- Cardano’s most significant agreement was reached 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, a media report claims.
Cardano is a greener cryptocurrency due to its proof-of-stake consensus method, which uses significantly less power than other cryptocurrencies’ proof-of-work algorithms. The coin’s governance model, which encourages community participation in decision-making, is another factor in Cardano’s rise as the most popular cryptocurrency.
Due to the special architecture of the coin, transactions can be processed faster and more effectively, and it can also be connected to other blockchain networks. Because of this, it is a desirable choice for both home users and organizations that want to collaborate and conduct their day-to-day operations with 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 widely used in these areas.
The two most valued cryptocurrencies in the world are Ethereum and Solana. According to the report, the results were influenced by their smart contract and decentralized finance (DeFi) apps. Users are using these platforms as an alternative to traditional investing, 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 founder of Cardano, believes this region has the potential for economic recovery.
According to Hoskinson, Africa has more than $5 trillion in “illiquid” assets. The systems that help the locals in their wealth extraction will benefit. Hoskinson stated: “In the coming decade, Africa’s economic ecosystem will have the greatest potential.”
This blockchain has reached its most significant agreement yet with the Ethiopian government. The African country started transforming its education system with Cardano. When the agreement was announced in 2021, it was expected that millions of people would use the blockchain.
Overall, the results of the study suggest that Cardano is well established in the region and is likely to remain a popular option going forward.