Cardano co-founder Charles Hoskinson has revealed that the Cardano blockchain is planning to introduce peer-to-peer (P2P) financing in Africa as part of attempts to close the gap between developed and developing countries.
Instead of two economies, the project will create a “one global economy” that is separated into developed and developing economies. The project will also aid in reducing income and wealth disparities between countries.
Hoskinson noted in an interview that the effort, which is set to begin on the Cardano network this year, will see billions of dollars travel from affluent countries such as the United States to developing countries such as Nigeria, Kenya, and Ghana.
What they are saying
“Another thing I think is the horizon we’re doing this year,” Hoskinson said, “is that we’re finally able to do peer-to-peer lending into Africa.”
“If we succeed, billions of dollars of value will be transferred from the developed to the developing globe, where interest rates are greater.” Read more; How Much to Invest in Cryptocurrency, According to 5 Experts
He went on to say that the feature will be enabled by blockchain technology, and that users need not be concerned about the process being tampered with by a third party.
When it comes to blockchain’s trustless aspect, Charles points out that it’s been utilized for more than just payments. Cardano improved its network last year to include smart contract capabilities, resulting in a slew of applications being run on its Blockchain. Sundae Swap, a prominent DEX platform, has launched on the Cardano blockchain with 124.49 million in Total Value Locked (TVL), up 60% in 30 days. Read also; Apple AirTags are being misused to stalk people
Notably, blockchain has enabled individuals to participate in inclusive accountability, which eliminates the need for a third party by allowing people to conduct transactions among themselves without fear. Cardano is currently the second largest cryptocurrency in terms of transaction volume, according to Messari. Cardano has dominated the market in terms of transaction volume since the debut of its smart contract, and has just eclipsed Ethereum.
The cryptocurrency, according to Dan Gambardello, CEO and creator of Crypto Capital Venture (CCV), is the biggest sleeping behemoth waiting to explode. He also advised investors to boost their ADA holdings between $0.80 and $0.50 in order to avoid missing out on a once-in-a-lifetime chance. As of this writing, ADA is trading at $0.94, up 8.50 percent on the day.