Cardano ecosystem is being revived using new initiatives that promote the African region.

https://cryptonewsru.com/ 's Cardano developer, Input Output Global (IOG) has signed an agreement with Ethiopian incubator iceaddis for the support of local creatives. The Ariob incubator was established by the two partners to help the development projects sponsored by Project Catalyst the largest global innovation fund that is decentralized.

This partnership will help to accelerate the growth and development of Project Catalyst Foundation funded projects. Startups can access the resources and expertise of venture capitalists to develop products that address actual problems in Africa. https://cryptonewsru.com/how-to-buy-staiblecoin/ selects the programs they like and the creators get aid to finance the implementation of their idea.

Why Africa?

Africa is poised to become a centre for blockchain innovation. Africa is a diverse continent which is witnessing the rapid development of new technologies. Africa is free of obsolete technology and makes it easier for technological developments to be able to establish themselves there. There is tremendous potential for modernization in both the economy and society with initiatives in the fields of technology, financial services 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 worldwide however, analysts from the KuCoin cryptocurrency exchange said that the use of cryptocurrencies within Africans in certain countries grew by 2670% in 2022.

"The adoption rates of digital assets are growing quickly in Africa," stated KuCoin CEO Johnny Lyu. African countries have the highest percentage of cryptocurrency adoption, even surpassing areas like Asia, Europe, and the USA," stated Johnny Lyu, KuCoin CEO.

The region has one of the most high levels of widespread adoption of cryptocurrencies. Three countries: Kenya and Nigeria are among the top twenty countries on the Global Cryptocurrency Adoption Index (Chainalysis) which ranks them 5th, 6th and 16th, 17th and 19th places.

Republic of South Africa is the most dominant country in terms of market volumes and currency holders. KLA has found that 47% (or more) of South Africa's adult population are holders of crypto currencies. The third group is planning to invest in these currencies.

Input Output Global, a global partnership between the Ethiopian Ministry of Education and Input Output Global, announced last year that five million Ethiopian high school students would be able to use Atala PRISM technology to verify their academic qualifications. IOG has also partnered with World Mobile in Zanzibar to offer basic internet services using blockchain technology, because 40% of Africans don't have internet access. 1000 providers around the globe provide coverage to developed countries, however almost half of Africans aren't accessible to internet services.

Charles Hoskinson, founder and CEO of IOG has frequently stated that Africa can be able to perform an "economic miracle" and be able to catch up with the bigger economies of the world like China or the United States. Cardano is determined to support such a miracle on the African continent.

Incubator programs play a crucial role in this aspect. Initiatives such as Project Catalyst and Ariob provide projects in Africa with not only financial tools but also education and entrepreneurial tools to speed up ecosystem growth and sustainability. In their most recent launch an IOG representative added the following comment:

"The Ariob incubator. This is where a small number of initiatives will be selected to be part of the support program. It will continue until the beginning of 2022. The program provides solutions aimed at maximizing creative potential, testing ideas and using prototypes to find the most effective product. Ariob is also able to assist in the connection of projects with universities as also local and non-governmental organizations.

How is the Cardano ecosystem functioning in general?

Due to the imminent Hydra update, the Cardano community has been focusing on ensuring sustainable growth and enhancement of the system. Cardano is at the Basho stage. It aims at creating an optimized ecosystem to facilitate and support the development of decentralized applications (dApps). Cardano has experienced significant growth so far approximately 1,000 projects are currently built on it.

NFT projects are the most active with the highest activity -- 47.9 percent, as both creators and users are betting on the promising performance of blockchain technology. American singer Snoop Dog has become a celebrity in the Cardano NFT, as the singer works with Clay Nation to present "iconic" NFTs on the web.

Cross-blockchain blockchain projects, which enable transactions between different blockchains are becoming increasingly popular. Cardano is also involved in this area. Milkomeda is a second-level protocol providing EVM capabilities on other blockchains. It was launched on Cardano's main cardano network on March 31. This allowed users to deploy Ethereum-based dApps on the Cardano ecosystem for the first time.

The third largest part of the Cardano ecosystem is the sector of lending. The worldwide credit markets is predicted to increase up to 26.08 billion US dollars within the next few years. Furthermore, the industry's average annual growth rate from 2021 and 2028 is 24%..