Cardano is the third-generation blockchain that is thinking about going head to head with Bitcoin. For the time being, the founder of the third generation blockchain Charles Hoskinson has started his plan to control nations with the help of the blockchain. A few days ago, the Cardano team drafted and signed a contract with the government of Ethiopia.
The blockchain is moving to build the largest blockchain database system in the world that would be focused on the educational system. In the past, the founder of Cardano has made remarks about giving the people of Africa a second chance by giving them the power to invest and improve their standard of living in general.
Can Crypto Start an Industrial and Technological Revolution in Africa?
There have been many philanthropic projects aimed at providing the people of Africa a second chance at a better life. However, most of such projects have done more bad than good. The government of Nigeria has been going haywire trying to ban cryptocurrencies. The governor of the Central Bank of Nigeria has gone on to claim that the local fiat currency has been devalued to a dangerous level due to the increased foray of cryptocurrencies in the market.
It seems like the government of Ethiopia has decided to choose a different path. It is possible that Hoskinson wants to start similar projects in more African nations as time passes. If the current project can make a good amount of progress, it would encourage more governments to do the same. The main aim of the crypto projects is to provide investment ability to the people independent of the banks and local financial regulations.
ADA Surges after the Current African Contract
It is not a surprise that the locals continue to put their stakes into the crypto sectors despite strict rules and legal clampdown by the central authorities. There is a severe need for reformation and reeducation in the African nation. Hoskinson seems to think that crypto can give people such type of power.
In the course of the past six months, cryptocurrency searches have become rampant in African countries. The ADA has also gone up about 10% following the news. It is yet to be seen that cryptocurrency manages to change the lives of the locals for the better or push them further into poverty and a penniless state.