For the past few weeks, Cardano has started to climb up in the crypto markets. The native currency of Cardano, ADA, has now acquired the position of 3rd most dominant cryptocurrency in the world. Blockchain Africa Conference is a Bitcoin Event that is being arranged in the continent since 2015. This event has managed to raise awareness about possibilities of growth and development with the help of BTC innovations. The event is addressed, endorsed, and attended by over 2000 delegates that hail from 40 different countries.
Thus far, 170 influential and highly sought-after individuals of the cryptoverse have spoken at this conference. After the bursting of Cardano to the position of Ethereum killer, its co-founder and CEO Charles Hoskinson has become a person of interest in the crypto community. He attended and addressed the ongoing African Blockchain Conference for 2021. His comments included future projects of the IOHK in the continent and the plans for the development of the Atala PRISM countries.
ADA’s Role in Africa
Charles Hoskinson is of the view that the potential of ADA for the developing economies of Africa is boundless. He introduced the Cardano Protocol as the centerpiece and ultimate fruition of the drive that is created to support and repair the economies of African nations. Cardano Protocol is a program that is going to build, collect and generate resources to produce software and digital tools, which are equally as effective and utility-savvy among users in urban or rural areas and developed or developing nations.
Hoskinson further added that due to the lack of infrastructure and awareness in Africa, it was needed to physically move to the region to build the structure and framework from ground zero. According to him, it is not a matter of moving from top to bottom but rather figuring out how to erect the operations from bottom to skyward. He told the attendees that IOHK plans to establish four to five headquarters in the continent and is already handling negotiation in the same vein with Ghana’s government.
Can Cardano Make a Change in the African Economy?
Charles Hoskinson is very optimistic about the future of the Cardano Protocol in the continent of Africa. According to him, the African nations do not have money at the moment; however, it is possible to induce liquefaction of $5 trillion in this region. Hoskinson briefed the conference about African countries’ current struggles that lack civil infrastructure, power generation, and a bad state of annual GDP. According to him, Cardano has the potential to provide a public-private partnership that would allow them to control the flow of money that could mimic remittance systems, micro ISPs, or even contribute to the development of power generation and digital ATM network Projects.
According to Hoskinson, the African people are inflicted with issues like corrupt governments, incompetent bureaucracies, resource wastage, trade-deficit, and abuse of power. A privatized network like Cardano can help the people take back control of their lives and empower themselves to become financially sound and independent with decentralized protocols. At the moment, Cardano protocol has already commenced operations in Ethiopia and is endorsed by several NGOs and charities in the region.