The first ever virtualization of Blockchain Africa has provided an optimistic view of cryptocurrency and blockchain space on the continent as the world moves into the new standard dictated by COVID-19.
The conference was attended by a number of renowned commentators, participants and thought leaders from around the world, who addressed a fully virtual audience. According to organizer Sonya Connell, the event attracted around 4,000 participants online, despite being hypothetical in light of the ongoing COVID-19 pandemic.
The highlight of the conference was the insightful keynote speech by Cardano founder Charles Hoskinson on Africa’s growing position as a hub for the adoption and development of cryptocurrency and the blockchain. Hoskinson explained that he believes the continent will be a leader in space innovation and stressed that Cardano continues to invest and operate in various African countries.
Popular podcast host Peter McCormack moderated a suggestive conversation about the emergence of institutional investment in the cryptocurrency area. Dan Held of Kraken, Bybit co-founder and CEO Ben Zhou, MineBest Senior Vice President Peter Tylchinski and UK Crypto.com CEO Tina Baker-Taylor have all been involved in changing the cryptocurrency landscape from a global perspective. Stanny Kulichov, founder of the popular decentralized financial platform Aave, gave an overview of the growing role of the DeFi protocol in the larger ecosystem.
Several prominent figures in the African cryptocurrency and blockchain industry have highlighted the momentum of industry on the continent in many presentations and panel discussions. Regulation and accreditation were the main topics of discussion that will be expanded later in this summary.
“Everything you can eat from the buffet”
Hoskinson’s talk of blockchain Africa painted a bright future for the continent, comparing Africa’s status as an emerging economy with China’s position in the 1980s. In three decades, China has become a world power, and Hoskinson reaffirmed his belief that Africa can follow in her footsteps and even surpass Asian power.
The key to this accelerated development is Africa’s position as a market for completely new systems such as blockchain technology that will provide efficiency and cost savings, leading to what Hoskinson called a major competitive advantage for those first in use:
“African countries that host national elections are likely to be credible, free, fair and controllable via the Internet. The first countries with inclusive digital identities and economies, they have great potential to become African countries instead of Germany, France, England or the United States. Neither China nor Japan. This is an open buffet for all the advances and new rules you can eat.
Cardano has actively invested in and built digital infrastructure in Ethiopia and other African countries used to service large government transactions. The reason for this, according to Hoskinson, is that the people of these countries will start using this new technology and tools.
It is hoped that Africans will benefit from the Cardano Catalyst funding system, which includes more than $ 250 million in grants to individuals and businesses to build infrastructure, applications, services and products in the Cardano ecosystem. Cardano will also seek to open more headquarters across Africa, and Hoskinson hopes the company’s number of employees in Africa will grow to hundreds or even thousands. He also stressed the need to develop appropriate tools and systems that will make a difference:
It would be a farce if these regimes only allowed this wealth to accumulate in one place. In my opinion, it is very important to remember the first principle: we are really equal, and there is no central force. ”
Problems with blockchain and cryptocurrency development in Africa
While Hoskinson has painted a vivid picture of Africa’s potential to stimulate innovation in the cryptocurrency and blockchain ecosystem, the continent still faces some challenges that need to be addressed as it begins to embrace this new technology.
A group of speakers with extensive experience in connection with blockchain and African cryptocurrencies analyzed the most pressing problems that countries and companies today face.