Category: Web 3.0

How Web3 transcends crypto to solve real-world problems – Vincent Li

Web3 is transforming both global systems and local realities, enabling new ways to own, trade, and build trust through decentralised technologies. From tokenized real estate to inclusive digital finance, it is a tool for real-world change.

Vincent Li, a Founding Partner at Adaverse, is at the forefront of this shift. An investor, builder, and former NASDAQ-listed media entrepreneur, Li has backed over 60 Web3 startups across 13 countries, including 40 in Africa. In this interview with Techpression, he unpacks how Web3 is reshaping industries and why Africa is poised to lead its next evolution.

What is Web3, and why does it matter?

Web3 is fundamentally about creating a more decentralised internet where users have greater ownership and control. Having grown up with Web1 and started my career in Web2 as a product manager, I’ve witnessed the internet’s evolution firsthand. Web3 leverages blockchain technology to build trust and transparency into digital interactions, allowing for direct peer-to-peer transactions without intermediaries. It matters because it addresses many limitations of our current internet infrastructure, particularly in areas requiring trust, transparency, and user ownership.

One of the most exciting parts of Web3 is how it’s bringing real-world asset tokenization onto the blockchain. What kind of impact is this having on industries globally?

Real-world asset tokenization is revolutionising how we represent, transfer, and manage value. It’s essentially bringing physical assets onto the blockchain, making them more accessible, divisible, and liquid. In Saudi Arabia, for example, we’re seeing promising applications in sectors like real estate and finance.

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At Adaverse, we’ve invested in companies like House Africa, which is transforming land registration in Nigeria by implementing Web3 technology, moving directly from paper records to digital on-chain verification. This demonstrates how tokenization can solve real problems like property verification and ownership disputes.

We often hear about blockchain and crypto, but what are some real, tangible use cases of Web3 you’ve seen so far?

Beyond cryptocurrencies, we’re seeing meaningful applications across multiple sectors. In the Middle East, we recently invested in Takadao, which uses blockchain to provide secure and efficient halal insurance and financial services globally. Another example is Grintafy, a sports tech company we’re supporting in its Web3 transformation to enhance user experiences through blockchain technology. These companies are solving tangible problems rather than simply riding the blockchain hype.

There’s a lot of noise in the Web3 space. In your view, how can we tell the difference between projects that are truly innovative and those that are hyped?

I believe the key is focusing on solutions that address real-world problems. At Adaverse, we prioritise founders who leverage blockchain and Web3 technologies to tackle genuine challenges. It’s important to distinguish between blockchain technology with its problem-solving applications and potential misuses like cryptocurrency speculation. As Chris Dixon explains perfectly, it’s the difference between “the computer and the casino.” The most promising projects are those creating actual utility rather than just speculative value.

Let’s shift to Africa now. There’s so much potential here. How can Web3 really make a difference for unbanked and underbanked communities across the continent?

Africa presents unique leapfrogging opportunities, similar to how the continent bypassed laptops for widespread smartphone adoption. Web3 can provide financial services to those excluded from traditional banking through digital wallets, microloans, and peer-to-peer transactions. For example, Mithu App addresses challenges in the loyalty program market, where customers struggle to manage multiple programs, leading to billions in expired points annually. Similarly, UmrahCash simplifies currency exchange and money transfers for migrant workers and religious visitors, providing a secure and transparent platform that bypasses costly informal networks.

You’ve backed over 40 African Web3 startups. Can you share some success stories of African startups integrating Web3?

House Africa stands out as a prime example, revolutionising land registration in Nigeria by implementing Web3 technology. They’re moving directly from paper records to digital on-chain verification, solving the persistent problem of land disputes and ownership verification. Through Adaverse, we’ve invested in approximately 40 African Web3 startups across the continent, many of which are creating innovative solutions in sectors like finance, agriculture, and identity verification. These startups are demonstrating how blockchain can address uniquely African challenges.

But even with all this innovation, digital literacy and internet access remain a challenge. How are you and your team helping address this gap?

This remains a significant challenge, but we’re tackling it through education, community building, and strategic investments.

In the past, we made many efforts as Adaverse – we launched Startup School, a program designed for African entrepreneurs, featuring weekly educational webinars led by industry experts. We also created the BuildUp Africa podcast to spotlight innovative Web3 solutions and bridge the knowledge gap for young entrepreneurs.

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Eventually we decided it was more strategic to focus our resources on venture building, so we paused the podcasts, for example; however, our commitment to education remains strong. Today, we actively support dozens of startups in growing their communities and are investors in Nodo a key player driving digital education forward.

