Jathin Jagannath, Developer Advocate of Cartesi, a Web3 rollup protocol, has identified regulatory uncertainties as a significant obstacle in Africa’s Web3 landscape. He believes that the lack of clear and well-defined regulations surrounding Web3 technologies can cause potential users and investors to hesitate.
In a recent interview, Jathin expressed concern that this regulatory ambiguity might lead to a reluctance to fully embrace the transformative possibilities that Web3 offers. He stated, “With regulatory clarity, enhanced digital literacy, and infrastructural upgrades, we will see Africans overcome these obstacles and lean into rapid modernization.”
Africa, with its vast potential for Web3 adoption and innovation, is a continent to watch. A recent report by PwC and Emurgo Africa 2023 on the “State of Web3 in Africa” revealed that blockchain funding across Africa increased by 1,668 percent in 2022. Kenya, Nigeria, and South Africa are leading the continent’s Web3 adoption.
Despite Africa’s potential for Web3, Jathin highlighted a significant lack of education and accessibility to knowledge. He emphasized the importance of improved digital literacy, stating that a skilled workforce and user base are crucial for successfully integrating Web3 technologies.
Awosika Israel Ayodeji, Program Director of Web3Bridge, also pointed out challenges in education and knowledge access for African developers. Ayodeji noted that high poverty rates often make people prioritize trading instead of comprehensive learning.
Cartesi and Web3 Bridge are collaborating on an 8-week Cartesi masterclass in Nigeria in early January 2024. Jathin expressed their commitment to boosting visibility and improving developers’ skills in the African ecosystem, contributing to Nigeria’s dynamic blockchain scene.
According to Jathin, Africa is primed for a Web3 boom in 2024 and beyond for several reasons, including its younger demographic and volatile currency. However, Oxford Business School reports that almost 24% of Africans don’t participate in the banking system.
Jathin underscored the potential for Web3 in Africa, stating that decentralized wallets and other Web3 applications can address current challenges and bring about transformative changes in how Africans interact with financial systems and conduct cross-border trade.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Africa |
| Countries | 🇰🇪 🇳🇬 🇿🇦 🇨🇳 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Jathin Jagannath, Awosika Israel Ayodeji |
| Companies | PwC, Emurgo Africa 2023, Oxford Business School, Cointelegraph, Web3Bridge, Cartesi |
| Currencies | None |
| Securities | None |
