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Why is actually Cardano establishing Africa?
Cardano ecosystem is being revived through new projects to promote the African region.

Input Output Global's Cardano developer, Input Output Global (IOG), has signed with Ethiopian incubator iceaddis for the support of local creatives. The Ariob incubator was launched by the partners as part of an incubator program that will help to expand the scope of projects supported through Project Catalyst (the largest decentralized innovation fund worldwide).

This partnership will assist in the acceleration of growth in projects that are funded through the Project Catalyst Foundation. Startups can access knowledge and resources from venture capitalists in order to design products that address real issues in Africa. The public decides on the kind of programs they like and the creators receive financial aid to bring their ideas into practice.

Why Africa?

Africa is in the process of becoming a global center for blockchain innovation. This continent is diverse and has seen a rapid adoption of new technology. In Africa there is no attachment to outdated systems, therefore it is much easier for technological advancements to be able to grow and establish a foothold there. The possibility of modernizing both society and industry is great with projects in finance, technology and development.

African countries have a huge potential to adopt and distribution of cryptocurrencies. This region currently accounts for only 2% of all cryptocurrency transactions globally, but analysts from the KuCoin cryptocurrency trading platform have reported that Africans are using cryptocurrency more frequently in certain countries in Africa than they have ever.

"The acceptance of digital assets in Africa is increasing exponentially. African countries have the highest percentage of cryptocurrency use, far exceeding regions like Asia, Europe, and the USA," stated Johnny Lyu, KuCoin CEO.

The region is home to one of the most high rates of mass adoptions of cryptocurrency. 3 countries: Kenyan, Nigeria, South Africa, and Tanzania are among the top 20 nations of the Global Cryptocurrency Adoption Index by Chainalysis. They are ranked 5, 6 16, 16, and 19 respectively. in terms of the number of currency holders and market volume is the Republic of South Africa. conducted a survey and discovered that 47 percent of South Africans are holders of cryptocurrency. Another third of them plan to make investments in crypto in the future.

Input Output Global announced in 2015 that it had partnered with the Ethiopian Ministry of Education. The partnership will allow five million Ethiopian student to show their academic credentials using Atala-based AtalaPRISM technology. IOG is also collaborating with World Mobile Zanzibar to provide basic online services through blockchain technology. 1000 service providers provide services to all developed countries around the world, yet nearly half of Africa isn't provided with internet access.

Charles Hoskinson founder and CEO of IOG has often stated that Africa could perform an "economic miracle" and be able to catch up with the larger economies around the world like China or the United States. Cardano plans to support such a miraculous event in the African continent.

In this respect, incubators are important. Project Catalyst & Ariob are two instances of initiatives that provide Africa with not only economic tools as well as education and entrepreneurial tools to help in the growth of ecosystems. IOG representatives also made the following note at their most recent launch

"The Ariob incubator. This is where the top initiatives will be selected to be part of the support program. It will continue until the beginning of 2022. The program is designed to enable you to realize your creativity potential, test your ideas, and build prototypes that lead to the best product. Ariob can help you connect your ideas with non-governmental organizations as well as educational institutions and local companies.

What is the state of the Cardano ecosystem in general?

Cardano has been focusing on sustainable growth as well as improvements within the system as a result of the Hydra update. Cardano currently lies in the Basho stage. This stage aims to create an ecosystem that can support and facilitates the development decentralized apps (dApps). Cardano has witnessed significant growth in the past approximately 1,000 projects are currently built on it.

NFT projects are among the most active, with 47.9%. The reason for this is that both the creators and users have been betting on the blockchain's potential performance. Cardano NFT has witnessed Snoop Dog, an American artist, become a massive hit. Clay Nation collaborated with him in bringing "iconic" NFTs online.

The public is increasingly interested in cross-blockchain applications which allow transactions to be performed using various blockchains. Cardano is also working in this area. The end of March, Milkomeda, a second-level protocol providing EVM capabilities for blockchains other than EVM, was launched on the principal Cardano network. This gave users the capability to run Ethereum-based dApps on the Cardano network for the first time.

The sector of lending is the third on the list of Cardano's most favored business. The future volume of the global credit market is estimated at 26.08 trillion US dollars. The sector's annual growth rate is expected to be 24% in 2021-2028.

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