Why is Cardano cultivating Africa?

New projects are being developed to develop the African region.

Input Output Global’s Cardano developer, Input Output Global (IOG), has signed with Ethiopian incubator iceaddis in support of creatives from the local community. The Ariob incubator was developed by the two partners to help the development projects sponsored by Project Catalyst the largest global innovation fund that is decentralized.

This collaboration will speed up the development and growth of Project Catalyst Foundation-funded projects. Startups can gain access to expertise in venture capital and resources that can help them create products that can solve actual problems in Africa. The participants can pick the programs they want to see, while those who developed the program receive financial support to make their idea real.

What is the reason for Africa?

Africa is in the process of becoming a global hub for blockchain-related innovation. This is a large and diverse continent, in which there is a rapid emergence of innovative technologies. Africa isn’t bound by outdated methods. This makes it much more feasible for technological advancements to flourish there. Initiatives that are in the area of technology, financial services and development hold great potential to modernize both society and industry in general.

There is a lot of potential in Africa to see the adoption and spread of cryptocurrency. Now this region accounts for only 2% of cryptocurrency transactions worldwide, but analysts of KuCoin, the KuCoin cryptocurrency exchange said that the use of cryptocurrency among Africans in certain countries increased by 2670% between 2022 and 2023.

“The use of digital assets is growing rapidly across Africa,” said Johnny Lyu, KuCoin’s chief executive officer. African countries are the most popular for cryptocurrency worldwide. They are ahead of regions like the USA and Europe.

The region has one among the highest rates worldwide of adoption by the masses of cryptocurrency. Three countries: Kenya is, Nigeria, South Africa (and Tanzania) have a place in the top 20 countries in the Global Cryptocurrency Adoption Index. Chainalysis places them in the 5th-6th position 16th-16th, 19th and 19th.

The absolute leader in terms of both the number of currency holders and market size is the Republic of South Africa. According to a study conducted by the research firm KLA about 47% of adults living in South Africa are holders of cryptocurrency, and another third strategy is to invest in them in the future.

Input Output Global announced in 2015 a partnership with the Ethiopian Ministry of Education. The partnership permits five million Ethiopian student to show their academic credentials using Atala-based technology called AtalaPRISM. IOG also collaborates in conjunction with World Mobile in Zanzibar, to offer basic online services that utilize Blockchain technology. This is because 40 percent of Africans don’t have access to internet access. 1000 internet providers across the world cover developed countries, completely overlooking nearly half of the continents.

Charles Hoskinson founder and CEO of IOG has repeatedly said that Africa could experience an “economic amazing” and catch up with the bigger economies of the world , like China or the United States. Cardano is planning to assist in this kind of occasion on the African continent.

In this respect incubators are crucial. Project Catalyst & Ariob are two initiatives which provide Africa with not only economic tools as well as education and entrepreneurial tools to help in the growth of ecosystems. A representative from IOG added the following comment regarding their most recent launch:

“The Ariob incubator. A certain number of projects are selected to participate the program of support. The program will run until 2022’s first half. The program offers services to help you realize your creative potential, test ideas, and use prototypes to determine the most effective product. Ariob can assist you in connecting your project with non-governmental organisations, educational institutions, and local businesses.

What exactly is the Cardano ecosystem work in general?

Cardano is working currently on Hydra updates and is focusing its efforts on sustainability and improving the overall system. Cardano is currently in the Basho stage. It is aiming to create an optimized ecosystem that will facilitate and support the development of decentralized applications (dApps). The Cardano ecosystem has seen an impressive growth. At present, more than 1,000 projects have been created using Cardano.

NFT projects are among the most active with 47.9 percent. This is because the creators and users have been investing in the blockchain’s promising performance. Cardano NFT has witnessed Snoop Dog, an American artist, become a massive success. Clay Nation collaborated with Snoop Dog in bringing “iconic” NFTs online.

In addition to that, more and more users are becoming interested in cross-blockchain projects that allow transactions between various blockchains. Cardano is taking a similar path. Milkomeda was launched on the Cardano network at the end of March. The protocol offers EVM capabilities to all blockchains. купить cardano allowed users to deploy Ethereum-based dApps within the Cardano ecosystem for the first time.

The lending industry is third on the list of Cardano’s top business. The size of the global financial industry market is predicted to reach 26.08 billion US dollars. The annual average growth rate of the sector from 2021 until 2028 will be 24%.