How Africa Can Use Blockchain To Redefine A New Nation-State – Blockchain Enthusiast
A recent discussion with blockchain innovators highlights how Africa can reimagine its statehood using the powers of Web3. The co-founder of Afropolitan, Eche Emole, recently explained what it means to launch a country on the blockchain.
A Blockchain-Based Nation-State
Previously an event and media firm, Afropolitan has evolved into becoming Africa’s blockchain-based state for Africans in the continent and those in the diaspora.
The co-founder, Eche Emole, an African based in the diaspora with a background in political science, philosophy, and law, believes the current statehood in the continent has failed to spur the necessary development. He noted that the nation-state experimentation needs to be revised as the current state structures will continue to stifle the development of Africans.
He found inspiration to build a blockchain state after coming in contact with an article “How to Start a New Country,” authored by Coinbase’s former chief technical officer (CTO), Balaji Srinivasan. The author recently made headlines over his ambitious $2 million bet on Bitcoin, attaining the $1 million price mark in ninety days.
Emole added that another piece of literature that helped in shaping his ideas about building a country is the first of the federalist articles published by Alexander Hamilton. He added that both papers inspired the establishment of Afripolitan.
Emole explained that his plan to develop Afripolitan would be in four phases: community building, administering governance, building a viable state, and securing plots of land to actualize the project, which will feature the embassy. Another reason for the creation of Afripolitan is the need to establish more opportunities for Africans.
According to him, Africans needed more opportunities which the existing state structure has entrenched for decades. In addition, the lack of cross-industry interaction hinders Africans’ collaboration in a way geared toward problem-solving.
Ensuring Web3 Success
During the Paris Blockchain Week, Web3 professionals discuss the need to expand blockchain technology, especially its disruptive features on businesses. The experts noted that the Web3 industry shifted investors’ and the public’s attention from the traditional business model to more innovative ones.
According to them, Web3 is fast changing the business narrative for startups and investors while providing opportunities for all players in the sector. The discussants assert that Web2 differs from Web3 startups and that different business culture influences how the technology is adopted and utilized.
Laurenz Apiarius, a highly vocal blockchain and Web3 advocate, noted that Web3 entrepreneurs had achieved remarkable wins. According to Apiarius, they are entrepreneurs who grabbed the opportunities presented by Web3 in the hope that investors are willing to pay on any valuation based on the futuristic prospect of a project.
However, as Apiarius explained, this action hurts investors who lose significant money in the process. As a result, the discussants believe that investors hold the key to Web3’s successes despite the shortcomings of some entrepreneurs.
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