The Cardano ecosystem is being replenished by new initiatives aimed at the development of the African region.
Input Output Global, the creator of Cardano (IOG) has recently signed a deal with Iceaddis- an Ethiopian incubator that assists tech startups to help local entrepreneurs and creatives. The two partners have established the Ariob incubator as part of an incubator plan that will improve the growth of projects supported by largest innovation fund that is decentralized in the world. Project Catalyst.
This partnership will help accelerate the growth in projects funded by the Project Catalyst Foundation. Startups have access to venture capital expertise and resources to help develop products that will solve real problems in Africa. The community decides which programs they prefer and the creators get the financial support they need to develop their ideas.
Why Africa?
Africa is on the cusp of becoming a global hub for innovation in blockchain. This is a large continent with a wide array of needs for technology. Africa is free of ties to old systems. This is what makes it much easier for technological advances to develop and take root. There is a lot of opportunity for modernization of the business and the society via projects in technology, financial services and development.
The potential for adoption of cryptocurrency and distribution is immense in Africa. While only 2% are cryptocurrency transactions that are made within the region, KuCoin cryptocurrency exchange analysts have reported that Africans are using cryptocurrencies in a few countries as high as 2670 percent by 2022.
“The use of digital assets in Africa is growing exponentially. African countries have the highest adoption of cryptocurrency worldwide. They outdo regions like Europe, the USA as well as Europe.
The region has one among the top rates in the world of widespread adoption of cryptocurrency. Three countries: Kenya and Nigeria are in the top 20 countries on the Global Cryptocurrency Adoption Index (Chainalysis), taking respectively 5th 6th, 16th and 5th 16th, and 19th positions.
Republic of South Africa and South Africa are among the top countries in terms of currency holdings and market size. KLA conducted a study and found that 47 percent of South Africans have cryptocurrency accounts. Another third of them are planning to make investments in crypto in the future.
Input Output Global and the Ethiopian Ministry of Education announced an agreement last year to offer five million Ethiopian students the chance to show their academic achievements using Atala PRISM technology. IOG also collaborates in conjunction with World Mobile in Zanzibar, to provide basic online services using Blockchain technology. This is due to the fact that 40% of% Africans aren’t connected to the internet. 1000 service providers cover all developed nations in the world, however nearly half of Africa is not provided with internet access.
Charles Hoskinson founder and CEO of IOG has often stated that Africa could experience an “economic amazing” and catch up with the economies that dominate the world , like China or the United States. Cardano believes in as a “miracle on the African continent.”
In this sense, incubator schemes are crucial. Project Catalyst or Ariob offer projects in Africa not just financial instruments, but also educational and entrepreneurial tools to grow the ecosystem. In their latest launch, an IOG representative added this comment:
“The Ariob incubator. This is where the top initiatives will be selected to be part of the support program. The program will run until the first quarter of 2022. This program is designed to enable you to realize your creativity potential, test your ideas, and build prototypes that will result in the most effective product. Ariob can also assist in the connection of projects to educational institutions , as in addition to local and non-governmental organizations.
How does the Cardano ecosystem work in general?
Cardano has been focusing on sustainable growth as well as enhancement in the system , owing to the Hydra update. Cardano currently lies at the Basho stage. This stage is designed to create an ecosystem that can support and facilitates the creation of decentralized applications (dApps). Cardano has already over 1,000 projects.
NFT projects account for 47.9 percent of their activities this is due to the creators as well as users who are betting on its potential performance. cordana ‘s most popular rapper is Snoop Dog. The singer has teamed up with Clay Nation to offer “iconic NFTs” online.
People are increasingly interested in cross-blockchain applications that permit transactions to be made using different blockchains. Cardano is also working in this area. In March, at the end of the month, Milkomeda, a second-level protocol providing EVM capabilities for blockchains other than EVM is launched on the principal Cardano network. It allowed users to integrate Ethereum-based dApps within the Cardano ecosystem.
The lending sector is the third popular sector of activity within the Cardano ecosystem. In the near future, the volume of the global financial industry market is predicted to reach 26.08 billion US dollars. Furthermore, the average annual growth rate for the industry from 2021 to 2028 will be 24%.