The blockchain ecosystem came to life in 2009 when Satoshi Nakamoto mined the first Bitcoin (BTC). Since then, the industry has expanded beyond the confines of Bitcoin. Today we have thousands of digital currencies and tokens, all supported by various blockchain networks.
The industry’s evolution has also stretched beyond the primary goals of BTC enshrined in payments, and today, the ecosystem has pivoted to Peer-to-peer payments, Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), Play-2-Earn (P2E) gaming systems and metaverses amongst others. Lately, concepts like Proof of Reserves have gained increased traction to make the industry more secure & accessible. From an industry reserved for a few tech-savvy nerds at its inception; the blockchain ecosystem is now a fast-growing technology integrated across various industries.
The dominating growth of blockchain networks now gives credence to what is termed Web 3.0. Many proponents believe Web 3.0 is a new era in the historical evolution of the World Wide Web (WWW) which many popularly call the internet.
With Web 3.0, a new ownership structure for content and data is created, such that the average user is in control, not giant tech or social media companies.
How the African Web3 Landscape is Shaping up
Web3 empowers inclusivity and is projected to improve our lives. However, the world’s most widespread integration of Web3 needs to be more balanced in Africa, despite the tech skills and potentials that are inherently visible on the continent. From the proliferation of innovative decentralized applications to the reach of Bitcoin ATMs and leading blockchain/Web3 talents, Africa needs to ramp up like other regions, including the West.
One of the most common challenges faced by the blockchain ecosystem in Africa is the need for more awareness and education. The Web 3.0 ecosystem is nascent, with many products and services that must be explained. Many who get involved in the space either learn through active participation or embrace the industry based on profitability, both of which are suitable for the long-term integration of the targeted innovations.
The regulation challenge is also a significant bane dragging down the growth of the blockchain industry in Africa. While most governments in top crypto hotspots worldwide are exploring the right innovation to support emerging tech, most African policymakers are busy evaluating the hoaxes of the technology rather than embracing its utilities.
These obvious challenges are compounded by the fact that the economy of many countries on the continent could be better and tends to leave the teaming youth searching for alternatives. As mentioned above, this alternative can be secured through Web3, but with a unique offering to tame these challenges.
Savannah and its Web3 Mission in Africa
With its roots in Africa, Savannah understands the Web 3.0 landscape on the continent and how this can easily fit into the existing technological landscape. Savannah in itself is a blockchain protocol that has the mission to equip developing countries, beginning with Africa, with blockchain solutions that are compatible with their current digital capabilities and scalability to create a whole new realm for the broader digital economy.
“Despite the challenges that the crypto ecosystem in Africa presents, we have observed that it has not dampened the enthusiasm for the emerging technology in the region,” said Mowgli, CEO of Savannah Labs. “Savannah is committed to rolling out tailored products and services that will suit every African nation, embracing their unique vibrancy and current digital and technological diversity.”
Savannah is focused on bringing out the best in Africa, and per its defined models, it can help spearhead the onboarding of the following one billion users into the Web 3.0 world. In pursuing its mission, the Savannah blockchain network has its testnet and associated Kasuku app in beta mode showcasing its readiness to compete with most blockchain protocols today.
Africa is prosperous, with a curious population with a high propensity to adopt Web3 due to the current financial and economic challenges. This provides a good opportunity to propose next-generation solutions that can usher in seamless financial accessibility to everyone.