Jathin Jagannath, a developer at Web3 rollup protocol Cartesi, highlights regulatory uncertainty as a major barrier to Africa’s Web3 sector growth. The lack of clear and well-defined legal frameworks may instill fear and hesitation among potential users and investors, potentially hindering the full adoption of the opportunities presented by Web3.
Despite the regulatory challenges, Africa continues to be seen as a continent with significant potential for the adoption and innovation of the Web3 sector. A recent report by PricewaterhouseCoopers and Emurgo Africa shows a 1,668% increase in blockchain financing in Africa for the year 2022, with Kenya, Nigeria, and South Africa leading the continent’s Web3 adoption.
Jathin points out a considerable gap in education and access to information, emphasizing the importance of developing crypto literacy. He argues that a skilled workforce and user base are critical for the successful integration of the Web3 sector across various domains.
Cartesi and Web3bridge are set to collaborate on an eight-week Cartesi course in Nigeria at the beginning of January 2024. Jathin expresses their commitment to enhancing the visibility in the African ecosystem and improving developers’ skills, contributing to Nigeria’s dynamic blockchain potential.
Jathin believes that Africa is ready for Web3 sector advancements post-2024 due to its young demographics and volatile currency. However, the lack of banking system participation by nearly 24% of Africans, according to Oxford Business School, raises concerns. He suggests that decentralized Web3 wallets and applications could overcome current challenges, transforming Africans’ interactions with financial systems and cross-border transactions.