Bridging this gap requires a collective effort, and we’re dedicated to playing our part in shaping a more inclusive digital future.

Looking ahead, what’s your vision for Africa if it fully embraces Web3 in the next few years?

I envision Africa becoming a global leader in practical Web3 applications. The continent has already demonstrated its ability to leapfrog outdated technologies, and I believe we’ll see similar patterns with Web3 adoption. In the next three to five years, I anticipate significant progress in mass adoption of Web3 technologies across finance, payments, retail, and entertainment. With the right support and regulatory frameworks, Africa could develop unique blockchain-based solutions that address its specific challenges while creating new economic opportunities.

April 7, 2025
Moringa School, others to teach developers how to use APIs

The well-known educational technology company Moringa School has joined forces with Safaricom and M-PESA Africa to teach developers all over Africa how to use digital APIs (Application Programming Interfaces) to create new and valuable solutions.

The goal of this group effort is to speed up the growth of the M-PESA ecosystem and address the severe lack of technical ability on the continent.

To keep its growing ecosystem going, M-PESA knows it needs a skilled pool of developers. That’s why it thinks this partnership is vital for directly addressing the lack of technical ability across the continent.

Developer shortages among key stakeholders cause skill shortages, especially in SMEs and micro-SMEs, preventing them from utilising the increasing smartphone and digital payments market.

This Nairobi-based organisation established online training programmes in Ghana and Nigeria.

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Acting CEO Fiona Kirua hails African developers

Moringa School Acting CEO Fiona Kirua says, “This partnership signifies a significant stride in our commitment to equipping developers with the requisite skills to propel innovation in the digital domain.” Africa’s digital landscape requires skilled developers.

M-PESA Africa Managing Director Sitoyo Lopokoiyit acknowledged the talent shortage, saying, “We are collaborating with Moringa School to train more developers across the continent in API and mobile app development. Given the growing use of smartphones and digital financial solutions, these abilities will help more firms, especially SMEs, connect their products and solutions to digital ecosystems like the M-PESA Super App.

Moringa School’s tailored curriculum focuses on developing M-PESA mini-apps, which allow businesses and organisations to integrate their services into the M-PESA Super App and reach over 60 million Safaricom and Vodacom users.

UI/UX frameworks, mini-app development, API development and integration are some of the curriculum’s main focus areas.

Additionally, the cooperation introduces a comprehensive certification programme. Successful developers will receive certification, recognising their skills and advancing their careers. It should improve M-PESA standards and competition.

The Moringa School website accepts applications from self-funded and group-sponsored students.

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Learn more about Moringa School

Audrey Cheng is the creator, former CEO (2014-2021), and current board member of Moringa School, a Nairobi-based learning accelerator that teaches African youth coding to boost their employability and professions.

Moringa School launched its 5-6 month Software Development, Data Science, Product Design, and Cyber Security Bootcamps to integrate over 7,000+ learners from diverse backgrounds and experiences and channel their motivation to learn and grow through market-aligned curriculum, a learning approach that simulates practical on-the-job-experience, and a vibrant community of employer partners, higher learning institutions, This method prepared graduating students for the digital economy, as shown by the EdTech leader’s 70% employment rate for all job-seeking alums within 12 months.

February 23, 2024
Fxview empowers South African traders with financial solutions

Fxview, a prominent player in the Forex and CFD industry under the Finvasia Group, is making waves in South Africa with its innovative product suite. The multi-asset brokerage, part of the Finvasia Group financial conglomerate, is strategically expanding its presence in South Africa to cater to the dynamic financial landscape.

South Africa’s Growing Financial Hub

South Africa has emerged as a thriving hub for Forex and CFD trading, particularly among the younger demographic aged between 25 and 44. Fxview recognizes the potential in this market and aims to offer a diverse and tech-driven trading environment to meet the demands of the evolving South African trading community.

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Fxview’s Versatile Offering and Regulatory Endorsement

Fxview’s offering includes a wide range of CFD instruments and Forex pairs, totaling over 500 and 70, respectively. Licensed and regulated by the Financial Sector Conduct Authority (FSCA), Fxview’s versatile product suite positions it as a leading player in South Africa’s online trading space. The FSCA license underscores the company’s commitment to adhering to regulatory standards and ensures a secure trading environment for South African traders.

