Web 3.0: A New Revolution for Africa’s Digital Economy

You have probably heard of blockchain, bitcoin & cryptocurrency, but what about Web 3.0?

In 2014, Gavin Wood, an English computer scientist, coined the term “Web 3.0” & laid out his vision for the future of the internet…

Web 3.0 is the idea that the next generation of the internet will be built on blockchain technology where users have more control over their information. It is another chance for a new world of tech start-ups to find their way & lead the digital revolution. Many tech giants including Google, Microsoft, & Amazon have tapped into this revolution.

But we often hear about these tech giants, so how about elsewhere?

Africa is welcoming Web 3.0 at an impressive rate & here are some quick fire events bringing the continent closer to this technology:

🚀 The evolution of blockchain technology has interested many governments across the continent to explore blockchain-based solutions, creating Central Bank Digital Currencies (CBDCs).

🚀 The Central Bank of Nigeria (CBN) which had previously criticised cryptocurrencies, later launched the e-Naira in October 2021.

🚀 Many other African counterparts like South Africa are also participating in this digital currency ‘Bank for International Settlements’ (support central banks’ pursuit of monetary and financial stability through international cooperation) with a multi-CBDC experiment project in Durban.

🚀 Meanwhile, Morocco, Tunisia, Ghana, Kenya, Rwanda, Madagascar, Mauritius, & most recently, Uganda are all actively researching digital currencies backed by their respective central banks.

🚀 The BBC reported that Nigeria ranked the third country globally with the highest bitcoin trading volumes last year, after the U.S. and Russia. Another report also confirmed that about 60 percent of Nigerian and African start-ups are deep into researching blockchain options.

These are just a few indications of what’s to come. Web 3.0 can open up an intra-African exchange economy, it can be used for purchases and transportation between African nations. It will assist Africans to generate more economic value in a wider market. While the evolution may take decades to complete, the possibilities are unlimited, and this is the time to get everyone rolling!