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Charles Hoskinson, CEO of IOHK, announced some encouraging news at the Blockchain Africa Conference. Cardano is currently “on the verge” of “deals and initiatives” by public-private collaborations in a number of African countries. As a result, “millions of users” are expected to enter the Cardano community this year.
Hoskinson expected, probably in comparison to Atala PRISM, a decentralised identity management solution based on the Cardano blockchain:
“For a large group of people, for the first time in their lives, they will have a digital identity that also can be linked to wallets, that also can be linked to payment systems, that also can be linked to property, that can enjoy rich metadata and other such things.”
According to him, if the Cardano team is able to achieve these goals, it will enable “a new economy” of over “5 trillion dollars of wealth.”
The World Bank identifies the global poverty line as those who earn less than $1.25 a day, making Africa one of the poorest continents in the world. However, for this very reason, it is often perceived as a continent where use cases for cryptocurrency can actually blossom. CEO of Twitter and Square, Jack Dorsey even predicted that “Africa will define the future (especially the Bitcoin one!)”
But when it comes to how such a feat can be achieved, IOHK founder Charles Hoskinson had another perspective to offer. He believed that Africa is not a poor continent. He argued that the only challenge was that “real wealth” was “inaccessible due to bad systems.”
The announcement follows Cardano’s meteoric rise in popularity after Hoskinson dubbed the project an Ethereum killer. Its native token ADA has increased by over 4,800% in the last year, reaching an all-time high of $1.48 this week. However, this may be attributed to the ‘Coinbase impact,’ in which Coinbase recently opted to list ADA on its Pro website, pushing the price of ADA up by more than 20%.
For the time being, the coin, like most cryptos, remains unpredictable. For example, ADA flipped many altcoins to achieve overall market cap domination. It was the third-largest alt before Binance bumped it to fourth position, with ADA dropping by 10%.