Janis Anastassiou, Managing Director of Fxview, expressed the company’s commitment to the South African market, stating, “South Africa is one of our most vibrant markets. Securing the FSCA license earlier this year was a natural step forward. This license allows us to strengthen our position in the country and the African region, empowering us to further expand our outreach and offer high-quality financial services to a broader audience.”

Fxview caters to both novice and advanced traders by providing a choice of trading platforms, including MT4, MT5, and the innovative ActTrader. Traders can tailor their trading experience based on their needs and experience level. The platform comparison tool on the broker’s site offers a comprehensive overview, enabling traders to make informed decisions.

Fxview places a strong emphasis on technology enablement to enhance traders’ decision-making processes. The Trader’s Tool Box, Economic Calendar, Indicator Packages, Trading Calculators, API Trading, and VPS for high-speed execution are among the tools available. Tajinder Virk, Finvasia Group CEO, highlighted the importance of technology enablement, stating, “We believe traders should be given the ability to boost their trading experience and analyze market opportunities based on comprehensive, real-time data.”

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Robust ECN Environment and Liquidity Provision

At the core of Fxview’s trading technology is its robust ECN (Electronic Communication Network) environment, ensuring razor-thin spreads and optimal bid-ask pricing. The broker’s commitment to being a top-tier liquidity provider and prime broker, coupled with an investment banking license from the FSC Mauritius, solidifies its position in the market.

Fxview’s active participation in industry events, such as the Finance Magnates Africa Summit (FMAS:23), where it served as the Registration Sponsor, reflects its commitment to engaging with the South African fintech community. The broker’s recognition as the “Best Multi-Asset Broker Africa” at the Financial Achievements in Markets Excellency (FAME) Awards further underscores its dedication to excellence in the region.

January 11, 2024
Opera reaches new crypto heights with Minipay in Africa

Africa has often been at the forefront of embracing and adapting to new technologies, and today, the continent is witnessing a surge in grassroots crypto adoption. Much like the transformative role played by mobile money platform M-Pesa in Kenya, Africans are harnessing the potential of crypto and Web3 technologies to challenge traditional financial systems.

Read also: Vella Finance to discontinue crypto trading and focus on SME banking

Africa’s Crypto Adoption Growth

The Global Crypto Adoption Index highlights Africa’s substantial growth in grassroots crypto adoption. African countries are progressively becoming hotspots for crypto and Web3 innovations, driven by the increasing adoption of digital payments.

In line with this trend, the web platform Opera has introduced a non-custodial stablecoin wallet integrated into its mobile web browser, catering to its extensive user base across the African continent. Opera conducted a survey of more than 5,000 Opera Mini users, with over 90% expressing a strong interest in having a digital wallet seamlessly integrated into their browser.

The Influence of M-Pesa

M-Pesa, initially launched in 2007 by Vodafone and Safaricom in Kenya, was a pioneering platform that aimed to serve “the unbanked” population. This innovation significantly reduced poverty levels in Kenya, extending financial access to previously marginalized individuals.

Over time, M-Pesa’s influence has grown, with over 98% of Kenyans using some form of mobile money. Ghana, Nigeria, and South Africa are also experiencing significant increases in digital payments, with adoption rates of 96%, 66%, and 43%, respectively.

MiniPay in Nigeria

Understanding the high rate of grassroots crypto adoption, openness to new technologies, and Nigeria’s status as a digital payments leader in Africa, Opera recently launched MiniPay in Nigeria. MiniPay has been designed to address specific barriers to accessible payment options, including high transaction fees, the cost of mobile data, and complex navigation.

MiniPay offers users affordable transactions, each costing less than 1 Naira (£.001), and provides flexible fund withdrawals through local payment methods, such as airtime and bank transfers. Funds in MiniPay are stored in cUSD, a stable asset on the Mento Protocol that tracks the value of the US dollar (USD), offering a potential hedge against inflation and local currency devaluation.

The lightweight MiniPay app, only 2MB in size, ensures that users can experience the benefits of Opera’s complimentary data programs without compromising their browsing experience. Transactions can be completed in under five seconds using just a phone number, simplifying the onboarding process.

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Web3 and Crypto in Africa

As Africa continues to lead the way in the adoption of transformative technologies, Opera’s integration of MiniPay reflects the region’s growing influence in the crypto and Web3 space. With mobile money and digital payments already embedded in the daily lives of millions of Africans, the transition to crypto and Web3 technologies is a natural evolution, offering new opportunities and challenging the traditional financial system.

