Cardano ecosystem is being restored using new projects to boost the African region.
https://telegra.ph/New-details-on-the-guideline-of-cryptocurrencies-in-Russia-04-28 , the creator of Cardano (IOG), recently signed an agreement with Iceaddis an Ethiopian incubator that supports startups in technology — 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 funded by the world’s largest decentralized innovation fund Project Catalyst.
This strategic partnership has been designed to accelerate the growth of projects funded through the Project Catalyst Foundation. Startups have access to expertise in venture capital and resources that can help them develop products that address the real issues in Africa. The community chooses the programs they want to use and creators receive financial aid to bring their ideas into practice.
What is the reason for Africa?
Africa is poised to become the center of blockchain-related innovation. Africa is a diverse continent which is witnessing the rapid development of new technologies. Africa isn’t required to be tied down to old methods. It is therefore much more simple to introduce new technologies and make an impact. Initiatives that are in the area of financial services, technology and development hold great promise to modernize both society and industry overall.
There is plenty of opportunity in Africa to see the adoption and distribution of cryptocurrency. The region is responsible for just 2% global crypto transactions. However, KuCoin cryptocurrency exchange analysts have reported that Africans utilized cryptocurrency in a few countries at a rate of 2670% higher than in 2018.
“The use of digital assets in Africa is increasing exponentially. African countries are the most popular for cryptocurrency adoption, and even outdoing regions such as Asia, Europe, and the USA,” stated Johnny Lyu, KuCoin CEO.
The region is home to one of the highest rates for mass adoption of cryptocurrency in the world. Three countries: Kenya and Nigeria are among the top twenty nations on the Global Cryptocurrency Adoption Index (Chainalysis) which ranks them 5th sixth, 6th, and 16th 16th, and 19th positions.
Republic of South Africa is the most dominant country in terms of market size and currency holders. KLA Research revealed that as high as 47% of South Africans are holders or plan to hold cryptocurrencies.
Input Output Global, a global partnership with the Ethiopian Ministry of Education and Input Output Global, announced in 2012 that five million Ethiopian high school students would be able to utilize Atala PRISM technology to verify their academic credentials. IOG has also partnered together with World Mobile in Zanzibar to give access to basic online services that utilize blockchain technology since 40 percent of Africans do not have internet access. 1000 service providers in the world provide services to developed countries, disregarding almost half of the continents.
Charles Hoskinson, founder and CEO of IOG has stated repeatedly that Africa can perform an “economic miracle” and be able to catch up with the economies around the globe like China or the United States. Cardano is in favor of an “economic miraculous development” in the African continent.
In this way incubator programs are essential. Project Catalyst (and Ariob) provides African projects with entrepreneurial and economic tools. This can help increase the sustainability of the ecosystem and increase its growth. For their most recent launch, an IOG representative made this observation:
“The Ariob incubator, where a certain number of projects will be chosen to take part in the support programthat will last until the first half 2022. The program offers assistance to develop creative potential, test concepts, and make prototypes to identify the best product. Ariob will help you link your project with non-governmental organisations as well as educational institutions and local businesses.
What exactly is the Cardano ecosystem function in general?
The Cardano community is focused on sustainable growth and improving the system following the Hydra update. Cardano currently lies at the Basho stage. This stage will create an ecosystem that can support and facilitates the creation of decentralized applications (dApps). It has already seen significant growth: at the moment, about 1,000 projects have been developed on Cardano.
NFT projects have the highest activity with 47.9%. Both users and creators are believing in the power of blockchain technology to produce amazing outcomes. Cardano NFT has created Snoop Dog a big star because Clay Nation partners with the rapper to provide “iconic NFTs” via the web.
A growing number of users are attracted by cross-blockchain projects that permit transactions on different blockchains. Cardano is also working in this direction. Milkomeda has been launched on the Cardano network at the end of March. The protocol offers EVM capabilities to all blockchains. This allowed users of Ethereum dApps to be able to deploy in the Cardano environment for the first time.
The lending sector is the third most frequent activity within the Cardano ecosystem. The size of the global credit sector market is estimated at 26.08 trillion US dollars. The sector’s annual increase will be 24% from 2021-2028.