- Cardano’s memorandum of understanding (MOU) with the Ethiopian Government has seen the creation of a universal credentialing system for Ethiopian students.
- In light of the collaboration with Ethiopia’s Ministry of Education, Cardano’s founder, Charles Hoskinson, has stated that the project is “a big believer in quality human rights.”
- The project currently has around 1 million people on board, and IOHK is planning the first launch of the ID system for September or October.
- Hoskinson has stated that Cardano plans to get the project working across the whole national ID system of Ethiopia.
The Cardano Strategy
Since its launch, the project has run with the intention of reaching underdeveloped nations by banking the unbanked, with a specific interest in the African markets.
The opinion expressed by Charles Hoskinson, the founder of Cardano, and IOHK’s CEO, is one the project has lived by. Cardano has engaged African stakeholders in a bid to deliver projects that solve real market issues in Africa.
Cardano has also been educating local developers on how to create solutions for local problems in said unbanked regions. In April, we reported that IOHK had signed a memorandum of understanding (MOU) with the Ethiopian Government to “train and hire junior software developers and use Cardano in its agriculture industry.”
Human Rights is the Priority: Hoskinson
Cardano is currently collaborating with the Ethiopian Ministry of Education to create a universal credentialing system for their students. The IDs, created by Cardano, will be paired with data from the Ministry’s learning management systems.
When interviewed about the progress of the system, Charles Hoskinson responded:
“We’re a big believer in quality human rights. Regimes like China or Saudi Arabia have an onerous record of very significant institutional violations. There, it makes no sense to build identity solutions or blockchain solutions.”He further explained that the goal of Cardano is to “improve the systems of the world for everyone, everywhere.” Thus, reiterating Cardano’s reasons for delving into the African market.
How Is Cardano Doing in Ethiopia?
According to the founder of Cardano, the collaboration has currently registered around 1 million people already. He further elaborated that the first launch should be sometime in September or October this year.
Before the launch, Hoskinson envisions that the project will have gotten around to 5 million people. Going beyond the educational system of Ethiopia, Cardano and IOHK’s plan is to expand the project to the whole national ID system, which would be about 110 million people.
Cardano has not built a standard credential system with the Ethiopian Ministry of Education. According to Hoskinson, this will be the first universal credentialing system — that records the grades, academic accomplishments, honours, and all matters concerning the students.
On The Flipside
- Despite the growing adoption, utilization, and valuation of the ADA, Cardano’s utility has still been questioned by some.
- Sceptics like Michael Novogratz of Galaxy Digital LP’s, and Nic Carter of Castle Island Management LLC, have questioned the value of Cardano.
- Despite its stunning growth, Michael Novogratz has described Cardano as a “weird cult.”
Cardano’s Market Performance
2021 has been a great year for Cardano, during the downtrend, Cardano earned the title of the “rising Phoenix” with some referring to it as the most trustable coin.
Cardano opened 2021 with a value of $0.18 per coin, but Cardano is now trading at $1.48 at press time. This 7X price rise has seen Cardano become the fifth-largest cryptocurrency, with a market cap of $47.5 billion.
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