The latest projects are being planned to improve the African region.
Input Output Global – the maker of Cardano – recently signed with Iceaddis which is an Ethiopian incubator for startups in tech to help local young entrepreneurs. In the context of Project Catalyst, the largest open innovation fund decentralized around the world, the partners have created the Ariob incubator.
This strategic partnership will speed up the development of projects that are supported by Project Catalyst Foundation. Startups have access to expertise in venture capital and resources that can help them create products that can solve the real issues in Africa. The community selects the programs they like and the creators get financial assistance to implement their ideas.
Why Africa?
Africa is poised as an innovation hub for blockchain. This is a large continent with diverse technology needs. In Africa there is no desire to adhere to old systems, which means it is much more easy for technological advancements to take root and gain a foothold there. There is great potential for modernization in both the industry and society through projects in technology, financial services, and development.
The potential for the adoption of cryptocurrency and distribution is enormous in Africa. This region currently accounts for 2percent of all cryptocurrency transactions globally, but analysts from KuCoin cryptocurrency trading platform reported that Africans are using cryptocurrencies more often in specific countries in Africa than they have ever.
“The adoption rate of digital assets is growing rapidly across Africa,” said Johnny Lyu, KuCoin CEO. African countries are the most popular for cryptocurrency worldwide. https://www.inventables.com/users/nymandlogan5082 surpass regions such as the USA and Europe.
The region is home to one of the highest rates for the widespread adoption of cryptocurrency around the world. Three countries: Kenya (Nigeria, South Africa, Tanzania) are among 20 top countries in the Global Cryptocurrency Adoption Index. It ranks them at 5 6, 16, and 19th , respectively.
Republic of South Africa is at the highest of the list of number of currency holders and market volume. KLA study found that around 47% of South African adult population owns cryptocurrency. A third plan to purchase these in the near future.
Input Output Global and the Ethiopian Ministry of Education announced a partnership last year to offer five million Ethiopian students the opportunity to show their academic achievements with Atala the PRISM system. IOG has also joined forces with World Mobile Zanzibar in order to provide basic internet services through blockchain technology to 40% of Africans. 1000 service providers in the world serve developed countries, ignoring almost half of one of the continents.
Charles Hoskinson is the founder and CEO of IOG. He has stated repeatedly that Africa can achieve an “economic miracle” and catch-up with larger economies like China as well as the United States. Cardano supports such an “miracle on the African continent.”
In this context incubator programs are essential. Project Catalyst, Ariob and other initiatives offer Africa with economic tools in addition to entrepreneurial and education tools to help accelerate the growth of ecosystems. A IOG representative made the following statement to their recent launch:
“The Ariob incubator, where certain projects will be selected to take part in the support program, which will last until the beginning of 2022. The program is designed to enable you to realize your creativity potential, explore your ideas, and create prototypes that can produce the most successful product. Ariob is also available to assist in the connection of projects to universities as well as non-governmental and local organizations.
How is the Cardano ecosystem functioning generally?
Cardano’s Hydra update is on the way and the Cardano community has been focusing on sustainable growth of the system. Cardano is currently in Basho that aims to create an ecosystem that will support and facilitate decentralized applications development (dApps). Cardano’s ecosystem has shown an impressive growth. At present, more than 1,000 projects have been created through Cardano.
NFT projects enjoy the highest activity level at 47.9%. Because creators, users and others are betting upon the promising performance of the Blockchain project, this is the top amount. Cardano NFT has been able to make Snoop Dog a big star because Clay Nation partners with the rapper to provide “iconic NFTs” via the internet.
An increasing amount of people are looking for crossblockchain projects that permit transactions between different blockchains. Cardano is also working in this direction. Milkomeda has been launched on the Cardano network at the end of March. This protocol has EVM capabilities to all blockchains. This allowed Ethereum dApps to be deployed within the Cardano environment for the first-time.
The lending industry is third on the list of Cardano’s most favored sector. In the near future, the volume of the global financial industry market is expected to be 26.08 billion US dollars. Furthermore, the average annual growth rate of the sector from 2021 until 2028 is expected to be 24%..