Ethiopia , one of the poorest countries in Africa, focuses on blockchain . In particular, on the system set up by the startup Cardano , which launched its technology and its cryptocurrency Ada just last fall. Led by Charles Hoskinson , former co-founder of the most famous Ethereum , the startup – acting through the contribution of three different organizations: Cardano Foundation, Emurgo and Input | Output – has just signed a memorandum of intent with the Ministry of Science and Technology of Addis Ababa to apply decentralized solutions to the sector ofagritech , the most interesting for the development of many African markets, as well as organizations such as Unido , which on that front – also through the Italian office – have a particular focus.
How the agreement works
It will be precisely through the armed arm Emurgo, dedicated to investments and the involvement of individuals who want to revolutionize their business by relying on a process of tracking and verifying transactions safe and free from third parties , to give life to the agreement, which also provides the training of developers and technicians able to make the best use of the decentralized public blockchain .
It is not yet clear when the collaboration will start and when, therefore, we will see the first exchanges pass from the blockchain. Cardano is building a decentralized blockchain specialized in so-called ” smart contracts ” and in decentralized applications. The model, in short, is more or less (and could not be otherwise) the same Ethereum. But allowing respect to the creature of the infant prodigy Vitalik Buterin faster transactions. We are at the beginning but the interest collected in the first months was significant. For example, as early as January, Ada became a market leader by becoming the fifth currency by capitalization and surpassing the most trumpeted Litecoin, Neo and Monero, just behind Bitcoin Cash.
How Cardano works
In addition, the Cardano mechanism is environmentally sustainable because it uses a ” proof of stake ” algorithm (presented at the recent Eurocrypt conference in Israel) and therefore does not need minerals (as for Bitcoins ) that spread the cryptocurrency through the “proof of work “. Despite the skepticism of some insiders such as Dan Lerimer, Cto di Eos, Cardano proceeds swiftly. The agreement with the Ethiopian executive at the bottom does not bind either of the two parties but it is nevertheless a new element of a rather clear tendency to experiment with decentralized systems on the most diverse value and commercial chains. Developers should start using the platform by the end of the year.