In 2023, Africa is emerging as a key player in the world of crypto and Web3, where decentralized finance, NFTs, and blockchain are expected to play a prominent role. Opera’s move to incorporate MiniPay in its browser represents a significant step forward in empowering users across the continent to engage with these innovative technologies seamlessly.

The pioneering spirit that led Africa to embrace M-Pesa is now driving its leadership in the world of Web3 and crypto, setting the stage for a dynamic future of financial inclusion and technological advancement on the continent.

Africa’s diverse cultures, entrepreneurial spirit, and shared history of colonial exploitation are coming together to fuel the adoption of transformative technologies that offer new possibilities for economic empowerment, financial inclusion, and global leadership.

As Web3 and crypto continue to gain momentum in Africa, it is a testament to the continent’s adaptability and resilience. Just as M-Pesa revolutionized financial access and poverty reduction, the rise of Web3 and crypto technologies in Africa promises to reshape traditional financial systems and create new opportunities for individuals and businesses alike. Africa’s journey of technological innovation is far from over, and its impact on the global tech landscape is set to be profound.

As the world looks to Africa for inspiration and leadership in the crypto and Web3 space, Opera’s integration of MiniPay serves as a powerful example of Africa’s dynamic role in shaping the future of finance and technology. In a world where digital innovation continues to transform the way we live and work, Africa’s trailblazing spirit remains at the forefront of change.

November 5, 2023
Africa Money and DeFi Summit showcases nine businesses to investors in Ghana

The Africa Money and DeFi Summit has announced nine ventures selected to showcase their cutting-edge Web3, Blockchain, Fintech, and Decentralised Finance (DeFi) businesses to investors and industry leaders, live on stage in Accra, Ghana, on October 3rd and 4th.

With a focus on forging connections and bridging the gap between African ventures, corporates and global investors, the West Africa edition drew applications from Ghana, Kenya, Nigeria, Uganda, South Africa, Zambia, Namibia, and Côte d’Ivoire.

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The shortlisted ventures

Hurupay (Ghana) is a stablecoin payment platform that enables African businesses to accept stablecoin payments from customers as a more stable and reliable payment method, eliminating concerns related to currency depreciation or high transaction costs.

Save App (Kenya) is disrupting the saving habits of African consumers, reshaping their perspective on spare change. The company launched Ukonga, a micro-savings platform that enables users to save their spare change for future use.

Coinazer (Nigeria) is empowering businesses and individuals with cutting-edge blockchain solutions. The Web3 crypto platform provides a secure environment for users to safely buy, sell, and store a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many more.

PAL (Cote d’Ivoire) is a digital banking platform and liquidity provider acting as an off-ramp for remittance and payment companies seeking to innovate cost-effectively within the Francophone African market.

Safi Protocol (Kenya) is a Web3 startup that leverages Decentralized Finance (DeFi) to build climate resilience. With a deficit of $1bn funding gap in the Renewable Energy Sector in Africa and Southeast Asia, the company seeks to bridge the global liquidity gap in the energy sector by tokenising qualified real-world clean energy projects.

VerifiBuy (Ghana) is an e-commerce platform dedicated to bridging the trust gap between online buyers and sellers.

BluPay (Ghana) is a digital payment solution platform that enables businesses and merchants to instantly receive MTN Mobile Money (MoMo) and card payments from their customers directly into their bank accounts.

One Chain Africa (Nigeria) Is addressing the challenges facing blockchain adoption and innovation in Africa. One Chain Africa’s blockchain solution aims to create a more inclusive and accessible blockchain ecosystem on the continent, enable stablecoin deployment for each country, integrate on-chain KYC infrastructure, and facilitate the growth and innovation of blockchain technology across the continent.

PayBox (Ghana) is driving innovation in cross-border payment and fund transfers across more than 23 African countries for Small and Medium Enterprises (SMEs) and Millennials.

The Africa Money and DeFi Summit is supported by key industry stakeholders, including Amazon Web Services, HBAR, EMTECH, Native Teams, One Liquidity, International Trade Centre, Raenest, BudPay, Fuse, Turaco, Okra, Wewire Africa, Waza, Fonbnk, Fez Delivery, Fincra and Semoa, will connect African fintech and crypto leaders with international players. Final passes for the Summit are available here.

DeFi Summit Hosts 400 Fintech And Crypto Leaders In Ghana

About Africa Money & DeFi Summit West Africa

Africa Money & DeFi Summit West Africa (AMDSGH) is an event organised by the creators of the Africa Tech Summit Series.

