The Cardano ecosystem is being replenished with new projects that aim to build the African region.
Input Output Global, the creator of Cardano (IOG) Input Output Global, the creator of Cardano (IOG), recently signed an agreement with Iceaddis an Ethiopian incubator that assists tech startups in order to support local creatives and entrepreneurs. The Ariob incubator was established by the partners in order to assist the development projects supported by Project Catalyst the largest global innovation fund that is decentralized.
This partnership will speed up the development and growth of Project Catalyst Foundation-funded projects. Startups can gain access to venture capital expertise and resources in order to design solutions to real problems in Africa. The public decides on the kind of programs they prefer and founders receive financial support to put their idea into practice.
Why Africa?
Africa is on the verge of becoming an epicenter of blockchain-related innovation. Africa is a continent of diversity which is experiencing an explosion of innovative technologies. Africa does not have to be bound by outdated methods. This makes it more feasible for technological advancements to thrive there. For society and industry, projects in the areas of finance, technology and development have enormous potential.
African nations have an enormous potential for adoption and distribution of cryptocurrency. The region is responsible for only 2% of global cryptocurrency transactions. However, KuCoin cryptocurrency exchange analysts discovered that Africans utilized cryptocurrency in a few countries at a rate of 2670% higher than in 2018.
“The use of digital assets in Africa is increasing exponentially. African countries are the most advanced in cryptocurrency adoption around the globe They are also ahead of regions such as the USA, Europe and Asia,” said KuCoin CEO Johnny Lyu.
The region is home to one of the highest rate of adoptions by mass of cryptocurrency. Three countries: Kenya (Nigeria, South Africa, Tanzania) are among the top 20 countries of the Global Cryptocurrency Adoption Index. It ranks them as 5 6, 16, and 19th respectively.
http://court.khotol.se.gov.mn/user/tokenzhqj762/ of South Africa is the top of the line in terms of market volumes and currency holders. KLA has found that up to 47 percent (or greater) of South Africa’s adult population are crypto currency holders. Thirdly, a third of the population of people plans to invest in these currencies.
Input Output Global and the Ethiopian Ministry of Education announced an agreement last year to give five million Ethiopian students the opportunity to show their academic achievements through Atala the PRISM system. IOG is also working together with World Mobile in Zanzibar to give access to basic online services using blockchain technology, due to the fact that 40% of Africans do not have internet access. 1000 providers provide internet access to developed countries around the world, but this ignores nearly half the continents.
Charles Hoskinson is the founder and CEO at IOG. Hoskinson has stated repeatedly that Africa can achieve an “economic miracle” and be able to catch up with larger economies like China as well as the United States. Cardano plans to support this kind of development in the African continent.
In this regard incubator programs are crucial. Project Catalyst (and Ariob) provides African projects with economic and entrepreneurial tools. This can help increase the growth of ecosystems and sustain them. IOG representatives made the following comment at their most recent launch
“The Ariob incubator. Here are a handful of projects that will be part of the support program that will run until the first half of 2022. The program will help you realize your creative potential, explore your ideas, and build prototypes that can lead to the best product. Ariob also helps to link projects with educational institutions and non-governmental organizations.
What exactly is the Cardano ecosystem work in general?
Due to the upcoming Hydra update due to the Hydra update coming out, the Cardano community has been focused on ensuring sustainable growth and enhancement of the system. Cardano has entered the Basho stage. The goal is to create an ecosystem that facilitates and supports the creation of decentralized application (dApps) Cardano’s ecosystem has experienced an impressive growth. Currently, around 1,000 projects have been developed on Cardano.
NFT projects have the highest activity with 47.9 percent. Both users and creators are believing in the power of blockchain technology to produce amazing results. Cardano NFT’s most popular rapper is Snoop Dog. The singer has teamed up with Clay Nation to offer “iconic NFTs” online.
A growing amount of people are also looking for crossblockchain projects that allow transactions between different blockchains. Cardano also works in this direction. In March, at the end of the month, Milkomeda, a second-level protocol offering EVM capabilities for other blockchains than EVM, was launched on the principal Cardano network. This allowed Ethereum dApps to be deployed within the Cardano environment for the first-time.
The lending sector is third on the list of Cardano’s top activity. The size of the global credit industry market is predicted to reach 26.08 billion US dollars, and the average annual growth rate of the industry from 2021 to 2028 will be 24%..