There has been a rise in the cost of living recently and the money made from people's earnings can no longer take care of their responsibilities. It's the festive season and this is the time when prices double their actual amount before the festival, the reason for this isn't clear yet. Inflation has hit the country (Nigeria) and surviving on a meager amount collected as a salary can no longer feed the family. The most expensive thing in the country presently is food and this is a country rich in agriculture. Apart from the hike in petroleum prices for some months now, which people had adjusted to because of no other option, the price of transportation is so alarming as a liter of petroleum is being sold at #640 from an oil-producing nation.
According to traders, the rise and fall in the dollar rate is the main cause of inflation in the country. The locally produced food items also were blamed for the rise in the dollar. The current exchange rate of naira to a dollar is #1,190 to $1, that's huge and sometimes I wonder how we got here as a country. Nigeria has been a developing country since I can remember and till now no difference. I decided to go to the market this festive season to do some foodstuffs shopping, getting all the things needed for the festive season. A bag of 10kg semo sold at #1000, and #1200 respectively a few years ago is now sold at #10,000 ($10) this year. There are times when #10,000 can buy a month's foodstuff for a family of 5 but now such an amount is just for a 10kg semovita that can last a family of 5 for a month.
The high cost of living is affecting the masses, only a few are excluded and those are the people who are at the higher-ups, the rich. The question now is how do we survive in this kind of economy. This is where the so-called masses have to broaden their horizon about crypto and web3, many people out there don't believe in crypto blockchain. I was once like that too but I changed the day I was enlightened about how I can change my financial world with cryptocurrencies. In the just concluded zealy campaign, I was opportune to participate which opened my eyes to many crypto opportunities this coming year.
Many people out there today don't know what web3 is all about, once crypto is mentioned, people believe is a scam and they don't want to be part of it. Ignorance kills faster than some deadly disease, web3 incorporates concepts such as decentralization, blockchain technologies, and token-based economics. I remember the first time I heard about Bitcoin, I was among the people who criticized it and called it a sham but look at Bitcoin today. One bitcoin is over #40,000 and now I wish I had been serious when I first heard about it. Then came Non-Fungible Token (NFT), I heard about it and I went ahead to create an open sea account which I did not know how to operate. Later I got tired of it because I wasn't getting what I wanted.
You can never make headway on a project that you know nothing about, this was what caused my setback which means I need to acquire more knowledge before setting out on the journey into the crypto world. During the Zealy campaign, most of the spaces I participated in emphasized the importance and the future of web3 in the coming year. This made me understand that the crypto world isn't a joke, getting a full understanding before diving into it will save us lots of loss. Have you heard of Ethereum? This was launched in 2015, it is both a cryptocurrency and a platform that can be used to build other cryptocurrencies and blockchain projects. It can be owned as a cryptocurrency and it is widely accepted for many transactions on the blockchain.
Web3 is using blockchains in new ways to new ends, Twitter, Facebook, YouTube, and Google are all examples of web2, not web3. Many people make these mistakes often, web3 runs on the permissionless blockchain which means it does not require centralized control which also requires no users to trust. With web3, you don't have to know other users to do business with them. Despite all odds, web3 is developing faster than we can imagine even though cryptocurrencies have been banned in some countries. Web3 and cryptocurrencies work hand in hand, for a blockchain to be successfully launched and accepted, a lot of effort had to be put in place and this is what the founders of all these blockchain platforms, and tokens are vigorously working on.
CHALLENGES FACED BY WEB3
- It is rife with speculation:- many say web3 will only make already rich people richer, and many say it is a speculative economy. People have different thinking about what web3 is all about.
- It is expensive:- some believe web3 isn't practical and yet so expensive. Decentralization makes technology more complicated than we thought which makes it tougher and inaccessible at times. Any transaction on the blockchain requires a gas fee which may cost thousands of dollars.
- Enables embarrassment and abuse:- the immutability of the blockchain which means data cannot be taken down, and there is no way to erase anything, for example, regrettable posts which can lead to one being embarrassed.
With all these, web3 can't be underestimated because it keeps rising and giving birth to new projects. Recently, I saw a pop-up ad about Solana which I decided to go through I can see how fast its value is rising in the market, which means in a few months, Solana will find its stand in the crypto market and some transactions will be exchanged with the use of Solana token. This coming year is going to be 'insane' for the crypto world, go out of your comfort zone to get yourself enlightened and prepare to journey into crypto to change your financial status.
Thanks, for your time and your comments, will be appreciated.