It is a leading technology conference that provides valuable insights and networking opportunities for the Pan-African Fintech, Decentralised Finance (DeFi) & Crypto ecosystem. Hosted in Accra, Ghana AMDSGH brings together fintech leaders, Mobile Network Operators (MNOs), banks, international investors, entrepreneurs, government representatives, trade bodies, media, and leading ventures to drive investment and foster business collaborations within the African Fintech and DeFi ecosystem.

The summit aims to promote business opportunities and networking among attendees from a variety of industries, including decentralised finance (DeFi), payments, digital lending, cryptocurrency, Web3, cybersecurity, insurtech, FX, digital identity, mobile money, investors, start-ups, regulators, and other important industry stakeholders.

Over 500 attendees are anticipated at the event, giving them the chance to network with top businesses and innovators from the African fintech and cryptocurrency sectors.

September 18, 2023
Emurgo Africa to release Africa’s State of Web 3.0 Report

Emurgo Africa is getting ready to share a full State of Web 3.0 in Africa Report on June 23, 2023.

The analysis reveals how fast African Web 3.0 technologies are changing. It also provides an in-depth study of their consequences, opportunities, and challenges, as well as proposals for growth and influence.

Africa is rapidly adopting Web 3.0. They can transform trade and industry, financial services and financing, supply chain management and logistics, and healthcare provision and access. Clear legislation, infrastructure development, and stakeholder engagement will be needed to apply these technologies widely.

The study, funded by Emurgo Africa, will be released in Nairobi, Kenya, during a media event with industry leaders, policymakers, and the press. NODO, CVVC, GreenHouse Capital, PwC, and Cardano will speak at the event.

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Emurgo Africa’s report on technology’s impact on African growth

The report examines how these technologies could boost African social and economic progress and bridge a knowledge deficit. It covers real-world use cases, opportunities, and challenges of Web 3.0 technologies in the region.

Decentralized finance (DeFi), blockchain technology, digital identity, smart contracts, and data privacy are covered in the report. It examines target countries’ legal systems, infrastructure, and technology. This identifies areas for improvement to promote Web 3.0 technologies.

The report found that Web 3.0 technologies offer huge opportunities for Africa, that blockchain investment in Africa increased by 1,668% between 2021 and 2022, and that industry stakeholders, policymakers, and regulators must work together to foster Web 3.0 technology growth.

“The future of Web 3.0 technologies in Africa is bright, with the potential to drive unprecedented social, financial, and economic development across the continent,” stated Emurgo Africa CEO Ahmed M. Amer. This paper emphasises the crucial role of stakeholders, policymakers, and regulators in realising Web 3.0’s revolutionary capacity in Africa.

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About Emurgo Africa

A blockchain technology company with a lot of energy, EMURGO Africa is dedicated to building a bright future for all of Africa. By using the promise of blockchain, our experienced team hopes to solve big problems like poverty, inequality, and climate change.

To empower Africans to improve their lives and communities, we aim to develop a strong blockchain ecosystem that fosters economic growth, social inclusion, and environmental sustainability. Governments, companies, non-profits, and universities are our clients. This aligns with our principles of innovation, collaboration, honesty, and sustainability.

Blockchain-based platforms provide millions of Africans with free education, healthcare, and financial services. We’re delighted to help improve Africa with blockchain technology.

June 8, 2023
Meta launches the Quest 3 VR headset

Mark Zuckerberg, CEO of Meta Platforms, made an exciting statement on Instagram when he showed off the Quest 3 VR headset, which is Meta’s next-generation mixed reality device.

Meta is doing this to get ready for possible competition from Apple, which is said to be getting into the mixed reality business.

Quest 3 headset

The Quest 3 starts at $499, and its thinner design and cutting-edge colour mixed reality technology, which combines parts of augmented reality (AR) and virtual reality (VR), promise to improve the user experience. Zuckerberg posted on Instagram about the news before Meta’s annual game conference.

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Meta also stated that the price of its existing Quest 2 headsets would go down, making them more affordable for a wider range of people. On June 4, the 128GB version of the Quest 2 will cost $299.99, which is $100 less than before.

The 256GB version will cost $349.99, which is $80 less than before. Along with lowering the price, Meta has improved Quest 2’s speed so that users can have a smoother and more immersive experience.

Quest 3 VR’s notable improvements

The Quest 3’s Qualcomm chipset doubles graphics performance over the Quest 2. Zuckerberg announced that Meta’s annual AR/VR conference on September 27th will reveal more about Quest 3’s fall arrival. Meta’s clever scheduling builds enthusiasm for its latest offering.

