Cardano is a decentralised public blockchain and cryptocurrency project and is fully open source. Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collective of expert engineers and researchers
Africa is the second largest continent in the world, yet it’s home to the greatest level of poverty. More than half of the population of Sub-Saharan Africa lives on less than $1.90 a day. Even more startling is the fact that, according to the World Food Programme, approximately 30% of Africa’s population (or more than 350 million people) are undernourished. These numbers are staggering, but they aren’t going to change any time soon if the people of Africa don’t get access to more financial resources. It’s a problem that the Cardano project is hoping to solve. The project has been working with the African nation of Ethiopia to deploy a blockchain-
Cardano is the first blockchain network launched by a scientific philosophy and a research-first driven approach. The network is built by a global team of leading academics and engineers and is the first to evolve out of a scientific philosophy and a research-first driven approach.Cardano’s mission is to improve Africa Cardano (ADA) has gone from $0.9 to $2.46 in less than a month. At the time of writing, the token is valued at $1.72, largely due to the collapse two days ago. People’s trust in Cardano technology has grown tremendously and they trust Charles Hoskinson, the creator of ADA, to change the entire blockchain ecosystem. The main reason people are collecting more ADA tokens than ever before is because they can clearly see the changes in many developing countries. Charles Hoskinson firmly believes that the introduction of blockchain in NAP Africa will change the way many countries think about cryptocurrencies and the underlying technology. Millions of people on the African continent now use Cardano-based applications for their daily transactions. Here’s a post on Twitter highlighting the challenges in African countries: This is why Africans adopt new technologies faster than in any other modern developing country. Does this mean the ADA will be 10 or 20 times more profitable in the future? No, it is impossible to answer this question in the current situation because there are many uncertainties. The correct question would be: Will Africa’s mission make blockchain mainstream? It may not be possible, but it is possible! Let’s dig a little deeper and see how ADA can change the world.
Why choose only Africa?
It’s simple: if blockchain ecosystems like Cardano can solve problems for people in Africa, they can easily be implemented in any developed or developing country. Mass adoption of crypto-currencies has been a dream, but with Cardanoblockchain apps, it could become a reality. These are some of the key points that can indicate the state of the financial system in Africa:
Majority of population is unbanked
A recent study on digital usage in Africa found that 57% of the African population does not have a bank account. If you look at the following chart from a report by Arcane Research, you can see how different the financial situation is from other countries. Do you know what that means? This means that almost half of the population uses digital channels for their transactions. However, the problem with these financial channels is that they are not available to all residents of the country. There is simply no infrastructure for Africans, so crypto assets like Cardano and Bitcoin have the potential to be an antidote to these problems.
Expensive and slow transactions
Local remittance services in Africa are inadequate and lack a basic framework for transferring money from one account to another. They charge almost 9% per transaction if the amount is over $200. Although they have a centralized location, they are constantly experiencing problems in providing mobile money services. The main reason is the low penetration rate of smartphones. The following figure shows the magnitude of the difference between Africa and other entities in the world. To say that there is a digital divide in Africa would be an understatement as more than 50% of the population is not connected to the mobile internet. More attention needs to be paid to this, because even when cryptocurrencies are introduced to the general public, you need the right digital connections to access them. This is not currently the case in Africa.
High inflation and financial instability
Can the mass of the population generate wealth when inflation beats it? No, given the current economic situation in Africa, that is highly unlikely. If you compare Africa’s inflation rate to the world average in the chart below, you can see that the value of the ZAR currency against the US dollar has fallen by more than 50%. If government structures are unable to support the demand for services, how can ordinary people create wealth with the money they have saved for years? Therefore, Africa is the best place to experiment with blockchain technology that can fight inflation in a global scenario. Another problem that many overlook is political instability. The World Bank report shows that the number of recorded civil conflicts is constantly increasing. This not only makes the population vulnerable, but also destroys the financial infrastructure and causes forced migration.
How can Cardano make a difference for 53 African countries?
Cardano claims to be a third-generation crypto-currency that successfully addresses scalability, interoperability and resilience. Rolling out such a network across an entire continent may seem too fast, but it’s not because Cardano’s blockchain system is more efficient than other cryptocurrencies. It does not allow individuals to mine a block until they are designated as a block leader. Another big advantage of using blockchain with Cardano is that it solves the problem of scalability. To do this, they use the RINA technique, which divides a P2P network into several sub-networks that can communicate with each other. This network architecture not only ensures scalability, but also increases user security. It’s the technical side of how Cardano makes a difference. From a conventional point of view, you can see how large the amount will be when Cardano reaches all of Africa. Asked about Cardano’s dream, Charles Hoskinson stressed that it is about giving everyone in the world an identity, whether they are at the top or bottom of the social ladder. Charles believes that everyone deserves an equal opportunity to enter the market and make the most of it. If Cardano succeeds in Africa, his potential is limitless. The number of users will be in the billions, not the millions. The team behind Cardano has demonstrated its commitment to the project by exploring various African countries over the past five years, including Nigeria, Rwanda, Uganda and South Africa. After four to five years of work, the Cardano system has matured and new technologies have been created, such as Atala Prism, to provide digital identities or DIDs. Ethiopia’s 5 million students now use these DIDs to track their progress. Although it is an identifier assigned to a unique individual, many people in the Cardano ecosystem believe it can be used to find jobs, pay for real estate, vote, and build sustainable infrastructure. Maybe this is just the beginning of something no one expected. The number of internet users could reach 107 million, making Ethiopians part of the first globalization alongside the United States and other powerful economies.
Cardano is a special asset gifted to the world by some of the brightest minds, and for now it is designed to solve some of the biggest problems – expensive gas prices and scalability. The fact that Cardano Africa is launched with government support speaks volumes about the fundamental power of this crypto-currency and what it will become in the near future. If Mary’s update turns out to be real, we will see her value increase dramatically and she will no longer be considered a speculative investment. However, it should always be pointed out that the best technology never wins the race, but the one with the best delivery strategy for the mass user always achieves its goal. Cardano is currently in delivery mode, so we’ll have to wait and see how it performs in the real world.
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Marking the final week of September, the African Blockchain Conference (ABC) kicked off in Dakar, Senegal. The three-day event aims to provide a platform to discuss the impact of blockchain technology on Africa and beyond, while also bringing together business leaders, researchers, policy makers, and the general public to discuss and explore the potential of decentralized systems.. Read more about cardano africa announcement and let us know what you think.
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