Cardano (ADA) creator Charles Hoskinson is announcing a new goal of onboarding five million new users onto the ecosystem’s Lace wallet. In a new video, the chief executive of Input Output Global (IOG) provides an update to his 318,000 YouTube subscribers on Cardano’s identity-focused project in Ethiopia that aims to archive students’ academic records. Hoskinson […]
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The Kenya-based company already has 3 million mobile phone users in Ethiopia and plans to make it the 10th country where the payment service will be available.
The National Bank of Ethiopia (NBE) has issued a mobile money-service license to Safaricom M-Pesa Mobile Financial Service, it announced May 11. Previously, only Telebirr, part of the state-owned Ethio Telecom network, operated in that market.
Kenya-based Safaricom was also the first company to break Ethio Telecom’s monopoly on Ethiopian mobile phone service in October, through its Safaricom Telecommunications Ethiopia subsidiary. The NBE introduced legislation into the Parliamentary Assembly earlier in 2022 to make the private service possible.
Big news! We have received a license from @NBEthiopia to provide mobile financial services under the M-PESA brand. This is a huge step towards promoting digital inclusion and innovation in Ethiopia. Stay tuned for more updates! https://t.co/JTvaTfmQDy#MPesaEthiopia #SafaricomET pic.twitter.com/AmzkA4OxeW
— Safaricom Ethiopia (@SafaricomET) May 11, 2023
Safaricom Ethiopia currently has almost 3 million users, the company said. That compares to Ethio Telecom’s 54 million users, in a country of 118 million. The government is now reportedly looking to sell a 45% share in Ethio Telecom.
Safaricom reportedly paid $150 million for its license and expects to launch M-Pesa service in the second half of the year. M-Pesa is already available in nine African countries and Afghanistan. It offers financial services to people through their mobile phone, regardless of whether or not they have bank accounts.
Related: Venmo will enable fiat-to-crypto payments in May
Although the legal status of crypto assets in Ethiopia is murky, the country is slowly opening up to greater digitalization in finance. The NBE wrote in its announcement:
“The NBE will continue to take measures to deepen Ethiopia's digital finance ecosystem. To this end, we will strongly support the spread of digital payment systems as a substitute for cash-based transactions within the economy.”
Blockchain-based payments platform Fuse has announced plans to bring ChromePay’s decentralized identity service to the country. The local Project Mano organization lobbies for Bitcoin (BTC) adoption, and the Cardano blockchain has invested heavily in infrastructure for use by government services in the country.
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Rumors of expanding war, massive inflation destroying people’s purchasing power, and widespread volatility in the world of fiat currencies shaped the news this past week, with similarly dynamic developments in the world of cryptocurrency. Rich Dad Poor Dad author Robert Kiyosaki says the “end is here” for fake money. This and more just below in […]
Canadian Prime Minister Justin Trudeau has criticized the new leader of the Conservative Party of Canada for his supposedly irresponsible crypto advice, as Rich Dad Poor Dad author Robert Kiyosaki gives cryptocurrency advice of his own ahead of what he sees as the “biggest economic crash in history.” Also, the U.S. SEC is setting up […]
Cryptocurrency service providers operating in Ethiopia are now required to register with the country’s cybersecurity agency known as the Information Network Security Administration (INSA), a report has said. According to the agency, legal measures will be applied to crypto entities that fail to comply with its registration call. INSA Tasked With Developing Operating Procedures The […]
It's been barely half a year since Cardano's network hit the 1 million wallets mark.
In a tweet posted by the Cardano Foundation on Monday, the number of Cardano (ADA) wallets has surpassed the 2 million mark. The network reached the previous milestone of 1 million ADA wallets on May 22, 2021.
During that period, the Cardano Foundation successfully implemented the Alonzo hard fork, enabling smart contracts on its network. Meanwhile, Charles Hoskinson, Cardano's founder, has shifted his attention to increasing the adoption of blockchain technology in Africa. Via a tweet posted last week, Hoskinson claimed that 5 million students in Ethiopia are on schedule to receive an ID based on the Cardano blockchain for tracking academic performance.
