Why is Cardano creating Africa?

Cardano’s ecosystem is being refilled with new projects that aim to build the African region.

Input Output Global, the creator of Cardano (IOG) has recently signed with Iceaddis – an Ethiopian incubator that helps support technology startups — to help local creatives and entrepreneurs. The Ariob incubator was created by the two partners to help the growth of projects funded by Project Catalyst the largest global decentralized innovation funds.

The purpose of this strategic partnership is to accelerate the growth of Project Catalyst Foundation funded projects. Startups can gain access to expertise in venture capital and resources to develop products that address the real issues in Africa. The community chooses the programs they want to use and creators are provided financial assistance to bring their ideas into action.

Why Africa?

Africa is poised as an innovation hub for blockchain. It is a diverse continent that has seen rapid adoption of the latest technology. Africa is free from outdated systems and it’s easy for technological advances to take root in the continent. In terms of industry and society projects, the fields of financial services, technology, and development offer huge potential.

African countries hold a tremendous potential for the adoption and distribution of cryptocurrencies. The region is currently home to just 2% of crypto transactions in the world, but analysts of the KuCoin cryptocurrency exchange reported that the use of cryptocurrencies among Africans in certain countries grew by 2670% by 2022.

“The rate of adoption of digital assets are growing quickly across Africa,” stated KuCoin CEO Johnny Lyu. African countries are the most popular for cryptocurrency around the globe. They are ahead of regions such as the USA and Europe.

The region has one of the top levels of mass adoption of cryptocurrencies in the world. 3 countries: Kenya is, Nigeria, South Africa (and Tanzania) rank in the top 20 nations according to the Global Cryptocurrency Adoption Index. Chainalysis ranks them 5th-6th, 16th-16th, and 19th.

Republic of South Africa leads the way for both market volume. KLA research revealed that about 47% of South African adults have cryptocurrency. Another option is to buy these in the near future.

In January of this year, Input Output Global announced an alliance with the Ethiopian Ministry of Education to provide five million Ethiopian students with the possibility to prove their academic credentials using Cardano-based Atala PRISM technology. IOG also has a partnership in conjunction with World Mobile in Zanzibar, to provide basic online services that utilize Blockchain technology. This is due to the fact that 40% of% Africans don’t have access to internet access. 1000 providers provide internet connectivity in advanced countries across the globe but they do not cover more than half of the continents.

Charles Hoskinson founder and CEO of IOG has stated repeatedly that Africa could perform an “economic amazing” and catch up with the larger economies around the world like China or the United States. Cardano believes in an “miracle on the African continent.”

In this sense incubators are crucial. Project Catalyst (and Ariob) provides African projects with entrepreneurial and economic tools. This can help increase the growth of ecosystems and sustain them. To their most recent launch an IOG representative added the following comment:

“The Ariob incubator. A selected number of projects are selected to be part of the program of support. It will last until 2022’s first half. This program provides services that help in bringing creativity to life in testing ideas, as well as developing prototypes to make the best products. Ariob assists in linking projects with educational institutions and non-governmental organizations.

How is the Cardano ecosystem working generally?

The Cardano community is focusing on sustainable growth and enhancing the system following the Hydra update. Cardano has achieved the Basho stage. The aim is to create an environment that can facilitate and support the development of decentralized apps (dApps) Cardano’s ecosystem has experienced an impressive growth. In the present, over 1000 projects have been launched using Cardano.

NFT projects boast the highest level of activity -47.9%. 47.9%, as creators and users are betting on the potential performance of the blockchain. Cardano NFT is a popular spot for Snoop Dog, an American rapper who collaborates with Clay Nation in order to offer “iconic NFTs” online.

The public is more interested in cross-blockchain apps that allow transactions to be made across various blockchains. Cardano is also moving in this direction. Milkomeda was launched on the Cardano network in the last week of March. The protocol offers EVM capabilities to all blockchains. This enabled users to launch Ethereum dApps inside the Cardano ecosystem.

http://b3.zcubes.com/v.aspx?mid=8118318 -highest-rated share of activity in the Cardano ecosystem is the lending industry. The global market for credit is expected to grow by an average of 24 percent between 2021-2028.