• Charles Hoskinson, the creator of Cardano (ADA), has announced a goal to onboard 5 million new users onto its Lace wallet.
• The project is identity-focused in Ethiopia and aims to archive students’ academic records.
• Despite bureaucratic delays, IOG and the Ethiopian government are working together to realize this goal.
Charles Hoskinson Announces Goal
Charles Hoskinsons, the CEO of Input Output Global (IOG) and creator of blockchain platform Cardano (ADA), has announced a goal to onboard five million people onto its web3-enabled cryptocurrency wallet, Lace.
Project In Ethiopia
Hoskinson’s project in Ethiopia is identity-focused and aims to archive students’ academic records. He hopes that by reaching his goal of five million users it will cover K through 12 students in the country who are 25 or younger – which could be over 20-30 million people total.
Governmental Delays
Progress is being delayed due to bureaucracy but Hoskinson states that IOG and the Ethiopian government are now working together on the project. However, there is still a challenge connecting these users ethically and legally with digital wallets as capital controls still exist in Ethiopia and their central bank has yet to fully embrace crypto.
Price Action
At time of writing ADA was trading for $0.315, an increase of 1.7% during the last 24 hours.
Conclusion
Hoskinson’s ambitious plan provides hope for mass adoption of cryptocurrency amongst young people in Ethiopia, although there are many challenges ahead before this can happen ethically and legally within their current regulatory framework.