Notes

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

Input Output Global's Cardano developer, Input Output Global (IOG) has signed an agreement with Ethiopian incubator iceaddis in support of local creatives. They launched the Ariob incubator as part of a program to accelerate the development and longevity of the projects supported by Project Catalyst -- the largest innovation bank that is decentralized worldwide.

The goal of this partnership is to help accelerate the growth in projects funded by the Project Catalyst Foundation. Startups have access to venture capital expertise and resources to develop products that address real issues in Africa. The community selects the programs they prefer, and the creators receive financial assistance to implement their concept.

What is the reason for Africa?

Africa is poised for a major hub of blockchain-related innovation. It is a vast and diverse continent where there is an accelerated introduction of innovative technologies. Africa is free of bonds to the old system. This is what makes it simpler for technological advancements to flourish and establish themselves. Development, technology and financial services have great potential to revolutionize society as well as the entire industry.

There is plenty of opportunity in Africa to see the adoption and distribution of cryptocurrency. This region is responsible for only 2% of global cryptocurrency transactions. However, KuCoin cryptocurrency exchange analysts have reported that Africans have used cryptocurrency in certain countries by 2670% more than they did in 2018.

"The use of digital assets is growing rapidly in Africa." African countries have the highest rate of cryptocurrency use, far exceeding areas like Asia, Europe, and the USA," stated Johnny Lyu, KuCoin CEO.

The region is home to one of five global rates of adoption of cryptocurrency. Three countries: Kenya is, Nigeria, South Africa (and Tanzania) have a place in the top 20 countries according to the Global Cryptocurrency Adoption Index. Chainalysis places them in the 5th-6th position 16th-16th, and 19th.

Republic of South Africa is the most dominant country in terms of market size and currency holders. KLA has discovered that 47 percent (or more) of the population of South Africa's adults are crypto currency users. https://cryptonewsru.com/ is planning to invest in these currencies.

Input Output Global and the Ethiopian Ministry of Education announced the partnership in January of last year. The goal was to provide five million Ethiopian students the opportunity to show their academic achievements using Atala the PRISM system. IOG is also with World Mobile Zanzibar for basic internet access through blockchain technology. 1000 service providers across the world cover developed countries, but more than half of Africans are not accessible to internet services.

Charles Hoskinson (founder and CEO of IOG) has repeatedly said that Africa could perform an "economic miracle" and catch up with larger economies like China and the United States. Cardano intend to support the possibility of a "miracle" in the African continent.

Incubator programs are crucial in this regard. Project Catalyst (and Ariob) offer African projects economic and entrepreneurial tools. This aids in increasing ecosystem growth and sustainability. IOG representatives added the following statement during their most recent launch

"The Ariob incubator, where certain projects will be selected to be part of the program of support, which will last until the first half of 2022. The program will provide solutions aimed at maximizing the creative potential of ideas, testing them and making prototypes to determine the best product. Ariob can help you connect your project with non-governmental organisations, educational institutions, and local business.

How is Cardano ecosystem performing generally?


The Cardano community is focused on sustainable growth and improving the system following the Hydra update. Cardano is currently at the Basho stage, which seeks to create an optimal ecosystem to support and facilitate the development of decentralized apps (dApps). Cardano has already seen significant growth. At the moment around 1,000 projects have been created on Cardano.

NFT projects boast the highest level of activity -47.9%. 47.9%, as users and creators are betting on the promising performance of the blockchain. 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 internet.

Cross-blockchain projects, which allow transactions between different blockchains, are also becoming more popular. Cardano is also involved in this field. Milkomeda, which is a second-level protocol that provides EVM capabilities for different blockchains, went live on Cardano's main platform towards the close of March. This gave users the capability to deploy Ethereum dApps on the Cardano network for the first time.

The lending industry is the third most frequent sector in the Cardano ecosystem. The size of the global credit market is predicted to increase to 26.08 billion US Dollars within the next few years. In addition, the sector's average annual growth rate between 2021 and 2028 will be 24%..

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