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{"id":26819,"date":"2022-05-22T06:28:51","date_gmt":"2022-05-22T06:28:51","guid":{"rendered":"https:\/\/cryptocurrencypanther.com\/2022\/05\/22\/the-blockchain-promising-to-make-africa-web3-leader\/"},"modified":"2022-05-22T06:28:51","modified_gmt":"2022-05-22T06:28:51","slug":"the-blockchain-promising-to-make-africa-web3-leader","status":"publish","type":"post","link":"https:\/\/cryptocurrencypanther.com\/2022\/05\/22\/the-blockchain-promising-to-make-africa-web3-leader\/","title":{"rendered":"The blockchain promising to make Africa Web3 leader"},"content":{"rendered":"


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Young girls using their mobile phone in rural Makurdi in Benue state. Photo: In Pictures Ltd\/Corbis via Getty Images<\/figcaption><\/p>\n<\/figure>\n

Africa is leapfrogging the US and Europe in its embrace of blockchain technology that could make it “wealthier than Western nations”, claims Cardano chief Charles Hoskinson.<\/p>\n

Hoskinson has a vision to rebuild the social and economic infrastructure of African nations with blockchain technology.<\/p>\n

Speaking at the Financial Times<\/em> Crypto<\/a> and Digital Assets Summit, the Cardano founder said there was “more demand than supply” for its services within the world’s developing nations.<\/p>\n

As of the time of writing the price of cardano (ADA-USD<\/a>) is $0.53, and it has a market cap of $18bn.<\/p>\n

Cardano see the deep-rooted centralised infrastructure underpinning Western nations as an obstacle that African nations can circumvent on their road to becoming web3 giants.<\/p>\n

Read more: <\/strong>Crypto: Stablecoin storm spreads after billions of tether is cashed out<\/strong><\/a><\/p>\n

Speaking to Yahoo Finance, John O’Connor, head of African operations at IO Global<\/a>, said: “DeFi certainly has huge potential for developing nations, especially those that don\u2019t already have legacy infrastructure that prevents rapid innovation, and can make rollouts of blockchain smoother.”<\/p>\n

Cardano see an opportunity in Africa’s younger population, who are eager to adopt new technologies with greater speed than their ageing counterparts in the global north.<\/p>\n

Instead of relying on legacy systems of government, that are centralised and can yield to the hands of corruption, African nations could unleash the untapped potential of millions of people with the protocols of automated blockchains.<\/p>\n

In Cardano’s vision for Africa, code is king and “the code transcends government, and if the government tries to move it in a particular direction, they cannot”, added Hoskinson.<\/p>\n

At the Financial Times<\/em> event in London, he described the chains of poverty that the blockchain can unlock, as its algorithms “don’t care who you are or where you are at, whether you are a Sengalese farmer or Bill Gates”, they just get the job done.<\/p>\n

The algorithms of the cardano blockchain enable smart contracts that could give financial inclusion to billions across the African continent.<\/p>\n