Nigerian Youths Embracing Blockchain for Global Competitiveness
Nigerian youths are taking the initiative to learn about blockchain technology, aiming to boost their competitiveness on the global stage. The DecaHack initiative is providing essential support, offering coaching, mentorship, and financial assistance to help young innovators succeed in the tech industry.
DecaHack: A Catalyst for Blockchain Education
Co-founder of ICP Hub Sahara, Adedayo Adebajo, stressed the crucial role of embracing blockchain technology. The second DecaHack cohort at the University of Ibadan (UI) in Oyo State is a testament to this vision. DecaHack, an initiative of the Internet Computer Protocol (ICP), is making waves by providing online blockchain boot camps, hackathons, and pitch competitions. These events are designed to empower Nigerian youth with the knowledge and skills needed to navigate the evolving blockchain landscape.
Blockchain’s Potential to Transform Africa
Adebajo further highlighted the potential threat to Nigeria’s technological progress if it overlooks the advancements in blockchain technology. The Internet Computer, an open-source, public blockchain, facilitates smart contracts and allows developers to deploy decentralized applications (DApps) and NFTs. DecaHack is showcasing how blockchain technology can revolutionize Africa, attracting young innovators from across the country.
Building a Web3-Ready Future
The DecaHack event included informative lectures, workshops, and discussions to foster understanding of blockchain and its development. The event drew participants from diverse backgrounds, including innovators, specialists, and blockchain enthusiasts, signifying Africa’s growing interest in blockchain technology.
One notable session was led by Ucheena Agams, Web3 ambassador of Arbitrum, who delved into the concept of interoperability in the Web3 world. Agams emphasized the need to bridge the gap between different blockchains and DApps, urging front-end developers to play a crucial role in making the technology accessible to the wider public.
Empowering Blockchain Startups
DecaHack organizers are providing substantial prizes to early-stage blockchain startups. The top five startups will receive up to $25,000 in non-equity grants and an opportunity to advance to the national grand finale. The finalists will have the privilege of meeting with ICP for consulting, mentorship, and additional funding opportunities, preparing them for the global digital economy.
Crypto Startups Flourishing in Asia and Africa
A recent report by the DAO group highlighted the remarkable growth of cryptocurrency-based startups in the first half of 2024. The report revealed a significant surge in new businesses launched in Asia and Africa.
While Europe currently holds the top spot with 31.4% of global crypto startups, Asia is quickly catching up, claiming 26.8% of the total. Notably, Africa’s share has risen to 5.2% this year, indicating a rising adoption of blockchain technology and cryptocurrencies.
This trend underscores the growing global interest in blockchain, and Nigeria’s proactive approach through initiatives like DecaHack positions it strategically to capitalize on this burgeoning market.
