The Cardano ecosystem is being replenished with new projects that aim to the growth of the African region.
Input Output Global – the creator of Cardano has recently signed a deal with iceaddis which is an Ethiopian incubator for tech startups – to support local young entrepreneurs. The Ariob incubator was launched by the two partners in the context of an incubator program designed to increase the growth of projects that are funded through Project Catalyst (the largest decentralized innovation fund in the world).
This partnership will increase the growth and development of Project Catalyst Foundation funded projects. Startups can access the resources and expertise of venture capitalists to develop products that address real problems in Africa. The community can choose which programs they would like to see and those who developed the program are provided with financial aid to turn their vision into a reality.
What is the reason for Africa?
Africa is set to become the center of blockchain-related innovation. This is a large continent that has a variety of technology needs. In Africa, there is no desire to adhere to old systems, which means it is much easier for technological advances to be able to grow and establish an encroachment. Projects in the field of technology, financial services and development have great potential for the modernization of society and industry as in general.
There is a lot of opportunity in Africa to increase the use and spread of cryptocurrency. The region is currently responsible for 2% of all crypto transactions globally, but analysts from KuCoin cryptocurrency trading platform reported that Africans are using cryptocurrency more frequently in certain African countries than ever before.
“The use of digital assets is growing rapidly in Africa,” said Johnny Lyu, KuCoin’s chief executive officer. According to Johnny Lyu, KuCoin CEO, African countries have the highest levels of cryptocurrency adoption anywhere in the world. They’re even higher than countries like the USA, Europe, and Asia.
The region is home to one of the highest rates for widespread adoption of cryptocurrency across the world. Three countries: Kenya is, Nigeria, South Africa (and Tanzania) rank in the top 20 countries in the Global Cryptocurrency Adoption Index. Chainalysis ranks them 5th-6th 16th-16th, 19th and 19th.
Republic of South Africa leads in the field of both market size. KLA research found that approximately 47% of South Africa’s adult population owns cryptocurrency. Another option is to purchase these in the near future.
Input Output Global, a global collaboration between the Ethiopian Ministry of Education and Input Output Global, announced in the year 2000 that 5 million Ethiopian high school students will be able to utilize Atala PRISM technology to confirm their academic credentials. IOG also collaborates with World Mobile in Zanzibar, to provide basic online services using Blockchain technology. This is due to the fact that 40% of percent of Africans aren’t connected to internet access. 1,000 providers spread across more than 100 countries provide services to the developed world, which completely ignores almost half of one continent.
Charles Hoskinson, the founder and CEO IOG has repeatedly said that Africa is able to create a miracle in economics and catch up with larger economies like China or the United States. Cardano plan to help support the possibility of a “miracle” on the African continent.
Incubator programs are critical in this respect. Project Catalyst (and Ariob) provide Africa’s projects with both economic and entrepreneurial tools. This can help increase the sustainability of the ecosystem and increase its growth. A representative from IOG has added the following statement regarding their most recent launch:
“The Ariob incubator. This is where a few projects will be selected for the program of support. The program will run until the first quarter of 2022. This program offers services that assist in realizing creativity, testing ideas, and developing prototypes to make the most effective products. Ariob will also aid in connecting projects with universities and government agencies, non-governmental organizations and local companies.”
What are the current conditions in the Cardano ecosystem in general?
Cardano’s Hydra update is on the way and the Cardano community has been focusing on the sustainable growth of the system. Cardano currently lies at the Basho stage. This stage will build an ecosystem that is supportive and facilitates the creation of decentralized applications (dApps). Cardano already has more than 1,000 projects.
NFT projects have the highest activity with 47.9 percent. Creators and users alike are investing in the potential of blockchain to deliver great results. кардано -known rapper on Cardano NFT is Snoop Dog. The singer has joined forces with Clay Nation to offer “iconic NFTs” on the internet.
In addition, a cross-blockchain project which allows transactions between multiple Blockchains is gaining popularity. Cardano is actively working in this direction. The end of March, Milkomeda, a second-level protocol that provides EVM capabilities to blockchains other than EVM it was introduced on the principal Cardano network. This allowed users to start Ethereum dApps within the Cardano ecosystem.
The lending industry is the third frequent sector in the Cardano ecosystem. The market for global credit is projected to expand 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.