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Cardano Expands to Africa, Reigniting Interest in ADA

Altcoins

cryptobriefing.com 30 April 2021 19:30, UTC
  
Reading time: ~2 m

The Cardano Foundation is making strides in expanding the utility of the ADA network. The non-profit organization recently revealed a new project to improve the lives of billions of people in Africa. 

Banking the Unbanked

In a Forbes interview, Charles Hoskinson of Cardano and IOHK revealed that his team is developing a blockchain framework to provide financial services to billions of people living in Africa.

The platform is called “Atala” and will serve as a solution for developers, companies, and governments looking to take advantage of the benefits of blockchain technology. 

According to Hoskinson, the Cardano Foundation is working hand in hand with the government of Ethiopia to develop the first iteration of Atala and help “bank the unbanked.”

“Atala is an enterprise framework similar to Hyperledger Fabric,” Hoskinson explained in the Forbes interview. 

“However, the point is to be a solutions provider for governments in need of a municipal currency or a supply chain management system. This requires a type of framework that serves as libraries and modules that would allow governments to rapidly build a product for end-users,” Hoskinson added.

Ethiopia’s Minister of Education, Getahun Mekuria, confirmed that his agency is interested in a blockchain-based system to track student performance in the nation’s schools. The government official said that the technology could help improve the quality of education. 

Atala is still in the early stages of development. The platform is expected to go live around January 2022, according to John O’Connor, IOHK’s director of African operations.

Cardano Sits On Stable Support

The market value of Cardano (ADA) has risen more than 4.30% since the announcement was made, rising from $1.31 to a high of $1.37.

IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows that ADA sits on stable support. Roughly 176,000 addresses previously purchased 2.85 billion ADA at an average price of $1.21. 

Such a massive demand wall could keep falling prices at bay in the event of a sell-off. Holders within this range may try to do anything to prevent their investments from going “out of the money.”

As long as the $1.21 support zone holds, Cardano prices have a good chance of advancing further. Based on the IOMAP cohorts, the only price hurdle that could prove challenging for the bulls is $1.43. At this level, approximately 20,000 addresses hold 240 million ADA. 

Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.


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