Input Output launches $6M fund for startups to build on Cardano in Africa
Input Output has launched a six million dollars (USD) blockchain fund in Africa, to invest in the most innovative blockchain projects, who are building on Cardano in Africa.
The fund focuses on blockchain technology because the lack of deeply embedded legacy infrastructure means that African governments and businesses have fewer obstacles to adopting next-generation technology than the West. This opportunity can potentially level the global playing field when it comes to offering game-changing blockchain-based products and services.
Cardano is a third-generation, decentralized proof-of-stake (PoS) blockchain platform designed to be a more efficient alternative to proof-of-work (PoW) networks. Scalability, interoperability, and sustainability on PoW networks like Ethereum are limited by the infrastructure burden of growing costs, energy use, and slow transaction times. $ADA is Cardano’s digital currency and is named after Ada Lovelace, a 19th-century countess and English mathematician who is recognized as the first computer programmer and at time of writing has a market capitalisation of $72B.
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The fund will offer capital to the most innovative African start-ups wishing to build on Cardano in Africa, the third-largest blockchain platform. IO Global, the research and development company behind Cardano, will ensure successful projects benefit from teaching, financing, and sustained support in partnership with the fund.
Cardano recently announced a new partnership with the Ethiopian Government to implement a national, blockchain-based student and teacher ID and attainment recording system to digitally verify grades, remotely monitor school performance. The company is currently rolling out a system for verifiable education credentials to five million students and teachers in partnership with the Ethiopian government.
This will be delivered this using an identity solution – Atala PRISM, built on Cardano, which will enable authorities to create tamper-proof records of educational performance across 3,500 schools, 5 million students, and 750,000 teachers to pinpoint the locations and causes of educational under-achievement and allocate educational resources effectively.
Having been embedded in Africa for five years and in collaboration with investment and education companies on the ground, IO Global will be well placed to ensure that the projects most needed for the region’s development get the funding and support they require.
John O’Connor, Director of African Operations at Input Output and Cardano in Africa said: “Working with businesses in Africa I have encountered the most inspirational entrepreneurial spirit. At Input Output we believe in democratizing opportunity, which means giving equal access to funding to realize these innovative ideas, solving problems across the world. This investment project marks a milestone in Input Output’s African development, enabling young ideas to flourish and capitalize on the opportunities provided by blockchain.”