“Volatile” and risky cryptocurrencies? The case of Africa

“Volatile” and risky cryptocurrencies but this is not the case: attacks are unleashed against those who are inventing the alternative that works

Cryptocurrencies "birds" and risky but this is not the case: attacks are unleashed against those who are inventing the alternative that works

For the World Bank’s ID4D (Identification for development) database, more than a billion people have no legally recognized form of identity. They cannot access essential public services, the simplest financial transactions, the ability to manage personal assets or their work. It is also estimated that another 3.4 billion people, despite having some sort of legally recognized identity, have obvious limitations to using it digitally. In short, the problem of identity concerns more than half the planet. It is clear that those who cannot even prove who they are will not be able to open a current account. Thinking of a country like ours, those just reported seem like stratospheric numbers. Nevertheless for billions of people, identity certification and the opening of a current account are a pipe dream.

Who seems to have understood this problem very well and, why not, this opportunity is Charles Hoskinson, founder of the Cardano blockchain project. On his Twitter page at the top there is a tweet that fits perfectly with this mission: “Cardano is an open platform that tries to provide an identity to the billions of people who do not have it”. By disconnecting from a speculative vision that is not uncommon to accompany some projects related to cryptocurrencies, Cardano not only aims to decentralize finance, but also to make third world countries – especially African ones – its catchment area. According to Hoskinson, the problems of the African continent represent in a mirror image an unprecedented potential and opportunity.

READ ALSO: The new challenge: on the internet we will be immortal

Words became deeds when in February of this year Cardano signed what was called the biggest blockchain deal ever signed (“the biggest blockchain deal ever”). In partnership with the government of Ethiopia. In that country, Cardano created a blockchain-based digital identity system for five million Ethiopian students and teachers. Atala PRISM, the decentralized solution designed by Cardano to provide digital identities to those who do not have it, will be the technology on which students’ grades will be recorded, school performance will be monitored, diplomas certified and everything related to school system.

READ ALSO: Democracy 3.0 against digital dictatorship

The “African aims” of Cardano and its founder go beyond what one might think. Traditional Internet companies often decide not to operate in Africa due to the very high costs of starting and maintaining businesses in the area. However, Cardano has signed an agreement with World Mobile, a blockchain project that wants to connect Africa, allowing everyone to have the same services and the same opportunities, regardless of where they live. The project aims to achieve its objectives in Tanzania, where a digital identity will be provided to all telecommunications customers, to optimize the connection between all inhabitants within the country and to solve the problem of financial exclusion. Then think that IOHK, the foundation behind the cryptocurrency, has even declared that Africa has the potential to become a world leader in the world of artificial intelligence and robotics. SingularityNET, the world’s first decentralized AI project built by Cardano, aims to expand into Africa to support scientists and all technology projects that don’t have enough funds to make it on their own.

Those of Cardano, says Dire (www.dire.it), are very ambitious goals, but Hoskinson and his team of developers have never pulled back and have continued to work despite the great difficulties. Too often cryptocurrencies are considered exclusively as a simple speculative object and there are many criticisms and even more doubts about the real solutions that these projects would produce in the world. Who knows, maybe the first big changes that the cryptocurrency world can bring will come from the countries in greatest difficulty. On the other hand, the desire to make the planet a place where everyone can have the same starting points is not the dream of dreams, of those who want an inclusive world and not in the hands of the usual suspects?

Leave a Comment