But Cardano's technological development is also picking up pace post-Alonzo. When asked about progress regarding Cardano's layer-two scaling solution, Hydra, during an ask-me-anything session on Oct 30, Hoskinson said:
"We are going to keep adding resources to Hydra, and we've been trying to identify some teams so we can parallelize the workstream because it's such a high commercial priority. And it's going to be very important that we'll be able to offload a large number of the transaction traffic that's going to come from all of the apps that are coming."
Layer-two solutions operate on top of an established protocol to improve network performance. Meanwhile, sharding in the context of Cardano involves channeling transactions off-chain to staking pools, or Hydra Nodes, without partioning the ledger itself. Theoretically, suppose each Hydra Node can process 1,000 transactions per second, and there are 1,000 such nodes. In that case, the entire Cardano network could process up to 1 million transactions per second — assuming linear scaling. The project is still undergoing research and development, with no exact launch date.
The director of African operations at Input Output (IOHK) unveils the team’s plan to showcase Cardano’s technological capabilities in Ethiopia and other nations across the continent. In an interview with crypto YouTuber big pey, IOHK director of African operations James O’Connor highlights Cardano (ADA) and the group’s plans for its digital identity infrastructure in Ethiopia. […]
The post Cardano Plans To Showcase Tech Across African Continent After Ethiopia Deal appeared first on The Daily Hodl.
“Great to see Jack and the crypto community supporting the #ETH athletes!” the Official Olympics account posted earlier today after Ethereum got a new ‘logo’.
Crypto Twitter was united in amusement today when the hashtag #eth began to automatically show the Ethiopian flag as the Ethereum 'logo'.
Given Twitter CEO Jack Dorsey’s love of Bitcoin and the fact Bitcoin has its own Twitter icon many wondered if Dorsey was subtly trolling Ethereum (ETH). After all he’s a staunch Bitcoin (BTC) maximalist that has refused to consider buying into ETH and other altcoins on multiple occasions and has repeatedly stated that Bitcoin will become the internet’s native currency.
The Twitter and Square founder certainly saw the funny side of it, Tweeting “#eth” which drew the attention of the official Olympics account which said it was “great to see Jack and the crypto community supporting the #ETH athletes!”
Twitter influencer Crypto Cobain also found the funny side and tweeted “HAHA” to his 403,400 followers that “this is perfect.”
NFL footballer Sean Culkin, who is converting his entire 2021 NFL salary into Bitcoin, wondered why so many people were “not realizing its a troll”
Bitcoiners such as "Bitcoin Meme Hub" jumped in the joke by posting fake Tweets from Ethereum co-founder Vitalik Buterin supposedly stating that "this is not funny Jack."
— Bitcoin Meme Hub (@BitcoinMemeHub) July 23, 2021
In fact, the Ethiopian flag had nothing to do with Ethereum at all. The social media platform has been attaching flags to hashtags of nations competing in the 2021 Tokyo Olympics. The promotion is part of a 'hashflags' campaign that the platform also did for the 2016 Olympics in Rio De Janeiro.
Related: Aave founder hints at developing ‘Twitter on Ethereum’
Interestingly the Twitter CEO used the Ethiopian flag to promote Bitcoin earlier this year, after he retweeted lobbying efforts from a group of Ethiopian-based entrepreneurs dubbed “Project Mano” who were urging their government to consider mining and hodling BTC.
#bitcoin https://t.co/jQSnJr5bv8
— jack (@jack) June 15, 2021
Dorsey this week spoke at "The ₿ Word," — a virtual Bitcoin event alongside Tesla CEO Elon Musk and Ark Invest CEO Cathie Wood. During the event, Dorsey outlined his hope that Bitcoin “creates world peace or helps create world peace.”
“We have all these monopolies off balance and the individual doesn’t have power and the amount of cost and distraction that comes from our monetary system today is real and it takes away attention from the bigger problems,” he said as he emphasized Bitcoin’s potential for solving financial inequality.
