The Cardano ecosystem is being rebuilt with new projects aimed at the development of the African region.
Input Output Global’s Cardano developer, Input Output Global (IOG) has signed a deal with Ethiopian incubator iceaddis in support of creatives from the local community. The Ariob incubator was created by the two partners in the context of an incubator program that will boost the number of projects supported through Project Catalyst (the largest decentralized innovation fund worldwide).
This partnership will increase the growth and development of projects funded by the Project Catalyst Foundation. Startups can gain access to expertise in venture capital and resources that can help them develop products that address real problems in Africa. The community chooses the programs they want to use and founders receive financial support to help put their ideas into practice.
What is the reason for Africa?
Africa is on the verge of becoming a global hub for blockchain innovation. It is a huge continent with many different cultures, which allows for the rapid introduction of new technology. Africa is free of obsolete technology and makes it easy for technological advances to develop in the continent. For industry and society, projects in the areas of finance, technology, and development offer huge potential.
There’s a lot of opportunity in Africa to see the adoption and distribution of cryptocurrency. This region currently accounts for 2percent of all cryptocurrency transactions worldwide, but analysts from the KuCoin cryptocurrency trading platform said that Africans are using cryptocurrencies more frequently in some countries in Africa than they have ever.
“The acceptance of digital assets in Africa is growing exponentially. African countries are the most advanced in cryptocurrency adoption in the world, they are even ahead of regions such as the USA, Europe and Asia,” said KuCoin CEO Johnny Lyu.
The region is home to one of the top rates of mass adoptions of cryptocurrencies. Three countries: Kenyan Nigeria, South Africa, and Tanzania rank among the top 20 countries of the Global Cryptocurrency Adoption Index by Chainalysis. They are ranked 5, 6 16, 16 and 19 respectively.
The absolute leader in terms of both the number of people who own cryptocurrencies and market volumes are the Republic of South Africa. KLA research found that approximately 47% of South Africa’s adults have cryptocurrency. The third option is to buy these in the near future.
In the year 2000, Input Output Global announced that it had partnered with the Ethiopian Ministry of Education to provide five million Ethiopian students with the possibility to show their academic credentials by using the Cardano-based Atala PRISM technology. IOG is also collaborating with World Mobile Zanzibar to provide basic online services using blockchain technology. 1000 providers worldwide provide services to developed countries, ignoring almost half of one of the continents.
Charles Hoskinson, the founder and CEO of IOG has repeatedly said that Africa could create a miracle in economics and catch up to larger economies, like China or the United States. Cardano will support such an “economic miraculous development” on the African continent.
In this sense incubator programs are essential. Project Catalyst, Ariob and other initiatives offer Africa with tools for economic development as well as educational and entrepreneurial tools that will help boost ecosystem growth. In their most recent launch, an IOG representative made this observation:
“The Ariob incubator, where a certain number of projects will be chosen to take part in the program of support, which will last until the first half of 2022. This program provides services to discover creative possibilities and to test concepts. It also aids in the creation of prototypes for finding the most effective product. Ariob is also able to connect projects with educational institutions as well as non-governmental organisations.
How is Cardano’s ecosystem doing?
Cardano’s Hydra update is on the way and, therefore, the Cardano community has been focused on sustainable expansion of the system. криптовалюта ada has entered the Basho stage. The objective is to create an environment that can facilitate and support the development of decentralized applications (dApps) It has already seen significant growth: at the moment, more than 1,000 projects have been built on Cardano.
NFT projects show the most activity at 47.9%. Users and creators alike are betting on the potential of blockchain to yield amazing results. Cardano NFT has been able to make Snoop Dog a big star as Clay Nation partners with the rapper to deliver “iconic NFTs” via the web.
An increasing amount of people are attracted by cross-blockchain projects that allow transactions between different blockchains. Cardano is working on this as well. Milkomeda launched on the Cardano network at the end of March. This protocol provides EVM capabilities for all blockchains. This allowed users to start Ethereum dApps within the Cardano ecosystem.
The sector of lending is the third most popular field of business within Cardano. The global credit industry market will grow at an average rate of 24% between 2021 and 2028.