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Cardano is gaining traction in the media as it gains African allies. So far, most blockchain-based software firms have largely ignored Africa, but Cardano seems to have found a significant market in the continent. Charles Hoskinson, CEO of IOHK, announced the news in a brief YouTube video.
According to Hoskinson, Cardano is partnering with numerous African governments to create digital institutions that will allow millions of people to profit from the Cardano ecosystem’s expansion.
Forming New Markets
Moving forwards, Charles claims that this move would profoundly assist millions of Africans who have historically had little access to digital tools and facilities in creating these long-awaited development opportunities. Among the advantages would be the development of digital identities that can be connected to rich metadata, digital wallets, and payment mechanisms.
To be sure, this would almost definitely result in the creation of a new broader market focused on the digital age. Charles projected the emerging African industry to be worth $5 trillion, making it a top priority for the Cardano ecosystem as a whole.
Africa is Not Poor
Charles Hoskinson does not agree that Africa is the oppressed continent that is usually represented on the global stage. According to him, its development has been hampered by a lack of adequate resource use.
The African economy would have the potential to avoid poor decisions and mismanagement with a modern, more mature method. Since there will be more transparency, Africa’s true riches will be open to everyone.
Lessons From China
According to Charles, Africa’s current economic condition is comparable to China’s a few decades back, when most Wall Street observers perceived China to be a poor economy.
Since China implemented policies to encourage smooth wealth utilisation, the country’s economy exploded and has been steadily growing for decades. China’s economy has grown to become one of the world’s strongest.