• Nigerian youths are encouraged to engage with blockchain technology to enhance their global competitiveness.

• The DecaHack initiative offers training, mentorship, and financial support to help young innovators succeed in the tech industry.

Adedayo Adebajo, the co-founder of ICP Hub Sahara, highlighted the need to interact with blockchain technology during the second DecaHack cohort at the University of Ibadan (UI) in Oyo State. DecaHack, an initiative of the Internet Computer Protocol (ICP) unveiled online blockchain boot camps, hackathons, and pitch competitions to increase the youth’s knowledge of the blockchain in Nigeria. 

Leveraging ICP for Technological Advancement

Adebajo also said that the country’s technological growth may be severely threatened if it continues to turn a blind eye to blockchain. The Internet Computer is an open-source, public blockchain that supports smart contracts and enables developers to deploy DApps and NFTs. DecaHack demonstrated how blockchain technology can change Africa and attracted young innovators from all over the country. 

The event included lectures, workshops, and negotiations aimed at familiarizing with blockchain and its development. The event attracted Innovators, experts, and blockchain enthusiasts from across the African continent, showing the region’s interest in blockchain technology. 

One of the most notable sessions was led by Ucheena Agams, Web3 ambassador of Arbitrum, who explored interoperability in the Web3 world. Agams highlighted the gap between the different blockchains and Dapps and called for the front-end developers to help the general public understand the technology.

The DecaHack organizers offered large prizes to early-stage startups in the blockchain industry. The top five startups will get up to $25,000 in non-equity grants and a chance to advance to the national grand finale. The finalists will be offered a chance to meet with ICP for consulting, mentoring, and more funding opportunities that will prepare young Nigerians for the international digital economy. 

Global Growth of Crypto Startups: Asia and Africa on the Rise

In a report issued by the DAO community a few months ago, the current rates of cryptocurrency-based start-ups in the first half of the year 2024 were highlighted. The study established that Asia and Africa have tremendously grown in the sector as new businesses were started in the region. 

Currently, Europe has become the leading region with the highest concentration of crypto startups, accounting for 31.4% of the total global population, while the United States is second with 27.3%. The United States has 29%, which is a decrease from the previous year when the country was home to almost half of the global crypto startups. This has been due to regulatory issues in the United States market, as highlighted earlier. 

Currently, Asia ranks third in terms of the number of crypto startups, with 26.8% of the total count, which is indicative of the area’s significant development. Africa has also risen to 5.2% this year alone, pointing to a rising uptake of blockchain technology and cryptocurrencies. Latin America and Oceania have 5. 8% and a smaller share of crypto startups in the world, respectively. 

According to the Alliance DAO, its agnostics and a large sample size allow it to gain a new perspective on the trends. The increasing number of crypto startups in Asia and Africa is evidence of the growing trend towards using blockchain and cryptocurrencies. Nigerian youths’ proactivity through programs such as DecaHack has placed Nigeria strategically to tap into this trend in the global market.