Meta’s Quest 2 (left) and Quest 3 (right) VR headsets Size

It’s interesting that Zuckerberg’s news comes just days before Apple’s expected unveiling of its first mixed reality device. Bloomberg says that Apple’s high-end mixed reality gadget will probably cost around $3,000. With Apple’s entry into the market, there will be more competition in the mixed reality area.

IDC, a market research company, predicts that nearly 80% of the 8.8 million VR headsets that will be sold in 2022 will be Meta’s Quest 2 and Quest Pro models. The closest rival, the Pico device from Chinese company ByteDance, had a 10% market share. This amazing market share shows Meta’s strong position in the industry.

Meta is the market leader, but it has had trouble getting customers outside of the gaming business and making the metaverse it promised a reality. A study by Reuters found that eight of the top ten most downloaded apps from Meta’s Quest store are games. This shows that even though Meta is trying to find more uses for virtual reality, gaming is still the most popular one.

Also, the general market for AR/VR headsets fell by 54.4% from the same time last year to the first quarter of this year. In Meta’s Reality Labs parts, which include sales of headsets, sales dropped by 50% compared to the year before. These numbers show that Meta needs to overcome problems and get people to buy its goods again.

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To deal with these problems, Meta has been looking hard into other areas. For example, the company has gotten into the exercise industry by advertising its products as tools for working out. Zuckerberg has shared videos of himself using Meta devices while doing physical sports like fencing and mixed martial arts. Also, Meta was able to buy the company that made the VR fitness app Supernatural, which shows how serious it is about getting into the fitness business.

Touch Plus controllers of the Quest 3

Meta has also added work tools to the Quest headsets, turning them into virtual offices to get more people to use them. Meta has made it possible for popular apps like Teams and Outlook to run on Quest devices by working with Microsoft in an important way. Meta wants to make its headsets important tools for remote work and collaboration by adding these well-known productivity tools.

June 8, 2023
Hyperspace Technologies announces Keymaster VAULT

Hyperspace technologies, a Web3 firm headquartered in Lagos, has announced the release of its product, the keymaster Vault. Hyperspace is a pioneer in the creation of intelligent security infrastructure and key management solutions.

Keymaster VAULT is a secure NFC-based hardware wallet that stores private keys in the cloud.

It provides a cost-effective and user-friendly alternative to traditional hardware wallets, which are both pricey and inconvenient.

Keymaster VAULT was created to meet the demands of the African market.

The Keymaster VAULT enables consumers to safely access their digital assets by simply tapping their NFC-enabled devices, utilising the convenience of use provided by Near Field Communication (NFC) technology.

As a result, the wallet does not require any complicated installation steps, making it an excellent choice for users with varying levels of cryptocurrency expertise.

The wallet avoids a large chunk of the susceptibility to hacking and infections inherent in online key storage by storing private keys locally rather than online.

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The Motive of Hyperspace Technologies

According to Chidera Anyanebechi, General Manager of Hyperspace Technologies, “We wanted to create a wallet that combines the highest level of security with ease of use, making cryptocurrency storage accessible to a broader audience in Africa.” “We wanted to create a wallet that combines the highest level of security with ease of use,”

Anyanebechi explained that “The Keymaster VAULT not only provides an affordable solution but also offers enterprise clients the ability to leverage blockchain-based identity and access management, which we believe will be a game-changer in the industry.”

The cutting-edge encryption technology utilised in the Keymaster VAULT offers consumers the highest level of protection for their digital valuables. Individuals and companies who want to save their digital assets safely without breaking the budget or dealing with complicated settings will find that this product’s compact size and portability make it an ideal option to consider.

What is Web3?

Individuals frequently claim that Web3 is a collection of collaborative, open-source, decentralised applications that run on blockchain computing architecture.

It is distinct from the Metaverse, another open-source virtual reality setting. Web1 was the name of the internet from roughly 1990 to 2004.

Users of the internet could only read it, and it served as a source of information.

In essence, it enabled everyone to access genuine newspapers via a global network. The current internet operating system, known as Web2, allows users to engage with websites.

Nowadays, the internet does more than just display data. Users can now add information to other people’s web pages, and it can vary based on what a reader desires.

The read/write system of the Internet was replaced by a read-only system with Web2. Also, Web2 businesses have the flexibility to modify the restrictions at any moment or just ban users who don’t agree with them.

