Africa tends to offer resistance to technology in its ripe time, only to adopt it later when other continents have already exhausted the massive economic benefits of the innovations.
- The Humanity Node Protocol, Web3Africa and Adanian Labs have devised a system to rank cryptos and blockchain technologies in Africa concerning how they affect humanity, the Humanity Blockchain Ranking Index
- The ranking will also sensitize crypto companies to do better and create suitable projects beneficial to humans
- Only 4 African governments have accepted to adopt cryptocurrencies. The other 50 countries have restricted crypto trading or are unsure of adopting these digital currencies
Humanity Blockchain Ranking Index
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Africa tends to offer resistance to technology in its early stages, only to adopt it later when other continents have already proved, and often exhausted, the massive economic benefits of these innovations.
A case in point is the blockchain and crypto market. Only 4 African governments have agreed to adopt cryptocurrencies. The other 50 countries have placed restrictions on crypto trading or are unsure how to adopt these digital currencies.
The fear of what these technologies could bring to Africa and whether or not they could benefit the wider African population, in the long run, heightens the resistance towards them. How can we clarify misconceptions and create a case to allow blockchain technology to address the needs of humanity?
The Humanity Node Protocol, Web3Africa and Adanian Labs have devised a system to rank cryptos in Africa based on how they affect humanity, namely how they add value to the lives of people via key sustainability factors: the Humanity Blockchain Ranking Index.
These three organizations believe that any project in Africa built on a blockchain should have economic and social benefits for the general population.
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“I believe Africa is at the core of Web 3.0 and the real-life use cases of crypto and blockchain as technologies. We have the population, and just like we jumped into the mobile era, the same is happening in the blockchain space. I understand the current rush for gold in Africa from the various protocols. I think protocol should invest in helping to grow the economy and wealth creation via education and job creation,” says John Kamara, the CEO of Adanian Labs.
“The unique setup of HUMANITY blockchain ranking, by putting users back at the heart of innovation and technology development, will allow for practical applications and products, answering today’s and tomorrow’s needs, not distant future ones.”
Arnaud Adreani, Marketing Director, Web3africa
“It is important to note that most blockchain technologies currently don’t have the applicability to drive sustainable change in Africa. I believe that more needs to be done to look at Environment, Social and Governance matters as they pertain to what’s happening in Africa, as most of the ESG violations are happening by foreign entities on African soil. The HUMANITY blockchain rankings will expose those cryptos that add value to continental problems and those that do not. I believe greater transparency is what’s needed.”
Aly Ramji, Managing director, Web3africa
Web3Africa hosts Marcus Dukes, one of the brains behind the idea, to get deeper insights into the Humanity Blockchain Ranking Index and why it is important to Africans.
Web3Africa: Tell us about the Humanity Blockchain Ranking Index?
Marcus Dukes: To date, Blockchain technology globally has not considered humanity. In other words, how do people benefit from this new technology? No agency, group or organization ranks companies running under blockchain based on how they affect humanity. We do not know, for example, whether Cardano is good or bad for humanity. We know that Bitcoin mining burns a lot of electricity, but we don’t know whether Bitcoin is good or bad for humans, but it has a significant impact on the environment.
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We want to create a platform that ranks the top 100 cryptos regarding how they affect humanity. We want to help people determine whether a crypto company is good or bad for them.
This will help people, specifically, Africans, know whether or not to buy into a particular crypto project. The ranking will also sensitize crypto companies to do better and create suitable projects beneficial to humankind.
Web3Africa: What do you hope to achieve from launching the Humanity Blockchain Ranking Index?
Marcus Dukes: Blockchain technology is being used by tens of thousands of innovative companies worldwide, aiming to create the financial rails for the world’s future economy. Many of these financial rails, while allowing people, in general, to do things in a new and seemingly better way, have not considered the impact, positive or negative, their products will have on humanity.
Even worse, much of this financial infrastructure is being built with Africa as the first or most important target market but without Africans in key positions of governance, executive leadership or execution. Allowing blockchain projects to spread across the continent without considering the effect on humanity and including the needs of Africans in developing and deploying their blockchain technology will lead to disastrous results for Africa.
The Humanity Blockchain Ranking Index will allow all Africans and later all global citizens to understand which blockchain protocols are aligned with their goals and aid them in supporting projects that support them.
Web3Africa: How do you plan to create the ranking?
Marcus Dukes: We are basing our initial research entirely in Africa. To do that, we will conduct a survey among 10,000 Africans. They will tell us what they want from blockchain, their expectations, what utilities and tools they want, what they want to do, what they don’t want to do, and what concerns them about blockchain.
From that survey, we will determine the score for every crypto project in every category that we will survey. That will form the basis of the humanity blockchain ranking score. A few key considerations will include the blockchain’s impact on environmental matters, social impact, and of course governance. The latter indicating the transparency of how the crypto is actually adding value to the lives of people, even though it’s a decentralized ownership.
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For those that rank poorly, we will allow them to correct themselves by doing something different.
Web3Africa: Among these 10,000 Africans, is there a key focus on a particular age group?
Marcus Dukes: In Africa, blockchain and cryptocurrencies are seeing increasing adoption rates among the younger population; below 30 years. University students will account for a substantial number of the people we will survey. This is because the population in university have a better understanding of cryptocurrencies and blockchain technology.
Web3Africa is keen to drive more content on understanding the factors impacting sustainability with respect to how blockchain technologies are adding value to the lives of people globally. With the index first taking root in Africa, a key focus will be on how blockchain technologies are being deployed with an understanding of factors that impact humanity. As noted, ESG factors and sustainability are now becoming the lifeblood of all corporate entities, as many are keen to improve the environmental, social and governance impact in the communities they operate in. Keeping in mind the UN Sustainable Development Goals, the global community needs to be aware of how these new digital currencies and blockchain technologies are being deployed and what their impact is on people.