernize both industry and society is enormous by implementing projects in the fields of development, finance, and technology.
African countries have a huge potential to adopt and distribution of cryptocurrency. The region is currently responsible for 2percent of all cryptocurrency transactions worldwide, but analysts from the KuCoin cryptocurrency trading platform reported that Africans are using cryptocurrency more often in specific African countries than before.
“Digital assets are adopted in Africa at an unprecedented rate.” African countries are the most well-known for their adoption of cryptocurrency. They even outnumber regions like Asia, Europe, America, as well as Asia,” stated Johnny Lyu the CEO of KuCoin.
The region is home to one of the top rates in the world of widespread adoption of cryptocurrency. Three countries: Kenya and Nigeria are among the top twenty nations on the Global Cryptocurrency Adoption Index (Chainalysis) which ranks them 5th 6th, 16th and 5th the 16th and 19th spots.
Republic of South Africa leads in the field of both currency holders and market volume. Based on the findings of an investigation conducted by the research firm KLA about 47% of people in South Africa are holders of cryptocurrencies, and a third strategy is to invest in them in the near future.
Input Output Global announced last year a partnership with Ethiopia’s Ministry of Education. This collaboration will provide five million Ethiopian students to demonstrate their academic credentials using Atala-based Atala PRIM technology. IOG has also partnered with World Mobile Zanzibar in order to provide basic internet services through blockchain technology to 40% of Africans. 1000 service providers across 100 countries are available to the developed world, which is completely absent from nearly half of the continent.
Charles Hoskinson founder and CEO of IOG has repeatedly said that Africa could be able to perform an “economic miraculous” and catch up with the economies that dominate the world like China or the United States. Cardano will support such an “economic miracle” on the African continent.
In this respect incubator programs are essential. Project Catalyst & Ariob are two examples of initiatives that provide Africa with more than just economic tools but also educational and entrepreneurial tools that foster ecosystem growth. In their most recent launch an IOG representative added the following comment:
“The Ariob incubator. This is where a small number of projects will be selected for the support program. The program will run until the beginning of 2022. This program offers solutions aimed at maximizing the potential of creativity, testing ideas and making prototypes to determine the best product. Ariob is also able to help in linking projects to educational institutions as also local and non-governmental organizations.
What is the state of the Cardano ecosystem in general?
Due to the imminent Hydra update and the Hydra update, the Cardano community has been focusing on ensuring sustainable growth and improvement of the system. Cardano is at the Basho stage. It’s goal is to build an optimized ecosystem that will help facilitate and encourage the creation of decentralized applications (dApps). Cardano has witnessed significant growth in the past approximately 1,000 projects are being developed on it.
NFT projects are the most active with 47.9 percent. This is due to the fact that creators and users have been investing in the blockchain’s potential performance. American rapper Snoop Dog has become a celebrity in the Cardano NFT, as the singer collaborates with Clay Nation to present “iconic” NFTs on the web.
In addition to that, more and more users are interested in cross-blockchain initiatives that permit transactions between different blockchains. Cardano is also in this area. Milkomeda was launched on the Cardano network at the end of March. This protocol provides EVM capabilities across all blockchains. This allowed users to deploy Ethereum-based dApps within the Cardano ecosystem for the first time.
cardano криптовалюта lending industry is the third most popular field of business within Cardano. The volume of worldwide credit markets is predicted to rise up to 26.08 billion US Dollars in the near future. Furthermore, the industry’s average annual growth rate for the period 2021 and 2028 will be 24%..