New projects are being developed to develop the African region.
Input Output Global (IOG) is the creator of Cardano, recently signed with iceaddis — an Ethiopian incubator for startups in the field of technology to help young entrepreneurs and creatives in the local area. The Ariob incubator was launched by the partners in the context of an incubator program designed to boost the number of projects supported by Project Catalyst (the largest decentralized innovation fund worldwide).
This strategic partnership is designed to increase the growth of Project Catalyst Foundation funded projects. Experts and resources from the venture capital industry are accessible to startups in order to help their creation of products that can solve actual problems in Africa. The community decides on the programs they would like to see and the creators receive financial support to help implement their concepts.
What is the reason for Africa?
Africa is set to become the future as a major center of blockchain-related innovation. Africa is a continent of diversity that is seeing a rapid introduction of innovative technologies. Africa isn’t required to be tied to outdated methods. Therefore, it is simpler to bring in new technologies and make an impact on the continent. For society and industry, projects in the areas of financial services, technology, and development offer enormous potential.
African countries have a huge potential to adopt and distribution of cryptocurrencies. This region currently accounts for only 2% of all cryptocurrency transactions globally, but analysts from the KuCoin cryptocurrency trading platform reported that Africans are using cryptocurrency more often in specific African countries than ever before.
“The use of digital assets is increasing exponentially in Africa.” African countries are the most well-known for their adoption of cryptocurrency. They are even more popular than countries like Asia, Europe, America, as well as Asia,” stated Johnny Lyu CEO of KuCoin.
The region has one of the five global rates of adoption of cryptocurrency. 3 nations: Kenya, Nigeria, South Africa and Tanzania are among the top 20 countries in the Global Cryptocurrency Adoption Index from Chainalysis, taking 5th 6th, 6th, 16th, and 19th places on it, respectively.
Republic of South Africa is the top of the line in terms of market size and currency holders. KLA research revealed that about 47% of South African adult population owns cryptocurrency. Another option is to buy cryptocurrency in the near term.
In January of this year, Input Output Global announced that it had partnered with the Ethiopian Ministry of Education to give five million Ethiopian students with the possibility to prove their academic credentials through the use of Cardano’s Atala PRISM technology. IOG is also in partnership with World Mobile Zanzibar for basic internet access through blockchain technology. 1,000 providers spread across more than 100 countries cover the developed world, but totally ignores the majority of Africa.
Charles Hoskinson founder and CEO of IOG has often stated that Africa could experience an “economic miracle” and catch up with the larger economies around the world like China or the United States. Cardano will be a part of this “economic miraculous development” in the African continent.
In this context incubator programs are essential. Project Catalyst (and Ariob) offer African projects entrepreneurial and economic tools. This can help increase the growth of ecosystems and sustain them. This comment was made by an IOG representative to their latest launch.
“The Ariob incubator, where a certain number of projects will be selected to participate in the program of support, which will run through the first half 2022. The program offers services to help you realize your creative potential, test ideas, and use prototypes to discover the best product. Ariob is also able to help with the linking of projects with universities as well as non-governmental and local organisations.
What are the current conditions in the Cardano ecosystem generally?
Cardano has concentrated on sustainable growth and improvement in the system , owing to the Hydra update. http://court.khotol.se.gov.mn/user/tokenkfkw011/ is currently in Basho that aims to build an ecosystem that can help and promote decentralized development of applications (dApps). The ecosystem has already demonstrated substantial growth. At the moment, about 1,000 projects are being developed using Cardano.
NFT projects see 47.9% of their activity this is due to creators as well as users betting on its promising performance. Cardano NFT is a popular spot for Snoop Dog, an American artist who has teamed up with Clay Nation in order to offer “iconic NFTs” online.
In addition, a cross-blockchain project that allows transactions between various Blockchains is growing in popularity. Cardano also operates in this direction. Milkomeda has been launched on the Cardano network at the end March. This protocol has EVM capabilities across all blockchains. It allowed users to launch Ethereum-based dApps within the Cardano ecosystem for the first time.
The lending industry is the third most popular field of activity within Cardano. The value of the global credit market is predicted to reach 26.08 billion US dollars. The average annual growth rate of the sector from 2021 until 2028 will be 24%.