Why is actually Cardano cultivating Africa?

Cardano is being renewed with new projects for the development of the African Region.

Input Output Global (IOG) who created Cardano and Cardano, has signed a deal with Ethiopian incubator iceaddis to assist local entrepreneurs and creatives. The Ariob incubator was created by the partners to support the growth of projects supported by Project Catalyst the largest global innovation fund that is decentralized.

This strategic partnership will accelerate the development of projects that are funded by Project Catalyst Foundation. The experience and resources of Venture Capital are available to entrepreneurs to assist them in developing products that address real-world Africa-related problems. The participants can pick which programs they would like to see, while the creators of the program are provided with financial aid to turn their vision into a reality.

Why Africa?

Africa is on the verge of becoming a global hub for blockchain innovation. This is a large continent that has a variety of technology needs. Africa is free from outdated system and it is easy for technological advances to take root there. There is great potential for modernization in both the economy and society with projects in technology, financial services and development.

African countries have a huge opportunity to take advantage of and promote cryptocurrency. While only 2% are cryptocurrency transactions that are made in the region, KuCoin cryptocurrency exchange analysts say that Africans utilize cryptocurrencies in certain countries as high as 2670% in 2022.

"The rate of adoption of digital assets are growing rapidly across Africa," stated KuCoin CEO Johnny Lyu. According to Johnny Lyu, KuCoin CEO, African countries have the highest rates of adoption of cryptocurrency anyplace in the world. They have higher levels of adoption than regions like the USA, Europe, and Asia.

The region has one of the most high rates of mass adoptions of cryptocurrencies. Three countries: Kenya (Nigeria, South Africa, Tanzania) are among the top 20 countries of the Global Cryptocurrency Adoption Index. They are ranked at 5 6, 16, and 19th , respectively.

The absolute leader in terms of the amount of holders of currencies and market volume is the Republic of South Africa. KLA has discovered that as many as 47 percent (or greater) of the population of South Africa's adults are crypto currency holders. The third group of people plans to invest in them.

Input Output Global, a global collaboration between the Ethiopian Ministry of Education and Input Output Global, announced last year that 5 million Ethiopian high school students will have access to Atala PRISM technology for verification of their academic credentials. IOG is also in partnership with World Mobile Zanzibar for basic internet access via blockchain technology. 1000 internet providers offer access in developed countries worldwide but they do not cover more than half of the continents.

Charles Hoskinson is the founder and CEO at IOG. He has said repeatedly that Africa could achieve an "economic miracle" and catch-up with larger economies like China and the United States. Cardano will support such an "economic miracle" on the African continent.

In this way, incubator schemes are crucial. Project Catalyst & Ariob are two initiatives which provide Africa with not only economic tools, but also educational and entrepreneurial tools that encourage ecosystem growth. IOG representatives also made the following comment at their most recent launch

"The Ariob incubator. A few projects are selected to be part of the program of support. https://www.wikihow.com/Use-Cryptocurrency will last through 2022's first quarter. The program will provide services aimed at realizing the creative potential of ideas, testing them and making prototypes to determine the most effective product. Ariob assists in linking projects to educational institutions as well as non-governmental organisations.

How is the Cardano ecosystem performing in general?

Due to the imminent Hydra update and the Hydra update, the Cardano community has been focused on sustainable growth and improving the overall system. Cardano is currently part of Basho that aims to build an ecosystem that will support and encourage decentralized application development (dApps). Cardano is already showing significant growth. In the present around 1,000 projects have been created using Cardano.

NFT projects see 47.9 percent of their activities this is due to creators and users betting on its promising performance. Cardano NFT's most popular rapper is Snoop Dog. The singer has teamed up with Clay Nation to offer "iconic NFTs" on the internet.

A growing number of users are also attracted by cross-blockchain projects that permit transactions on different blockchains. Cardano is also involved in this area. Milkomeda is a second-level platform that provides EVM capabilities for different blockchains, was launched on the main network of Cardano at the end 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 common activity within the Cardano ecosystem. The market for global credit is projected to expand by 26.08 Billion US dollars in the next few years. Furthermore, the industry will experience an increase of 24% annually rate from 2021 to 2028.

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