ZETACHAIN: BRIDGING THE GAP IN AFRICA'S BLOCKCHAIN FUTURE.
It's high time African leaders fully embraced blockchain technology and its myriad applications. African creatives should be encouraged to build solutions using Web3, a space ripe with financial opportunities.
Most African leaders were born in the Web1 era, operating with an outdated mindset that doesn’t align with today’s advancements. To understand the significance of Web3, let’s explore the evolution of the internet.
THE EVOLUTION FROM WEB1 TO WEB3
1. WEB1: THE STATIC WEB
Web1, often referred to as the static web, was the early stage of the internet. This era, spanning the 1990s to early 2000s, was characterized by static websites that displayed information without much interaction. Users could read content but couldn't interact with it or contribute to it.
Examples of Web1 include:
- Newspapers online: Websites like early versions of The New York Times or BBC News, where you could read articles but not comment or share.
- Company websites: Businesses had online brochures, providing basic information without user engagement.
- Directories: Sites like Yahoo Directory, which listed links to other websites without any interactive features.
2. WEB2: THE SOCIAL WEB
Web2 marked the transition to a more interactive and user-centered internet. This era saw the rise of social media platforms and interactive websites that allowed users to create, share, and engage with content.
Examples of Web2 include:
- Social Media Platforms: Facebook, Twitter, and Instagram, where users can post updates, share photos, and interact with each other.
- Video Sharing: YouTube, allowing users to upload, view, and comment on videos.
- Online Marketplaces: eBay and Amazon, where users can buy and sell products, leave reviews, and rate services.
Web2 brought about significant changes in how people interact online, but it still had limitations regarding data ownership and control.
3. WEB3: THE DECENTRALIZED WEB
Web3, the decentralized web, represents the latest phase of the internet, leveraging blockchain technology to create a more user-centric and secure online experience. In Web3, users have greater control over their data and can be rewarded for their participation.
Examples of Web3 applications include:
- Decentralized Finance (DeFi): Platforms like Uniswap and Aave, where users can trade cryptocurrencies and earn interest without intermediaries.
- Non-Fungible Tokens (NFTs): Markets like OpenSea, where digital art and collectibles are bought and sold.
- Decentralized Applications (dApps): Applications built on blockchain platforms like Ethereum, enabling a range of services from gaming to social networking.
Blockchain-based projects pay users to use their services, representing the essence of Web3. Governments cannot halt this progress. Instead, they should leverage this technology to build better structures for their citizens. Crypto, a segment of blockchain, will continue to thrive regardless of bans, as it is internet-based and not confined to any single region. For blockchain services to function effectively, smart contracts are essential, facilitating secure transactions.
THE ROLE OF ZETACHAIN
ZetaChain addresses a significant challenge in the blockchain ecosystem by providing a foundational, public blockchain that enables omnichain smart contracts and messaging across any blockchain. It resolves the issues of “cross-chain” and “multi-chain” interactions, aiming to democratize access to the global financial ecosystem. ZetaChain supports a fluid, multi-chain crypto environment, allowing users and developers to move seamlessly between different blockchains and utilize various benefits, including payments, DeFi, liquidity, games, art, social graphs, performance, security, privacy, and more.
As the first Universal EVM, ZetaChain abstracts chains, assets, and data, offering a seamless user experience across all connected networks. For instance, with Zetaswap or Eddy Finance, users can easily swap their coins without relying on intermediaries.
ZETACHAIN'S GROWTH ACCELERATOR PROGRAM
ZetaChain recently launched a growth accelerator program, dedicating 5% of its total token supply to support teams with the best ideas. This initiative, known as a hackathon, allocates up to 5% of the total ZETA supply to foster innovative projects on the ZetaChain blockchain. A dedicated 1% (21 million ZETA) is set aside for Bitcoin-focused projects. This program is part of the broader Ecosystem Growth Fund, which allocates 12% of the total supply for ecosystem growth, with distributions planned over the next 3-4 years.
The program will offer grants, incentives, and community campaigns to support the development of cutting-edge products and services leveraging ZetaChain’s native Bitcoin integration.
THE NEED FOR INFORMED ENGAGEMENT IN THE BLOCKCHAIN ECOSYSTEM.
