Web3, Giving an All Encompassing Warrant of Success to The Developing Nations.

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Introduction
Greetings everyone, in this publication, I lucidly expounded on the different ways folks in the developing nations have been empowered through the evolution of Web3. I believe you'll be solaced after a chary perusal.

The evolution of the third generation of the Internet has brought tremendous empowerment to the developing nations although it is not without glitches, given to the datum that most third world leaders are vehemently against its invention.

Although no evolution or invention in technology or other faucet of life is without skepticism and defiance, since everyone may not grab first hand knowledge of the protocol at the inception. This has prompted leaders, governments and even the masses in most of the developing nations to be incredulous of the marmot benefits that could be amassed from absolute adoption and involvement in the web3 evolution.

I would have also been in opposition of this invention if not given to my little exposure and acclimatization in education and some basic technologies within my reach. Consequently, I must deduce that ignorance and rigidity to adaptation in new techs has given rise to this menace.

The case isn't in disparity when some of the first world nations came not really for exploitation but to give illumination in education and other formal protocols to the now developing nations which was countered with aggressive aberration in war and other belligerent measures but contemporarily, we are all enjoying the dividend of those tractions unequivocally.

How The Developing Nations Have Benefitted From The Evolution of Web3

Although this invention has not gained a full support by folks who should have been in the fur front canvassing for it's collective adoption like those in authority because of the magnanimous benefits accrueable from it. But then, the majority or minority of those that have adopted it is being fully paid for its adoption.

Improvement in the people's standard of living.
Given the gap in Web1 and Web2 which is actually the lack of decentralization and ownership measures, the Web3 medium has been a value added system by spurring improvement in the standard of living of those that embraced it.

For instance, our involvement in Web1 and Web2
platforms never put money in our respective wallets or accounts for once except on grounds of promoting our goods or the services of others. Contrarily, our engagement on hive has added financial value to our lives which gives us the advantage in attending to our individual needs.

Nonetheless, adopters of the web3 invention in the third world nations which I'm included are ripping the benefit of financial values, given to our participation in the said invention as we no longer wake up to see message notifications alone but rather pops of upvotes. This is highly fairish.

For instance, it is statistically stated that people living below the poverty line are persons living below $2.15 per day for low income earners, $3.65 for mid income earners and $6.85 for high income earners according to world bank going by these assertions, it is also streamlined that about 12% of people living in abject or below the $2.15 poverty line are resident in Nigeria according to data made available by Statista This means that Nigeria which is one of the developing nations has a share in the world's poverty rate and if not for the adoption of web3 by the citizens, this rate would have been higher than what we are observing.

Improvement in research and quality information
I have loved the web three platform because of the degree of requisite information that is disposed there. Though this benefit isn't just confined to the consumption of those in the third world region as everyone has a stake on this.

In essence, many irrelevant and trash are absorbed from Web1 and Web2 platforms but the case is different in web3 because the quality of information a web3 participants is dishing out goes a long way to determine the level or height of him being incentivised which makes the information disposable and obtainable in web3 to convey high notch of quality.

To be precise, this has actually assisted folks in the developing nations to gain quality information rather than just consuming irrelevant data disposed by folks in Web1 and Web2 but I'm not absolutely dissipating the fact that there isn't credible information in web1&2.

Diversification of income measures

This has been an issue in developing nations. Majority of us are just given to lifetime specific functions like those in public service but our involvement in the invention of web3
has supplemented for a diversified means of income than just depending on our physical and domestic works alone. Now we can trade different tokens that power the blockchain, hold coins, power-up coins to engage in community governance and other numerous benefits.

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Independent of the government

I have also observed something in the course of my research to why different regional governments of the third world aren't ready to buy into this idea of web3, so I was caught with the hold that the majority of them are scared of inflation which is a natural phenomenon in these nations.

The unwillingness of different regional governments in adopting this protocol has given rise to citizens who adopted it to be independent of their respective governments.

On the other hand, also using Nigeria as a case study since it's among the developing nations. According to a publication by Premium timesng it is speculated the rate of unemployment in the country is currently over 37.7% and may be hitting 40.6% before this year ends.

Consequently, I believe that the web3 medium has absorbed a percentage of these statistical observations giving us the right to be independent of the government.

Some of The Reasons Why Developing Nations Have Not Adopted The Web3 Protocol

To Mitigate Against Inflation
Many developing nations are scared of inflation because of the low productivity in these regions which is as a result of lack of utilization of improved technologies in the production process.

As an upcoming Economist, I strongly concede to the fact that so long as technology is still a dream accomplishment in the developing nations, inflation will keep on the rise and also pose a threat to these nations.

For instance my country Nigeria is currently facing a hyper rate of inflation, and data made available by nigerianstat.ng shows that the country is facing an inflation rate of 22.79% calculation using the domestic consumer price index with a base year (2009)

Meanwhile, inflation commonly means plenty of money going after a few commodities. Going by this definition and statistical observations regarding my country's inflation, no government without good level of technology would venture into web3 because they believe that there may be further inflation if they should venture into web3 which is actually a naive reasoning because the protocol that powers the blockchain has an intrinsic mechanism that controls both inflation and deflation in the invention.

On the other hand, the government will also benefit from the web3 protocol by raising funds through the system which will help them in securing hybridized techs that would further be used in mass production.

Lack of Good Advisers and Credible Orientation.
Many developing nations only have their erudite personnel highly certified with just normal classroom certificates without an exquisite knowledge of what the web3 protocol is all about.

Most other nations of the third world do not also want an all inclusive involvement of the poor in having a good and convenient living in the economy because the majority of the rich believe that no one would serve the other if everyone gets rich. So the respective government advisers wouldn't see the need to make the adoption of web3 a reality in those nations going by this gray matter.

This was the case in my country Nigeria in 2021 when the government through its apex financial agency the Central Bank of Nigeria (CBN) banned the trading of cryptocurrency and finally introduced a 10% tax for holding digital assets which those involved are still skeptical of making themselves public according to information streamlined by techcable

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Conclusion
Although there are arguments against this invention in the developing nations, we would also observe that it came with a lot of open-mindedness in which everyone can be a beneficiary to, whether rich, poor or possibly you're an average person in the society.

The Web3 invention can also foster development in third world nations if their respective governments would see the need to adopt and also invest in this protocol. It would help them in issues of accountability, transparency, accuracy, transactions etc.

Consequently, the Web3 protocol can also foster investment in technology within the third world region if they should invest into it. Moreover, It is very alarming how most of these nations finance their budget through deficit Financing while most of them are into debt servicing when they have the opportunity to invest and also raise funds through the web3 medium without borrowing from the world bank or running to the IMF.

From my deductions and assertions you would concede to the fact that both individuals, corporate bodies and governments who would launch into the web3 inventions have nothing to lose at the end of the day.

All being said, I'm inviting you to join the hive ecosystem which is a perfect example of the web3 protocol. Leo Finance is also a perfect community to learn about web3
You can also learn through Leo Glossary
Permit me to draw the curtain at this point, hope to see you in my next article bye.

References:

Leo Glossary

World bank

Statista

Premium timesng

nigerian statistics

techcable

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