Recent reports have emphasised on how the Ethiopian Government has recently signed a memorandum of understanding (MOU) with one of the most popular crypto start-ups, Cardano (ADA). The agreement, which was approved on May 3, involves the overseeing of the project in which Ethiopian developers will apply blockchain technology to the country’s Agritech industry.
The CEO and creative founder of Cardano, Charles Hoskinson, has also confirmed the move with a recent tweet. He let the cryptocurrency community know that the partnership with the Ethiopian Ministry of Science and Technology not only includes their technological input but also training and developing the country’s bright minds in how to use the immersive blockchain technology.
“Just signed an MOU with the Ethiopian Ministry of Science and Technology to explore training blockchain developers and use Cardano in the Agritech Industry.”
At the same time, the director of African Operations at Cordano’s parent company IOHK, John O’Connor, mentioned that the nation’s developers are expected the start using the Agritech platform in question by the end of 2018 –with Cardano’s blockchain solution as a leg to stand on.
Cardano’s Place in The Crypto Market
All in all, the MOU reveals the intention from different parties to use the intuitive blockchain technology for developing the nation and its possibilities. But, there are no binding obligations that we know of yet. Plus, we are not aware of a start date for the project either.
What we do know is that Cardano, a company which was launched in the late part of September last year, is one of the top ten cryptocurrencies by market capitalization. Their volume comes to approximately 9.4 billion dollars, trading at trading at $0.31 at press time, according to CoinMarketCap.
What makes Cardano different is that this digital asset uses a Proof-of-Stake (PoS) system instead of a Proof-of-Work (PoW) protocol, which is bound to make the system ultimately more energy-efficient. That might also explain why Cardano has managed to sweep some important partnerships, including with Binance, a company involved in supporting economic development in the East African countries.