European employers recognize the potential in Africa's youth, utilizing their talents and providing compensation. Instead of creating restrictive policies, African governments should create safe spaces and opportunities for their citizens to thrive. For example, banking systems in Nigeria often erode deposited funds through various fees, making crypto a more attractive option for many.
The reason why African youths will suffer long in the hands of their leaders is that they don't verify information before posting about it. This lack of due diligence can have far-reaching consequences, especially when dealing with sensitive information that can hinder others from benefitting from particular projects.
A significant issue is that many young Africans engage in the crypto space out of FOMO, or the "Fear of Missing Out." FOMO is a psychological phenomenon where individuals feel compelled to join in on an activity because they see others participating, fearing they will miss out on potential benefits. This fear often drives people to make hasty decisions without conducting thorough research. For instance, seeing friends or online influencers making quick profits from cryptocurrency investments can push individuals to jump into the market impulsively, often without understanding the risks involved.
Moreover, a majority of those involved in cryptocurrency in Africa do so without a deep understanding of the underlying technology or the broader blockchain ecosystem. When they eventually become aware of trends, they tend to follow these trends blindly without proper research. This lack of informed participation leads to a superficial engagement with the technology, focusing only on immediate gains rather than long-term benefits.
Another problem is that many people cannot define blockchain or understand its various use cases. Most only recognize the aspect of blockchain that involves cryptocurrency trading. While cryptocurrency is a significant part of blockchain technology, it is just one of many applications. Blockchain also supports smart contracts, decentralized applications (dApps), supply chain management, and more. These diverse applications can revolutionize industries and improve efficiencies, yet they are often overshadowed by the more sensational aspect of crypto trading.
Since the focus is predominantly on cryptocurrency, governments often see it as a threat to financial stability and respond with restrictive policies. These policies typically aim to curb the perceived negative impacts of cryptocurrency without recognizing the broader potential of blockchain technology. For instance, when people only promote the volatile and speculative nature of cryptocurrencies, it reinforces the government's concerns about financial security and consumer protection, prompting them to implement stringent regulations.
This situation is exacerbated by the lack of accurate information and education about blockchain technology among the general populace. When leaders and policymakers are not well-informed about the potential benefits and various applications of blockchain, they are more likely to impose blanket bans or restrictive measures that stifle innovation. This results in a cycle where uninformed public engagement leads to reactionary government policies, which in turn hinder the adoption and development of blockchain technologies that could benefit society.
To break this cycle, it is crucial for African youths and the wider community to seek comprehensive education on blockchain technology. This involves understanding its fundamentals, such as how it works, its potential applications beyond cryptocurrencies, and its benefits in various sectors. By becoming more informed, individuals can make better decisions, engage more responsibly with the technology, and advocate more effectively for its adoption. Attend Blockchain event for example the event below.
Leaders and educators should also play a role in promoting blockchain literacy. By providing resources, training, and platforms for discussion, they can help demystify the technology and encourage more informed participation. When people understand the broader implications of blockchain and engage with it responsibly, it will be easier to demonstrate its potential benefits to governments and influence the creation of supportive policies.
In summary, the reason why African youths may continue to struggle under restrictive leadership is due to a lack of verification of information, impulsive engagement driven by FOMO, and a narrow understanding of blockchain technology focused solely on cryptocurrencies. By addressing these issues through education and informed advocacy, it is possible to foster a more supportive environment for blockchain innovation and its myriad benefits.
Blockchain is the new frontier for the youth, yet older generations seem resistant to this change. Instead of implementing policies that drive away potential users, why not develop ideas aligned with Web3's features to attract young people?
CALL TO ACTION
The BTC Ecosystem Growth Program is now open for submissions. Developers with innovative and executable ideas should consider participating in ZetaChain’s growth accelerator program. Projects can visit ZetaChain Developer Grants and complete the grant submission form.
While the reward dates are not yet announced, you can engage in the ongoing XP campaign. For more information on how to interact on the Zetahub, feel free to leave a comment.
Follow ZetaChain on Twitter @zetablockchain and join the conversation on Discord and Telegram. Reach out to partnerships@zetachain.com if you’re building on top of ZetaChain.
Note: Any projects mentioned are third-party and not affiliated with ZetaChain.
Disclaimer: The above details are the current thinking and models with regard to ZetaChain and ZETA. They are subject to variations for the ZetaChain Mainnet Beta, and all upgrades of the network can only go live via a successful governance vote on-chain.
