- 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.
“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,” said Mekuriya.
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.”
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.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Simplex Adds Cardano, Opening Fiat Gateway to ADA
Payment processing solutions Simplex revealed it would add Cardano to its list of supported cryptocurrencies to meet a surge in retail demand for ADA. Cardano Listing Adds Fuel to Bullish…
Cardano Leader Calls Dogecoin Bubble Dangerous
Charles Hoskinson, creator of Cardano and CEO of IOHK, has criticized Dogecoin’s rapidly rising market value. Hoskinson Says Prices Are Unsustainable Continuing on from its recent price performance, Dogecoin has…
Cardano Fund Invests in COTI Ahead of Smart Contract Launch
cFund, Cardano’s venture fund, is investing in COTI. Cardano Makes VC Investment The investment will set the path for the two projects to explore “cooperation and collaboration.” COTI builds fintech…
What Are Non-Fungible Tokens (NFTs)?
Tokenization is well-suited for commodities like fiat currencies, gold, and physical land. A fungible asset’s representation on blockchain makes commodities tradable 24/7 via borderless and frictionless transactions. Fungible goods are…