Cardano is getting renewed with new projects for the development of the African Region.
Input Output Global – the developer of Cardano was recently signed by Iceaddis the Ethiopian incubator for startups in tech – to support local young entrepreneurs. The partners created the Ariob incubator as part of an incubator scheme which will boost the development of projects supported by the world’s biggest decentralized innovation fund Project Catalyst.
The goal of this partnership is to aid in the development of projects that are funded through the Project Catalyst Foundation. The experience and resources of Venture Capital are available to startups to help them develop solutions to real African issues. The community picks the programs they prefer and the program’s creators are provided with financial support to implement them.
Why Africa?
Africa is on the verge of becoming a global center for innovation in blockchain. It is a vast continent with many different cultures, which permits the rapid development of cutting-edge technology. Africa is free of obsolete technology and makes it more suited for technological advancements to take root in the continent. Projects in the field of financial services, technology and development have great potential for modernizing both industry and society as in general.
There is a lot of potential in Africa for the adoption and distribution of cryptocurrency. While just 2% of crypto transactions conducted in the region, KuCoin cryptocurrency exchange analysts say that Africans use cryptocurrencies in certain countries as high as 2670% by 2022.
“The rate of adoption of digital assets are increasing quickly across Africa,” stated KuCoin CEO Johnny Lyu. According to Johnny Lyu, KuCoin CEO, African countries have the highest levels of cryptocurrency adoption anywhere in the world. They are even more than other regions such as those of the USA, Europe, and Asia.
The region has one of the five worldwide cryptocurrencies adoption rates. Three countries: Kenya is, Nigeria, South Africa (and Tanzania) are among the top 20 nations according to the Global Cryptocurrency Adoption Index. Chainalysis places them in the 5th-6th position 16th-16th, 19th and 19th.
The absolute leaders in terms of both the number of people who own cryptocurrencies and market volume are the Republic of South Africa. KLA has found that as many as 47% (or greater) of South Africa’s population of adults are holders of crypto currencies. Thirdly, a third of the population of people plans to invest in these currencies.
Input Output Global and the Ethiopian Ministry of Education announced an agreement last year to give five million Ethiopian students the opportunity to prove their academic credentials through Atala PRISM technology. IOG is also working with World Mobile in Zanzibar to give access to basic online services using blockchain technology, since 40% of Africans are not connected to internet access. 1000 service providers provide services to all developed countries around the world, but almost half of Africa’s population isn’t provided with internet access.
Charles Hoskinson, founder and CEO of IOG, has repeatedly stated that Africa can be able to perform an “economic miracle” and catch up with the larger economies around the globe like China or the United States. Cardano believes in an “miracle in the African continent.”
In this respect incubators are crucial. Initiatives like Project Catalyst and Ariob provide projects in Africa with not only economic tools, but also educational and entrepreneurial tools to accelerate the growth of ecosystems and ensure sustainability. A IOG representative added the following comment to their most recent launch:
“The Ariob incubator where a number of projects will receive support. The program will last until the first half 2022. The program offers services to help you realize your creative potential, test concepts, and make prototypes to determine the most effective product. Ariob will also help link projects with educational institutions, government organizations, local businesses, and non-governmental organizations.”
What is the state of Cardano ecosystem working in general?
Cardano has concentrated on sustainable growth as well as improvement in the system , owing to the Hydra update. Cardano is currently in Basho which aims to create an ecosystem that can help and encourage decentralized application development (dApps). https://godotengine.org/qa/index.php?qa=user&qa_1=cardanossoj115 has witnessed significant growth in the past: around 1,000 projects are currently built on it.
NFT projects are the most active with 47.9 percent. This is because creators and users are betting on the blockchain’s impressive performance. Cardano NFT has witnessed Snoop Dog, an American rapper, turn into a huge hit. Clay Nation collaborated with him to bring “iconic” NFTs online.
Cross-blockchain initiatives, which permit transactions between various blockchains are also becoming popular. Cardano has also been working on this issue. Milkomeda is a second-level technology offering EVM capabilities for other blockchains. It was first launched on the main cardano network of Cardano on March 31st. This enabled users to deploy Ethereum dApps into the Cardano ecosystem.
The third most popular portion of the Cardano ecosystem is the sector of lending. The volume of worldwide credit markets is predicted to increase up to 26.08 billion US dollars within the next few years. Additionally, the industry’s average annual growth rate between 2021-2028 will be 24%.