Is it possible that people can have access to financial services regardless of their location or income? Is it possible that there can be a global economy interested in improving the participation of everyone and ensuring they succeed?

Yes, it is possible. This is the vision of Web3, and Cardano- one of the leading blockchain platforms is playing a large role in bringing this vision to life in Africa. The Cardano blockchain has been designed to be very scalable, secure, as well as sustainable. Thus, projects that utilize its platform in creating their tokens have been said to be sustainable due to the low transaction fees Cardano offers.

Tokens can be used for multiple purposes. It could serve as a means of getting access to a particular service, and can also serve as a means of projects to reward users of their ecosystem. The process of creating a token is what is known as token development.

Token development is the process of creating a digital token. Tokens can be used for a variety of purposes, such as representing ownership of an asset, providing access to a service, or rewarding users for their participation in a network.

With how scalable the Cardano blockchain has shown itself to be, it is no surprise that it has gained quite reasonable popularity in Africa and is contributing to cryptocurrency adoption in a very large way. According to the World Economic Forum, Africa is one of the fastest-growing continents when it comes to cryptocurrency adoption. With more people building on a blockchain like Cardano with extremely low fees and security, the adoption of cryptocurrency in Africa will be faster than ever before.

In this article, we will explore the Cardano ecosystem from the standpoint of token development. We will also take a look at how it has contributed to promoting financial inclusion in Africa, and torchlight some projects that would serve as case studies on the impact token development on the Cardano blockchain is playing in Africa.

Cardano: An Innovative and Disruptive Blockchain

Cardano is an open-source and decentralized blockchain that stems from a problem-solving thought pattern aimed at promoting access to finance, transparency, as well as the sustainability of the blockchain. Its design has been made to not only be scalable but also interoperable with other blockchains.

Its proof-of-stake mechanism is truly secure as well as environmentally friendly as well. This is why over 1,150 applications that would provide economic services around the world have been built on Cardano as of January 2023. Aside from this, it has processed over 58 million transactions on its network with a great number of holders staking its native currency to further secure its network. Even with all that it has achieved, this disruptive blockchain is not reducing its efforts to ensure that cryptocurrency is adopted all over the world.

Benefits of Developing Tokens on Cardano

Cardano is a great platform to develop tokens on because it offers many benefits. These benefits include:

Scalability: Cardano can handle a lot of transactions at once, so your token won't slow down or get expensive. This is very important for token development, as many users can make use of it at the same time without encountering any issues.
Security and sustainability: Cardano is one of the most secure blockchain platforms available, and it's also very committed to offsetting its carbon footprint. This means that you can be confident that your token is safe and secure, and that you're not contributing to climate change by using it.
Low transaction fees: Cardano has low transaction fees, so your users won't have to pay a lot of money to use your token. This is important for cryptocurrency adoption as more people will be able to afford the token and still make use of it.
Vibrant and supportive community: Cardano has a large and active community of developers and users. With this amazing community, you have a means to access support as well as helpful resources anytime you need help.

Case Studies of Successful Token Projects on Cardano in Africa

Atala PRISM

This is a digital identity solution built on the Cardano blockchain. In Ethiopia, it is being used as a means to provide citizens with secure and verifiable identity on a digital basis. With the help of Atala Prism, access to financial services as well as government services has greatly improved for Ethiopians.

Adanian Labs

Adanian Labs is one of the disruptive blockchain companies in Africa with its array of blockchain-based solutions it provides. One such product is a digital wallet that enables easy sending and receiving of payments in Africa. According to its CEO- John Kamara, it settled on the usage of Cardano because of the large global user base it possesses. In addition, Cardano’s principles of scalability, sustainability, and interoperability also make it easy for developers to make use of the platform and create solutions that will be of interest to young people in Africa.

COTI Pay

COTI Pay serves as a mobile wallet that allows users the ability to store, send, and receive Cardano (ADA), and every other cryptocurrency. It offers features like bill payments, as well as merchant integration. It is present in more than 30 African countries and is one of the popular crypto wallets used in many such countries.

Empowa

Empowa is a fintech company that utilizes on-chain payments and NFTs to provide funding for affordable housing with the aid of a lease-to-own model. At its launch, it raised $300,000 via an NFT sale which helped to finance housing for 30 families in Beira, Mozambique. According to its founder- Glen Jordan, this enabled them to raise the home loan market in Mozambique by 5%.

The company aims to provide access to affordable housing in Africa and plans to increase its reach to other African countries. According to its founder, “We have reduced the average age of the homeowner by 20 years; we’ve given people access to their own homes 20 years before they would have it normally”

The above projects are just a few of the many that are making significant changes in Africa with the aid of Cardano. The totality of these projects is improving the lives of millions of Africans with their unique utility.

The Role of Cardano Projects in Promoting Financial Inclusion in Africa

To accomplish its mission of providing economic services in different parts of the world, not limited to the underprivileged countries, Cardano’s founding partners EMURGO and IOG have built a very strong base in Africa. The aim is to have a presence that would constitute 42% of global youth come 2030. The following are some of the ways Cardano Projects have helped to support financial inclusion so far in Africa.

Financial Inclusion: Projects built on the Cardano blockchain have been able to increase financial inclusion for millions of Africans. In some African countries, there is limited access to traditional financial services like banks, credit cards, etc. Cardano projects directed to the problems Africans are facing have been able to help such people get access to financial services that they wouldn’t have been able to have access to.
Economic Development: In regards to economic development, Cardano projects have helped to create new jobs, businesses, etc that can help to provide a means of economic support to entrepreneurs as well as innovators. This has the ripple effect of making economies of countries better as there will be more flow of money across the system.
Community Empowerment: Cardano projects can utilize their tokens in creating a decentralized system where tokens generated are distributed transparently and used as a means to reward community members.

How to Develop Tokens on Cardano

If you want to kickstart your project on the Cardano blockchain, here are resources that would be of help to you.

https://popupworld.org/2021/06/14/how-to-create-your-own-crypto-token-using-cardano-step-by-step/

https://developers.cardano.org/docs/native-tokens/minting/

https://docs.cardano.org/native-tokens/getting-started

https://forum.cardano.org/t/an-introduction-to-minting-native-tokens-on-cardano/49734

Final Words

Cardano is a powerful blockchain that can be used to build innovative products and services. If you are an African entrepreneur, I’d want to encourage you to learn more about token development on this blockchain. The resources shared here can very much be of help to you.

You can also join communities and forums online where you can connect with other developers and learn from them. Developing a project and tokenizing it using Cardano for the African community is a way to get a more hands-on approach in the Cardano community and contribute to creating a better future for the African continent.