Why is Cardano building Africa?

The Cardano ecosystem is being replenished with new initiatives that seek to develop the African region.

Input Output Global (IOG) the company that created Cardano is a recent signatory with Ethiopian incubator iceaddis to help local creatives and entrepreneurs. In the context of Project Catalyst, the largest innovative fund that is decentralized in the world, the two partners have created the Ariob incubator.

This partnership will increase the growth and development of projects funded by the Project Catalyst Foundation. Startups will have access to expertise in venture capital and resources to develop products that will solve actual problems in Africa. The public can select the programs they want to see, and the creators of the program are provided with financial aid to make their idea become a reality.

Why Africa?

Africa is set to become an important hub for blockchain-related innovation. It is a vast and diverse continent, where there is an accelerated introduction of innovative technologies. Africa isn’t required to be tied down to old methods. It is therefore much easier to introduce new technologies and leave a mark there. In terms of industry and society projects, those in the areas of technology, financial services, and development offer great potential.

African nations have the potential to take advantage of and promote cryptocurrency. Now this region accounts for only 2% of cryptocurrency transactions around the globe, but analysts of KuCoin, the KuCoin cryptocurrency exchange reported that the usage of cryptocurrencies in Africans in certain countries grew by 2670% by 2022.

“The acceptance of digital assets is increasing exponentially in Africa.” African countries are among the most popular for cryptocurrency adoption. They even outnumber countries like Asia, Europe, America, and Asia,” stated Johnny Lyu the CEO of KuCoin.

The region has one in five global cryptocurrencies adoption rates. Three countries: Kenya, Nigeria, South Africa and Tanzania are among the top 20 nations on the Global Cryptocurrency Adoption Index from Chainalysis, taking 5th 6th, 6th, 16th, and 19th places within it, respectively.

Republic of South Africa is on the highest of the list of the number of holders of currencies and market volume. KLA conducted a study and found that 47 percent of South Africans have cryptocurrency accounts. A third plan to make investments in crypto in the future.

Input Output Global announced last year that they had signed a partnership with Ethiopia’s Ministry of Education. This partnership will allow five million Ethiopian students the chance to demonstrate their academic credentials using Atala-based Atala PRIM technology. IOG is also working with World Mobile Zanzibar in order to offer basic internet services using blockchain technology to forty percent of Africans. 1,000 providers spread across more than 100 countries cover the developed world, but completely ignores almost half of Africa.

Charles Hoskinson (founder and CEO of IOG) has repeatedly stated that Africa is able to perform an “economic miracle” and catch up with larger economies such as China and the United States. Cardano intend to support the possibility of a “miracle” on the African continent.

In play a significant role. Project Catalyst & Ariob are two initiatives which provide Africa with not only economic tools as well as educational and entrepreneurial tools that help in the growth of ecosystems. In their latest launch, an IOG representative added the following comment:

“The Ariob incubator, where the best projects will be chosen to be part of the support program, which will last until the beginning 2022. The program will provide services that aim to help you realize your creative potential, testing ideas and making prototypes to determine the most efficient product. Ariob is also able to connect projects with educational institutions as well as non-governmental organizations.

How is Cardano’s ecosystem doing?

Cardano’s Hydra update is coming soon, so the Cardano community has been focusing on sustainable expansion of the system. Cardano is currently at the Basho stage, which is designed to create an optimized ecosystem that will facilitate the development of decentralized apps (dApps). Cardano is already showing significant growth. As of now around 1,000 projects are being developed on Cardano.

NFT projects have the highest activity -47.9%. 47.9 percent, as the creators and users are betting on the potential performance of the blockchain. American rapper Snoop Dog has become a celebrity in Cardano NFT because the rapper is working with Clay Nation to present “iconic” NFTs on the web.

A cross-blockchain initiative that allows transactions between different Blockchains is getting more popular. Cardano has also been involved in this field. Milkomeda was released on the Cardano main network towards the end of March. It is a second level protocol that offers EVM capabilities to other blockchains. It allowed users to deploy Ethereum dApps on the Cardano network for the first time.

The sector of lending is the third in Cardano’s most popular business. The future volume of the world credit sector market is estimated at 26.08 trillion US dollars. The industry’s annual growth rate will be 24% from 2021-2028.