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Cardano Expands Influence In Africa, Sparking New Interest In The Altcoin

By Crypto Briefing (Ali Martinez )CryptocurrencyMay 02, 2021 12:53AM ET
www.investing.com/analysis/cardano-expands-influence-in-africa-sparking-new-interest-in-the-altcoin-200576905
Cardano Expands Influence In Africa, Sparking New Interest In The Altcoin
By Crypto Briefing (Ali Martinez )   |  May 02, 2021 12:53AM ET
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The project's foundation is developing a new blockchain framework for identity solutions in Africa.

Key Takeaways

  • IOHK is developing a new blockchain to serve African nations.
  • Ethiopia will be the first country to make use of the new protocol.
  • Market participants seem to have welcomed the news as Cardano's ADA token holds on top of stable support.

The Cardano Foundation is making strides in expanding the utility of the ADA network. The organization recently revealed a new identity solution to improve the education system in Ethiopia.

A Blockchain-Based National Identity

IOHK, the development team behind Cardano, revealed a partnership with the Ethiopian Government to develop a blockchain-based system to track educational progress among students in the nation.

The minister of education, Getahun Mekuria, confirmed that his agency is interested in taking advantage of the benefits of blockchain technology to help “improve the quality of education.” The identity solution protocol will enable the federal agency to monitor school performance and boost education efforts across 3,500 schools with 5 million students and 750,000 teachers.

By digitally recording and verifying grades, the Ministry of Education will identify areas of under-achievement and allocate resources accordingly.

Mekuriya stated:

“Ethiopia’s Sheba Valley is already recognized as the leading AI hub in Africa, 70% of our University graduates are in STEM subjects, and we are now leading the way in using blockchain to digitalize education.

"This forms a key plank of our National Digital Transformation Strategy and will underpin a uniquely transparent, data-driven education system based on a dynamic curriculum. We believe blockchain offers a key opportunity to end digital exclusion and widen access to higher education and employment.”

The blockchain-verified digital qualifications system is expected to reduce fraudulent university and job applications, adding transparency to the Ethiopian workforce.

IOHK’s Atala PRISM identity solution is still in the early stages of development. The platform will launch in 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 will likely try to prevent their investments from going “out of the money.”

In/Out of the Money Around Price
In/Out of the Money Around Price

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.

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Cardano Expands Influence In Africa, Sparking New Interest In The Altcoin
 

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Cardano Expands Influence In Africa, Sparking New Interest In The Altcoin

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