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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 says that his long-term goal is to help onboard five million people onto Lace, Cardano’s web3-enabled crypto wallet.
“We’re just watching student after student get enrolled. The long-term goal is to get five million, that would cover the entire K through 12. It’d be very exciting to get everybody who’s young in the country, 25 or younger, and that would probably be over 20 million or 30 million, but you just have to kind of take it one day at a time.”
However, Hoskinson says progress is being bogged down by a lot of overwhelming bureaucracy, but that Cardano developer IOG and the Ethiopian government are now working together.
“It’s not our side that is creating a delay. it’s just the government has to get everything all into one bucket, so we’ve been working closely with them, some days are easier than other days…
When you do these large-scale government programs that are very bureaucratic in jurisdictions that are growing into a digital economy, you have to be patient and it takes quite a bit of time, but what’s exciting to me is at some point when you get to that level of paternity, then you can start having realistic conversations about how can we connect these users who will be 18 at some point or 25 at some point.
They will be buying homes and getting credit cards and these types of things. How do you connect them to a digital wallet? The big challenge with connecting them to a digital wallet, at this juncture, there are still capital controls in Ethiopia, and the central bank has yet to fully embrace crypto, so you could do the credentialing, but in an ethical and legal way to connect to Lace or something like that is still a big challenge.”
Cardano is trading for $0.315 at time of writing, a 1.7% increase during the last 24 hours.
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