Web3: A Glimmering Prospect for Africans

The past several years have brought about a seismic shift in our world, challenging us to re-examine our lifestyles, work, and leisure. The threat of global insecurity, climate change, and a multitude of other issues have taken a toll on our collective morale. In this uncertain landscape, there is a growing need for a sense of belonging and hope, and a search for alternatives to the status quo. For creators, workers, and everyday individuals alike, community has become an essential anchor in navigating this uncertainty. In these communities, mutual aid is not just a last-ditch effort in trying to survive, but a natural aspect of how we interact and support each other. The power of unity and collective action is a truth that has stood the test of time, and the frameworks and economies arising from decentralized technology movements harken back to ancestral traditions that are deeply rooted in African culture. Our ancestors viewed survival and well-being as a shared responsibility, recognizing that community was a source of healing, a refuge from individual struggle, and a place of respite amidst chaos.

Cryptocurrency was created as a groundbreaking financial technology with a singular purpose: liberation. The ultimate aim of crypto is to enact a future for humanity that is free from the constraints imposed by traditional institutions and old guards, unlocking our full potential for growth. With the power of cryptography and blockchain technology, we now have the means to fulfill our moral obligation as never before. Cryptography provides a universally verifiable means of securing property rights. With internet access, individuals from anywhere in the world can participate in open governance systems, uniting their efforts to bring new visions for the future to life, at lightning speed.

For generations, Africans have been left behind in the wake of major technological innovations, due to a combination of skepticism, inadequate governance, and infrastructural hurdles. From the Industrial Revolution, which marked the transition from agriculture to manufacturing, to the Technological Revolution that paved the way for digitization and a new economic landscape, history has recorded the many missed opportunities. Despite this, Africans have had an outsized impact on the world, shaping the fabric of society and leaving a lasting imprint on art, culture, and entertainment trends globally. However, this immense value created by Africans has all too often gone unacknowledged and severely under-rewarded.

As more and more Africans become aware of and engage with this new, decentralized technology rooted in participatory economics, the exclusionary dynamics of old systems are being challenged and value is being distributed more fairly amongst its constituents. The blockchain allows for the transparent representation and tracking of any asset, both tangible and intangible. This open distribution of information, ownership, assets, and experiences, unencumbered by a centralized power, heralds the arrival of the next era of the Information Age: Web 3.0.

Web3 represents a paradigm shift in the way the internet operates, offering a decentralized, open-source, and permissionless system that eliminates the need for intermediaries. It is a rich tapestry woven from the threads of technology, finance, commerce, art, culture, and community, working towards extending personal freedom. At the core of Web3 are principles such as provenance, user ownership through property rights, immutability, and self-sovereignty. This new iteration of the web offers a unique alternative to the restrictive systems we have become accustomed to, providing individuals with the potential to maximize its benefits, especially those who exist and operate on the fringes of Western capitalist systems. Given the fact that they were excluded from earlier cycles of technological development, the arrival of Web3 presents a remarkable opportunity to reconstruct and chart a new course for the future, one that has the potential to redress historical injustices.

Africans stand to greatly benefit from the capabilities offered by Web3 technology. As creators across various disciplines, we now have the opportunity to express our values, rights, and fundamental beliefs through any medium without having to sacrifice control over our intellectual property. With the rise of state-sanctioned censorship and limitations on creative expression, it is imperative that we take control of our own narratives. Web3 presents us with a unique chance to bring our ideas to life, generate income and contribute to shaping the future on our terms. The significance of this opportunity cannot be overstated.

A few statistics to note

• According to the United Nations, Africa is projected to have the largest labor force by 2040, with a staggering 1.1 billion people of working age, making it a huge contributor to the global economy.

• In 2019, the average unemployment rate in sub-Saharan Africa was 7.1%, affecting over 36 million people.

• In 2020, the COVID-19 pandemic further exacerbated the unemployment crisis, with the International Labour Organization estimating that nearly 80 million jobs could be lost globally.

• The World Bank estimates that over 60% of Africa's population is unbanked, and this lack of access to financial services limits their ability to participate in the formal economy and increases their vulnerability to financial exploitation.

• In terms of technological advancements, a recent study by the International Telecommunication Union (ITU) found that there has been a substantial increase in internet access and use in Africa, with over half of the population now connected to the internet.

• This growing internet penetration has created a favorable environment for the adoption and integration of digital technologies, including blockchain and Web3, which could offer solutions to the many challenges faced by the African continent, such as financial inclusion, access to education, economic and social revitalization, and secure data storage.

According to the United Nations, Africa is expected to experience a significant increase in its working-age population in the coming decade, with projections indicating that the continent will add more people to the workforce than the rest of the world combined. This trend is driven by a number of factors, including favorable demographic patterns and a growing number of young, educated workers entering the labor market. With such a massive influx of talent and energy, Africa is poised to play a major role in shaping the global economy in the years to come. With the right investments in infrastructure, education, and technology, the continent has the potential to unlock tremendous economic growth and provide a path to prosperity for millions of people.

Embracing a New Era of Community Organizing: The Vision of COLDS Collective for Africa

COLDS Collective is a community focused on harnessing the power of technology for a better future in Africa. Our mission is to empower Africans and promote self-determination through the application of peer-to-peer systems and emerging technologies. We believe that technology has the power to revolutionize all aspects of African existence, economy, and society, and we're dedicated to leveraging it to create a more inclusive, progressive, and aspirational future for the continent. Our approach is grounded in human-centered design principles, recognizing that technology is but one component of a multifaceted effort to create sustainable impact and we approach our work with a deep appreciation for the complexity of social and cultural dynamics at play in the African continent.

At COLDS Collective, we understand that technology has the potential to bring about revolutionary change, but we also acknowledge that it is not a cure-all for centuries of injustices faced by the African people. We firmly believe in the importance of uniting under a common vision and shared values to drive meaningful and sustainable impact. With the power of technology, social action, and a focus on people-centered design, COLDS Collective is poised to be a driving force in shaping a brighter future for Africans.

We are forging ahead towards realizing our mission of propelling the education, growth, and implementation of cutting-edge technologies on the African continent. With the establishment of the COLDS Collective DAO, we are making a bold stride towards harnessing the transformative potential of decentralized technology and a dedicated, dispersed community to power the future of work. By coming together in this way, we have the opportunity to embark on ventures that hold immense promise for mutual advancement, accomplishing endeavors as a decentralized collective and bringing projects to fruition through a decentralized workforce structure.

Stay tuned for the next article to learn more about how to join the movement.