- Cardano’s most significant agreement has been made with the Ethiopian government.
Africa has become increasingly important to the Cardano blockchain and its community, and the benefits are showing. This cryptocurrency is the most popular in the area, claims a media report.
Cardano is a more environmentally friendly cryptocurrency because of its proof-of-stake consensus method, which uses substantially less energy than other cryptocurrencies’ proof-of-work algorithms. The governance model of the coin, which encourages community involvement in decision-making is another factor in Cardano’s rise to prominence as the most popular cryptocurrency.
Owing to the coin’s distinctive architecture, transactions can be processed more quickly and effectively, and it is also possible to link to other blockchain networks. Due to this, it is a desirable choice for both private users and organizations wishing to collaborate and conduct daily business using cryptocurrency.
According to the report’s findings, Cardano is the most popular cryptocurrency in Switzerland, Puerto Rico, Kenya, Uganda, Ghana, and Tunisia. Compared to Solana, Ethereum, Avalanche, and other coins, Cardano is more prevalent in these areas.
The two cryptocurrencies that are most cherished over the globe are Ethereum and Solana. According to the report, the outcomes were influenced by their smart contract and decentralized finance (DeFi) apps. Users utilize these platforms as an alternative to conventional investments, according to statistics from the Pew Research Center.
Cardano took longer to implement its smart contract capabilities through three Hard Fork Combinator (HFC) events during its “Alonzo” era, despite having a significant presence in Africa. As a result, the majority of consumers looking for DeFi applications chose Solana and Ethereum.
Charles Hoskinson, CEO of IOG, a blockchain developer, and the founder of Cardano believes that this region has the potential to see an economic boom.
According to Hoskinson, Africa has more than $5 trillion in “illiquid” assets on hand. The systems that assist the locals in extracting their wealth will profit. Hoskinson stated: “In the coming ten years, Africa’s economic ecosystem will hold the most potential.”
This blockchain has so far made its most significant agreement with the Ethiopian government. The African country began transforming its educational system using Cardano. When the agreement was announced in 2021, millions of people were expected to use the blockchain.
Overall, the study’s results indicate that Cardano is well-established in the area and is probably going to stay a popular option going forward.