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The Cardano ecosystem is being replenished with new projects that are aiming to improve the African region.
Input Output Global (IOG), the developer of Cardano recently signed an agreement with iceaddis , an Ethiopian incubator for technology startups -- to assist local creatives and entrepreneurs. The Ariob incubator was created by the partners in order to assist the growth projects that are funded by Project Catalyst the largest global decentralized innovation funds.
This partnership will help to accelerate the growth and development of Project Catalyst Foundation-funded projects. Startups can access knowledge and resources from venture capitalists to develop products that address the real problems in Africa. The community selects the programs they prefer, and the creators get financial aid to implement them.
What is the reason for Africa?
Africa is on the verge of becoming an important center for blockchain technology. https://cryptonewsru.com/ is a vast continent that has a variety of technology needs. Africa is free of obsolete system and it is easier for technological developments to be able to establish themselves there. There is a lot of opportunity for modernization of the business and the society via projects in finance, technology services, and development.
African countries have a huge potential for adoption and distribution of cryptocurrency. The region is responsible for just 2% global cryptocurrency transactions. However, KuCoin cryptocurrency exchange analysts discovered that Africans have used cryptocurrency in certain countries by 2670% more than in 2018.
"The rate of adoption of digital assets are increasing rapidly across Africa," stated KuCoin CEO Johnny Lyu. African countries have the highest rate of adoption of cryptocurrency in the world. They surpass regions like the USA as well as Europe.
The region is home to one of the top rates in the world of mass adoption of cryptocurrencies. 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.
Republic of South Africa is the top of the line in terms of market volumes and currency holders. Based on the findings of research conducted by the research firm KLA up to 47% of adults in South Africa are holders of cryptocurrency, while a third strategy is to invest in them in the future.
Input Output Global, a global collaboration with the Ethiopian Ministry of Education and Input Output Global, announced last year that 5 million Ethiopian high school students would be able to use Atala PRISM technology to verify their academic credentials. IOG is also in conjunction with World Mobile Zanzibar for basic internet access using blockchain technology. 1000 service providers are available to all developed countries in the world, but almost half of Africa's population isn't provided with internet access.
Charles Hoskinson, the founder and CEO IOG frequently stated that Africa could perform an economic miracle and catch up to larger economies, such as China or America. Cardano intends to help support such a miraculous occasion in the African continent.
Incubator programs are critical in this aspect. Project Catalyst & Ariob are two examples of initiatives that provide Africa with not only economic tools but also education and entrepreneurial tools to help in the growth of ecosystems. A IOG representative has added this comment to their recent launch:
"The Ariob incubator where a variety of projects will be given assistance. This program will last until the first half 2022. This program offers services that help in bringing creativity to life by testing ideas, evaluating concepts, and creating prototypes to create the best products. Ariob can also help in linking projects to universities as also local and non-governmental organizations.
What exactly is the Cardano ecosystem function in general?
Due to the imminent Hydra update due to the Hydra update coming out, the Cardano community has been focused on ensuring sustainability and improving the overall system. Cardano currently is in the Basho stage. This stage is designed to build an ecosystem that is supportive and facilitates the creation of decentralized apps (dApps). https://www2.deloitte.com/us/en/pages/audit/articles/corporates-using-crypto.html has seen significant growth already about 1,000 projects are currently built on it.
NFT projects have the highest activity with 47.9 percent. Creators and users alike are betting on the potential of blockchain to yield amazing results. Cardano NFT has made Snoop Dog a big star as Clay Nation partners with the rapper to provide "iconic NFTs" via the internet.
The growing number of users are attracted by cross-blockchain projects that permit transactions on various blockchains. Cardano is taking a similar path. Milkomeda has been launched on the Cardano network at the end of March. This protocol provides EVM capabilities across all blockchains. This enabled users to deploy Ethereum dApps to the Cardano ecosystem.
The lending industry is the third most common activity within the Cardano ecosystem. In the near future, the size of the global credit market is expected to be 26.08 billion US dollars. The annual average growth rate of the industry from 2021 to 2028 will be 24%..
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