Along with the rise of decentralized technologies, a lot of controversies appeared in people’s minds. Is it a good path that we are going on? Will it help humankind or will it do more bad than good? How will it change the world we’re living in?
And while some of these questions still continue to pop up in people’s minds, there is no doubt that web3 helped marginalized communities have a better life.
“In web3, I feel I belong to the most-open space I’ve ever been in”
Since I’ve been in this space and, most exactly, since 2021, I’ve noticed that everyone can fit in. Why? Because the idea of decentralized technology is based on counter-culture. You don’t have to try to fit in here. You just have to be. Be yourself, share your ideas and you can find a community with like-minded members immediately.
So many early adopters of this space are people outside the mainstream exactly because the blockchain is against the traditional norm we’ve known the world.
How will web3 uplift the marginalized communities?
Now, let’s look a bit into who these communities are: low-income populations, refugees, communities with restricted rights such as LGBTQ etc. Now that we know that, let’s dive into the benefits that web3 can bring to them. I believe there are 3 areas through which these groups are most impacted:
1. Identity
The Metaverse can offer people a safe space where they can be themselves. For example, individuals that are part of the LGBTQ community, in countries where their rights are limited, may hesitate to show their true selves in real life. This is because the metaverse is not limited by the same physical constraints and societal norms that exist in the real world.
In the metaverse, individuals can explore, without fear of discrimination or judgment based on their physical appearance, race, gender, sexuality, or other characteristics. They can also interact with others in a virtual environment, where they can express themselves freely and build communities with others who share similar interests and identities.
2. Payment
Through blockchain technology, poor countries’ populations can benefit from borderless and cheap transactions. Let’s look a bit at Nigeria, a country in Western Africa. For these people, even opening a bank account may be a difficult thing. According to the International Telecommunication Union, Nigeria is maybe the most undeveloped country as far as Internet and mobile connectivity are concerned. And here comes the blockchain that allows people to make transactions directly with each other, bypassing the need for banks. Additionally, it can also help to reduce the cost of transactions by eliminating the need for intermediaries.
Furthermore, blockchain technology can also be a secure way to store and transfer money, which can be particularly useful in countries where the traditional banking system is unreliable or untrusted.
In summary, blockchain technology can benefit poor countries in terms of payment by providing a more efficient, cost-effective, and secure way to transfer money, and make transactions.
3. Currency
Crypto can finally turn out to be a more stable and accessible form of money, especially for countries whose political regime is corrupt. And one of its advantages is that they are decentralized and not controlled by any central authority. This can be particularly beneficial for people living in poor countries, where traditional fiat currencies may be subject to inflation and devaluation.
Additionally, cryptocurrencies can be more accessible to people living in poor countries because transactions can be made using a mobile phone. This is particularly useful for people living in remote or underbanked areas.
🙏So, what do you think? Can web3 be the technology that solves impacting problems? I’m curious about what your thoughts are!
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