Charles Hoskinson, the creator of the Cardano (ADA) cryptocurrency, has announced that his team will launch a project that can be used to significantly reduce the gap between developed and developing countries. “Finally a project for Africa,” he said.

Cardano (ADA) sets up a project for Africa

The Cardano (ADA) blockchain could become even more efficient in the next few years. Its creator has revealed that the Cardano team is setting up a peer-to-peer project that will be launched with the aim of developing Africa . The project will mainly focus on this continent.

“Another thing that I think is really cool on the horizon that we are doing this year is that we are finally able to do peer-to-peer lending in Africa,” the professional explained during his interview. . "We will be able to demonstrate with a stablecoin on Cardano, done completely peer-to-peer, that the blockchain can have a real identity in Kenya."

According to the creator of Cardano, the peer-to-peer lending project on the seventh-largest blockchain by market capitalization will help reduce income and wealth inequality between countries . "Billions of dollars of value will flow from developed countries to developing countries where interest rates are higher." “I'm very excited because it helps us bridge the gap and create this unique global economy. As opposed to the two economies of haves and have-nots”.

The blockchain will change things

Hoskinson also asserts that the trustless nature of blockchains is one of the technology's greatest contributions to the world. It is also because of this function that it is possible that the blockchain will be useful for developing countries.

“Bitcoin is a good example. Ethereum, Cardano or any of these cryptocurrencies where you have overall accounting responsibility. If I send you bitcoin, you don't trust me. You have a knot. You can verify it, and you can verify that it exists, and that it hasn't been spent twice. This is called an inclusive accountability system,” he said.

Separately, he added the use cases for blockchain technology now extend beyond payments. “We're starting to step back as a society and ask ourselves questions like, well, what else can preserve inclusive accountability? Medical information, degrees, voting information, whatever you want.”

The Cardano (ADA) blockchain can help developing countries in Africa achieve the much-desired economic stability. It is to this end that Charles Hoskinson, the founder of the ADA cryptocurrency, announced the design of a service for people who live in Africa.

Source: The Daily Hodl

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