The founding father of Cardano (ADA), Charles Hoskinson, is on an enterprise partnership tour in Africa recently.
Rising costs on , the world’s largest smart-contract blockchain, appear to be driving investors to coins associated with Layer 2 products facilitating faster and cheaper transactions and rival programmable blockchains. Surging costs are drawing the ire of the investor community and forcing the retail crowd to search for relatively cheaper options like Layer 2 solution Loopring and rivals Solana and polkadot.
Cardano founder Charles Hoskinson reveals that ADA is counting on the “smart cow effect.” The smart cow problem is when a group of individuals is faced with a technically difficult task, one of the members solves it. Hoskinson expects Cardano’s partnerships with African governments to influence regulators in the United States.
He believes that governments worldwide are infringing upon privacy and are concerning public information to suit their political ambitions. He also pointed out that Senators in the U.S are yet to focus on building the blockchain industry. Hoskinson wants Africa to benefit from the rise of blockchain technology and wants to position it as a leader in the industry. The continent is most likely to benefit from the financial development point of view with the technological upgrade.
A blog post published by Input Output Hong Kong (IOHK), the company behind Cardano, informed: “Well, Africa is a really special and interesting continent in that it’s going through a massive upgrade. There are no allegiances to the systems of the past because those systems haven’t historically worked out so well here. So that means over the next 10, 20 years, every single thing – from how compliance works to how stock markets are going to work to how national ID works to how academia is going to work – is up for change.”
Cardano has focused to achieve the $10 mark however getting there by the top of the yr appears impossible. On the time of publishing, ADA was buying and selling at $2.02 and id down -5% within the day’s commerce.