The cryptocurrency sector flourished in Africa, where many developers and investors found these digital assets as an escape from the corrupt economic and political system. Of course, some regions, such as Kenya, Nigeria and South Africa, were more inclusive to approach this technology. Regardless, crypto is used all over the continent, considering that African experts found a way for people to buy and sell Bitcoin with only a SIM card and a regular mobile phone.
With so much innovation going on, people might also be able to expand their crypto portfolio and buy Ethereum with bank transfer.
Another high-tech tool created by American and Nigerian developers is an Ethereum-compatible DeFi platform that will allow others to establish new applications made to improve the cryptosystem in Africa.
What is this application?
An African decentralized finance platform called Mara recently released a test net for Mara Chain, an Ethereum-compatible solution that will leverage free MARA tokens. The answer will be forked with the help of Optimism, offering developers in Nigeria and other African regions the ability to build and test their own Apps. The platform already launched a wallet that benefits users who want to trade and withdraw fiat currencies and tokens.
The CEO of the platform stated that the importance of blockchain infrastructure is as essential as electricity and internet connection. He also discussed the opportunities Africa has to use blockchain technology for delivering useful solutions to citizens.
For the moment, the platform has low gas fees, fast transactions and interoperates with other networks whose blockchains also use Optimism. Although it’s only the beginning of the application, the developers of Mara are collecting feedback from the community to be able to make changes where necessary. Mara’s team said that collaborators in the beta stage of the application would receive bounty and development grants in exchange for helping them advance as a technology.
Blockchain in Africa: the ecosystem of all possibilities
Although it may seem intuitive that developed countries would lead the crypto market since they have technology that would adapt easier to it, developing areas seem to require innovative technologies, especially from a financial point of view. Unfortunately, the corruption and political implications in Africa are making it difficult for people to have access to the internet in every place, but for those who have it, getting access to cryptocurrency is like a breath of fresh air.
Luckily, there are many intellectuals and experts who attract technology through efforts to create businesses and collaborate with other overseas organizations. African people are prepared to embrace technology, but there are other priorities that need to be settled, which is why governments should take responsibility for their basic needs and allow citizens to dictate their financial future freely. That’s why there are so many emerging crypto movements.
An Ethereum Island, right in Mauritius
There’s an interesting project of an Ethereum startup that wanted to explore possibilities of collaborating with the region of Mauritius for the creation of an Ethereum Island, which is a blockchain technology hub. It seems like the island is one of the first to adopt blockchain technology, and it might also be the first to leverage the Ethereum ecosystem to its fullest.
Leaders discussed the possibility of transitioning to Ethereum as legal tender, considering that the nation’s currency isn’t that strong to withstand the lack of workforce. The startup has already met with the Mauritius government, and we’re waiting excitedly for the outcome.
An ETHSafari in Kenya
Kenya is a place of increasing technological development in regard to crypto. VUGA, Mobeum and Tulaa are only a few of the many African enterprises that approached blockchain and crypto. But one of the latest projects recreated an event based on Ethereum, ETHSafari. The movement is set to provide learning, hacking and resource-sharing activities to spread awareness and knowledge about the crypto industry.
ETHSafari was also intended to happen in Zambia as an effort to strengthen relations between Ethereum and the city as a way to introduce the coin to the population. This is also an opportunity for entrepreneurs to share their experiences and expand their networks to improve crypto businesses.
Vitalik Buterin, encouraging the Ethereum movement in Africa
Vitalik Buterin, the creator of Ethereum, became more interested in expanding Ethereum’s opportunities and possibilities after a few entrepreneurs from Zambia shared their message of wanting to transform the country into an African Technology Hub. He expressed his support for this to happen, and this is how more investors took advantage of the country’s resources and potential, increasing its visibility.
This would help Africa as a whole and expand the range of investors’ interests because the continent is a highly functional and developed area, despite common misconceptions. And although most people don’t talk about it enough, the truth is that Africa is one of the top crypto users in the world.
What would it take for crypto to be more used in Africa?
Many challenges surround cryptocurrencies worldwide, such as the lack of regulation. Even though crypto is taxable and users must declare almost anything that reaches a specific sum, depending on the country, the lack of laws and directions in regard to better use of crypto isn’t driving enough innovation. Unfortunately, some governments banned crypto in Africa to protect the citizens. Still, they haven’t even had the chance to research and review the benefits or consequences of such financial options. This might cause corruption, a serious problem that has taken Africa’s technological opportunities away. However, some countries approve of blockchain technology since it helps streamline big amounts of data and makes things easier for companies.
Bottom line
Africa is a place where technology is rapidly adapted to the environment, which is why a new DeFi application has been created for developers to take matters into their own hands and develop new solutions for crypto to be used more easily by locals. But many other emerging technologies are appearing in Africa for crypto, so we can say it’s like a hub for high-tech.