Blockchain Cardano and its community have established a close relationship with Africa, and the results that pay off. According to a report from Coin Kick-off, this cryptocurrency is the most popular in the region.
The report uses data from social media platforms and analyzes it with Artificial Intelligence (AI) to rank cryptocurrencies according to user sentiment. Coin Kick-off uses the cashtag feature on Twitter and matches geotagged locations. Over 800,000 Tweets allowed him to build this research.
Cardano Blooms In Africa Here’s Why
According to the data released in the report, Cardano is the most popular crypto in Kenya, Uganda, Ghana, Tunisia, and other regions, including Switzerland and Puerto Rico. Cardano has a more prominent presence in the region than Solana, Ethereum, Avalanche, and others.
Worldwide, Ethereum and Solana are ranked as the most preferred cryptocurrencies. The report states that smart contracts and decentralized finance (DeFi) applications contributed to these results. According to data from the Pew Research Center, people are using these platforms as an alternative to traditional investments.
Although already in Africa, Cardano took longer to implement smart contract capabilities through three Hard Fork Combinator (HFC) events during the “Alonzo” era. Thus, Solana and Ethereum are taking over many users who are looking for DeFi applications.
Bitcoinist has covered the expansion of Cardano in the African region. According to Charles Hoskinson, CEO of blockchain developer IOG and founder of Cardano, this area has the potential to experience an economic boom.
Hoskinson estimates that Africa has more than $5 trillion stored as “illiquid” assets. A system that helps people in the region get wealth will benefit them. Hoskinson said:
(…) Africa will be the most promising economic ecosystem in the next 10 years. We as a company and community (Cardano) are in the best position to do so in this terrain. Soon, we will strengthen it with a collection of flagship offers that will be rolled out to larger offers. We have many strategic partners, relationships and political access.
To date, this bloc has made the most important deal with the Ethiopian government. African countries are starting to use Cardano to “revamp” their education systems. The deal was announced in 2021 and it is thought that millions of people will use the blockchain.