Why is Cardano cultivating Africa?

The latest projects are being designed to help develop the African region.

Input Output Global (IOG), the developer of Cardano recently signed an agreement with iceaddis — an Ethiopian incubator for startups in the field of technology — to assist young entrepreneurs and creatives in the local area. The Ariob incubator was created by the partners to support the growth projects that are supported by Project Catalyst the largest global innovative fund decentralized.

This strategic partnership is designed to increase the growth of Project Catalyst Foundation funded projects. Startups have access to resources and venture capital expertise to develop products that address actual problems in Africa. The community decides which programs they like and creators are awarded financial assistance to implement their idea.

Why Africa?

Africa is on the verge of becoming a center of blockchain innovation. Africa is a continent of diversity which is experiencing an explosion of new technologies. Africa is free of outdated system and it is more suited for technological advancements to develop there. Initiatives that are in the area of technology, financial services and development have great potential to modernize both society and industry in general.

African countries have a huge potential to adopt and distribution of cryptocurrencies. Now this region accounts for only 2% of all crypto transactions in the world, but analysts of the KuCoin cryptocurrency exchange have reported that the use of cryptocurrencies in Africans in certain countries increased by 2670% in 2022.

“The adoption of digital assets is rising rapidly in Africa.” African countries have the highest percentage of cryptocurrency adoption, even surpassing regions such as Asia, Europe, and the USA,” stated Johnny Lyu, KuCoin CEO.

The region boasts one of the highest rates for mass adoption of cryptocurrency in the world. 3 countries: Kenya (Nigeria, South Africa, Tanzania) are among the top 20 countries in the Global Cryptocurrency Adoption Index. It ranks them at 5 6, 16, and 19th respectively.

The absolute leader in terms of both the number of people who own cryptocurrencies and market volumes is the Republic of South Africa. KLA research revealed that about 47% of South Africa’s adults have cryptocurrency. The third option is to purchase cryptocurrency in the near term.

Input Output Global and the Ethiopian Ministry of Education announced an agreement last year to give five million Ethiopian students the chance to show their academic achievements using Atala the PRISM system. IOG has also partnered with World Mobile Zanzibar in order to provide basic internet access via blockchain technology to 40 percent of Africans. 1000 providers worldwide cover developed countries, completely ignoring almost half of one of the continents.

Charles Hoskinson is the founder and CEO of IOG. Hoskinson has stated repeatedly that Africa can be able to achieve an “economic miracle” and be able to catch up with larger economies like China as well as the United States. Cardano intends to help support such a miraculous development in the African continent.

In this context incubator programs are vital. & Ariob are two initiatives which offer Africa with not only economic tools, but also entrepreneurial and educational tools to foster ecosystem growth. The following comment was added by an IOG representative for their most recent launch.

“The Ariob incubator. Here a select number of projects will be part of the support program that will last up to the beginning of 2022. This program provides services that help to realize the potential of creativity, test ideas, and use prototypes to identify the best product. Ariob is also able to help with the linking of projects to educational institutions as well as non-governmental and local organisations.

How are things in the Cardano ecosystem in general?

Cardano is currently working on Hydra updates and has focused its efforts on sustainability as well as improving the overall system. Cardano has reached the Basho stage. The goal is to create an environment that can facilitate and support the creation of decentralized application (dApps) It has already seen substantial growth. At , more than 1,000 projects have been developed on Cardano.

NFT projects have the highest level of activity -47.9%. 47.9 percent, as both creators and users are betting on the potential of blockchain technology. Cardano NFT is a favorite for Snoop Dog, an American rapper who collaborates with Clay Nation in order to share “iconic NFTs” online.

Furthermore increasing numbers of users are interested in cross-blockchain blockchain projects that allow transactions between different blockchains. Cardano is actively working in this direction. Milkomeda, which is a second-level protocol which gives EVM capabilities for different blockchains, was launched on Cardano’s main platform in March at the closing of March. This gave users the capability to create Ethereum dApps using the Cardano network for the first time.

The lending industry is the third common activity within the Cardano ecosystem. The market for global credit is expected to increase by 26.08 Billion US dollars in the next few years. In addition, the industry will experience the growth rate of 24% per year rate between 2021 and 2028.