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Web2 businesses make changes to their websites to maintain user engagement. To put it another way, they are designed to pique your interest.

Sadly, this calls for providing people with the material they are most likely to read, such as clickbait titles that irritate or make people feel as though they are missing out on something.

The effects of a steady stream of offensive material on mental health are now frequently studied, and extensive social media use is associated with anxiety, depression, and low self-esteem.

Decentralized applications, or dapps, are managed by teams of individuals rather than by a single corporation.

A CEO, management, or board of directors do not make decisions.

Instead, decisions are made by a group of token-owning individuals.

Also, decisions are made publicly and are recorded on a blockchain so that everyone can view them. This eliminates the need for secret meetings. Think about what would happen if Google and Facebook had to obtain user consent before conducting any transaction.

The majority of people undoubtedly don’t agree with how much information is gathered, how many people are banned, or how much offensive content is fed.

Because Web3 is so centralised, it conceptually addresses many of Web2’s issues.

The internet got more entertaining and interesting when Web2 took the place of Web1.

It also provided internet businesses with a fresh revenue stream. That model didn’t have issues until after it had been in use for some time. Even though Web2 firms like Facebook and Google appear to offer free services, they actually profit off the data of their users, which is harmful to privacy.

Businesses have gained billions of dollars from advertising by packaging this data for use by marketers in creating targeted marketing campaigns.

Google earns more than 80% of its revenue from advertisements.

By learning what consumers like, dislike, and are interested in, advertisers may get their marketing materials in front of the people who are most likely to purchase their goods or services.

Yet, not all data collection methods are moral or even lawful.

Facebook was penalised $5 billion by the Federal Trade Commission for violating user privacy laws.

While Web3 is predicated on the concepts of decentralisation and privacy, one may convincingly argue that it is not a panacea for every issue with the internet as it currently exists.

Web3 is not as decentralised as some people believe, for starters. When it comes to Web3 advancement, businesses like Hyperspace Technologies have Africa covered.

March 30, 2023
African Startup League aims to empower Africans with $1 million prize

For the fiscal year 2023, the African Startup League (ASL) competition has been formed to provide funding for emerging innovation startups in Africa.

Tanzanian startup businesses have the chance to win funding for capacity building, marketing, and growth through competition. Organizational sponsors of the African Startup League (ASL) include Adnanian Labs, Humanity Nodes Protocol, and Web3Africa.

Speaking in a news release issued by the Africa Startup League (ASL) tournament at the end of the week in Dar es Salaam, Mr Aly Ramji said: “By building startup capacity across the continent, digital transformation will serve as the bedrock to create a productive and sustainable workforce, support development of an income generating environment and help to build a thriving economy across the continent.”

To support this, Mr Ramji claimed that the Africa Startup League (ASL) had revealed the 2023 innovation challenge, which would start on February 8 and put young businesspeople from around the continent against one another for a $1 million (USD) financial prize.

The first pan-African social network and Web3 integrated platform’s co-founder, Mr Ramji, stated, “…the continent-wide contest is open for innovators, entrepreneurs, micro-enterprises and early-stage start-ups to attain access to finance, as well as the much-needed expertise required to scale businesses.”

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The competition’s judges are chosen from a variety of professions across Africa, and they will select the top startups based on factors including innovation and their potential to impact wider African communities.

The competition will allow entrepreneurs and innovators to display their cutting-edge goods for six months. The top 100 entrepreneurs will be vying for 99 awards of $10,000 each and a grand prize of $1 million.

The initiative’s aim

The initiative aims to establish a form of matchmaker that would enable companies to obtain the initial seed money, mentoring, and training they need to scale their enterprises.

At the same time, one of the main objectives is for Africans to see the opportunities that lie ahead of them and to engage in competition that can result in the development of solutions to urgent problems in African communities.

“Rather than being left to fend for themselves, Africa’s tech startups would benefit from networks that connect founders, tech hubs, universities, and government bodies to assist in the identification of business opportunities, the overcoming of skill shortages, and the attraction of the required talent,” he summed up.

Young entrepreneurs in Africa have the chance to showcase their abilities and inventions through the Africa Startup League, which also helps them develop more effective strategies for overcoming the issues facing their continent and growing the scope and viability of their businesses.

For more than 1.3 billion people, Africa’s reliance on innovation will be the key to economic prosperity. Fintech is the sector with the highest growth in East Africa, according to reports.

