Cardano ecosystem is being revived with new initiatives to promote the African region.
Input Output Global (IOG) who developed Cardano, has recently signed with Ethiopian incubator iceaddis to help local entrepreneurs and creatives. https://blockchainlpwd303.doodlekit.com/blog/entry/21013861/why-is-actually-cardano-cultivating-africa have launched the Ariob incubator as part of a scheme to increase the sustainability and growth of the projects supported by Project Catalyst — the largest innovation bank that is decentralized around the globe.
This strategic partnership will speed up the development of projects that are that are funded by Project Catalyst Foundation. Startups have access to resources and the expertise of venture capitalists to create products that tackle the real issues in Africa. The community decides which programs they like, and the creators receive aid to finance the implementation of their ideas.
Why Africa?
Africa is poised as the center of blockchain-related innovation. Africa is a diverse continent that is seeing the rapid development of new technologies. Africa does not have to be restricted to old system. This makes it much easier for technological innovations to thrive there. The potential for modernization of society and industry is great with projects in finance, technology and development.
African countries are a fantastic region to implement and spread cryptocurrencies. While only 2% of crypto transactions are made in this region, analysts from KuCoin reported that the amount of Africans using cryptocurrencies in certain countries has increased by 2670% between 2022 and 2022.
“The use of digital assets in Africa is growing exponentially. African countries have the highest adoption of cryptocurrency worldwide. They are ahead of regions such as the USA as well as Europe.
The region has one of the top rate of adoptions by mass of cryptocurrency. 3 countries: Kenyan, Nigeria, South Africa, and Tanzania rank among the top 20 nations of the Global Cryptocurrency Adoption Index by Chainalysis. They are ranked 5,6 16, 16, and 19 respectively.
Republic of South Africa is the most dominant country in terms of market volumes and currency holders. KLA study found that around 47% of South African adults own cryptocurrencies. Another option is to buy cryptocurrency in the near term.
Input Output Global announced last year that they had signed a partnership with Ethiopia’s Ministry of Education. This collaboration will provide five million Ethiopian students to demonstrate their academic credentials by using the Atala-based Atala PRIM technology. IOG is also in conjunction with World Mobile Zanzibar for basic internet access via blockchain technology. 1000 internet providers across the world cover developed countries, completely ignoring almost half of one of the continents.
Charles Hoskinson (founder and CEO of IOG) has repeatedly stated that Africa is able to perform the feat of an “economic miracle”, and even catch up to larger economies such as China as well as the United States. Cardano is planning to assist in this kind of development in the African continent.
Incubator programs are critical in this regard. Project Catalyst (and Ariob) offer African projects economic and entrepreneurial tools. This aids in increasing the sustainability of the ecosystem and increase its growth. An IOG representative made the following statement to their most recent launch:
“The Ariob incubator, where a certain number of projects will be chosen to participate in the support programthat will run through the beginning 2022. This program offers services that assist in realizing creativity in testing ideas, as well as developing prototypes to make the most effective products. Ariob will help you link your project with non-governmental organisations such as educational institutions, as well as local businesses.
What is the way that the Cardano ecosystem work in general?
Cardano’s Hydra update is imminent, so the Cardano community has been focused on the long-term growth of the platform. Cardano is currently part of Basho which aims to create an ecosystem that can support and promote decentralized development of applications (dApps). The ecosystem has already shown significant growth: at the moment, more than 1,000 projects have been developed using Cardano.
NFT projects show the most activity, with 47.9%. Creators and users alike are believing in the power of blockchain to yield amazing outcomes. Cardano NFT has made Snoop Dog a big star as Clay Nation partners with the rapper to provide “iconic NFTs” via the web.
People are more and more interested in cross-blockchain applications that permit transactions to be made using various blockchains. Cardano is also moving in this direction. Milkomeda is a second-level protocol which offers EVM capabilities for different blockchains, went live on Cardano’s main network in March at the end of March. This allowed Ethereum dApps to be deployed within the Cardano environment for the first time.
The lending industry is the third most frequented sector within the Cardano ecosystem. The global market for credit is expected to grow at a rate of 24 percent between 2021 and 2028.