“Between 2020 and 2021, the number of tech start-ups in Africa tripled to around 5,200 companies. Just under half of these are fintechs” reads the McKinsey report.

The analysis predicts that by 2025, the financial services business in Africa will generate around $230 billion in sales and expand at a rate of about 10% annually.

“Overall, we anticipate that the growth opportunity in fintech is likely to be concentrated in 11 key markets: Tanzania, Cameroon, Côte d’Ivoire, Egypt, Ghana, Kenya, Morocco, Nigeria, Senegal, South Africa, and Uganda, which together account for 70 percent of Africa’s GDP and half of its population,” reads the report.

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About the African Startup League

The African Startup League is an innovative platform that links business owners with strategists, artists, engineers, communities, and money to design, develop, and launch exponential organizations that aim to enhance human life and change the course of tomorrow’s world.

December 20, 2022
Adaverse Announces Investment In Digital Nation Afropolitan

Adaverse, a Cardano ecosystem accelerator supported by EMURGO that supports African Web3 development, recently announced its investment in the “Network State” Afropolitan, a Web3-based community for African development. Adaverse joins Hashed, Cultur3, Microtraction, Future Africa, and a number of other well-known backers in Afropolitan’s competitive seed round.

The startup is a partnership between EMURGO Africa and Everest Ventures. EMURGO Africa is the regional office of EMURGO Middle East & Africa (MEA), a Cardano commercial arm that has invested in more than 20 African businesses this year. Adaverse invests in African companies that are making Web3 products on Cardano’s blockchain platform, which is good for the environment. They do this by giving them money, technical resources, and mentorship. These startups are concentrating on a wide range of Web3 solutions, such as NFTs, gaming, and others.

Read also: Hibret Bank launches digital payments platform for Ethiopian businesses

What to know about Afropolitan

Afropolitan is a bold plan to make a digital nation for Africans and people from Africa who live in other countries. Inspired by the ideas of Internet entrepreneur and crypto philosopher Balaji Srinivasan, Afropolitan wants to build a global network of Africans online before bringing them together in the real world.

The main goal of Afropolitan is to bring together Black and African talent, culture, capital, knowledge, and experiences for its members all over the world. Afropoliton is still in its early stages, but it is already helping its network of 220,000 people connect, share, and grow as a group. Afropolitans get access to podcasts, seminars, and other methods to network and connect in over 33 countries across the world.

Afropolitan’s objectives will increase in line with the network. As more of Africa’s 140 million diaspora members join the Afropolitan network, the network state intends to convert to complete decentralized autonomous governance (DAO) via a “super app” that integrates all utilities inside the ecosystem. As the network expands, attempts will be made to legitimize the Afropolitan nation through state-building activities supported by both the internal token economy and external revenue sources.

Afropolitan will eventually move from being online to having real places by buying land in big cities. As Afropolis obtains more land around the world, these holdings will be linked as “Charter Cities,” each serviced by a digital capital.

Eche Emole and Chika Uwazie, inventors of Web3, are Afropolitan’s core team. The core worked together to make the manifesto that will guide how the Afropolitan network state grows and moves forward.

Afropolitan is a bold plan to make a digital nation for Africans and people from Africa who live in other countries. Inspired by the ideas of Internet entrepreneur and crypto philosopher Balaji Srinivasan, Partisan wants to build a global network of Africans online before connecting communities in the real world.

Afropolitan will eventually move from being online to having real places by buying land in big cities. As Afropolis obtains more land around the world, these holdings will be linked as “Charter Cities,” each serviced by a digital capital.

However, Africa’s riches are not solely derived from the African continent. A significant diaspora of roughly 350 million people returns approximately $65 billion every year. If this diaspora were regarded as a country, it would have the world’s third-largest population.

“Through its pan-African, value-driven platform, Afropolitan is helping millions of Africans enhance their boundless potential across the globe.” “The transition to Web3 will expand economic opportunities for Africans and the African diaspora in the flourishing digital economy, and Adaverse is ready to help this scale with tools on Cardano’s environmentally sustainable blockchain,” said Eche Emole, co-founder at Afropolitan.

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About Adaverse

Adaverse is a Cardano ecosystem accelerator that was started by EMURGO Africa and Everest Ventures Group to help the next generation of Web3 entrepreneurs from Africa become successful around the world. As an alchemist for organically formed solutions, we help companies on the African continent grow sustainable businesses through finance and a 1:1 coaching program. All year long, African startups with a crypto-native edge and a proven idea can submit a proposal to our accelerator program.

November 29, 2022