AI Tech Web 3.0 Tech

Web3.0:The Real decentralized Internet 

Written by Femi Omoshona on Digilah (Tech Thought Leadership)

Decentralized technology is the present and the early we start investing our time, energy and resources trying to understand what future DApp looks like the better for us. 

Blockchain, AI, AR and IOT are amazing technologies we should be wrapping our brain around in this 21st century.

In this article, I lay out how the web has evolved, where it’s going next, and how Africa as a continent can position itself for the future.

Think about how the internet affects your life on a daily basis since it was discovered in early 1990. Internet, a system architecture that has revolutionized communications and methods of commerce by allowing various computer networks around the world to interconnect. Sometimes referred to as a network of networks, the Internet emerged in the United States in the 1970s but did not become visible to the general public until the early 1990s.

By 2020, approximately 4.5 billion people, or more than half of the world’s population, were estimated to have access to the Internet.

The Evolution of the Web

The evolution of the web can be classified into three separate stages: Web 1.0, Web 2.0, and Web 3.0.

Web 1.0  are static web sites and personal sites, the term used for the earliest version of the Internet as it emerged from its origins with Defense Advanced Research Projects Agency (DARPA) and became, for the first time, a global network representing the future of digital communications. Web 1.0  offered little information and was accessible to users across the world; these pages had little or no functionality, flexibility, or user-generated content.

Web 2.0 is called the “read/write” web, which seems to indicate an updated version of the current World Wide Web, which is known as Web 1.0. It’s more accurate to think of Web 2.0 as a shift in thinking and focus on web design. Instead of static HTML pages with little or no interaction between users, Web 2.0 represents a shift to interactive functionality and compatibility through some of the following features: User-generated content, Transparency in data and integrations.

Web 3.0 (…Loading)

Web 3.0 is the next stage of the web evolution that would make the internet more intelligent or process information with near-human-like intelligence through the power of AI systems that could run smart programs to assist users.

Tim Berners-Lee had said that the Semantic Web is meant to “automatically” interface with systems, people and home devices. As such, content creation and decision-making processes will involve both humans and machines. This would enable the intelligent creation and distribution of highly-tailored content straight to every internet consumer.

Key Features of Web 3.0

To really understand the next stage of the internet, we need to take a look at the four key features of Web 3.0:

Semantic Web

Semantic(s) is the study of the relationship between words. Therefore, the Semantic Web, according to Berners-Lee, enables computers to analyze loads of data from the Web, which includes content, transactions and links between persons.

Artificial Intelligence

Web 3.0 machines can read and decipher the meaning and emotions conveyed by a set of data, it brings forth intelligent machines. Although Web 2.0 presents similar capabilities, it is still predominantly human-based, which opens up room for corrupt behaviors such as biased product reviews, rigged ratings, etc.

For instance, online review platforms like Trustpilot provide a way for consumers to review any product or service. Unfortunately, a company can simply gather a large group of people and pay them to create positive reviews for its undeserving products. Therefore, the internet needs AI to learn how to distinguish the genuine from the fake in order to provide reliable data.

Web3.0 future for Africa

Across the world, the new Web3 economy is giving birth to myriad opportunities and the implications for the African continent are massive. Code 247 Foundation is on a mission to raised the next generation of Africa talent who will leverage the latest blockchain technologies to provide real value to billions of unbanked, underbanked and underserved individuals across Africa and other emerging markets, and we’re excited to see various blockchain protocols, startups, investors, grant funders and governments interested in doing the same.

Web3 can open up an intra-African exchange economy, it can be used for purchases and transportation between African nations. It will assist Africans to generate more economic value in a wider market.

In Africa, the evolution of blockchain technology has interested many governments across the Africa countries  to explore blockchain-based solutions, creating Central Bank Digital Currencies (CBDCs) that are likely to develop a more informed approach to the Web3 economy along with policy frameworks in line with the needs of everyday users.

Web 3 can be used to solve some of the challenges in Africa, issues of land ownership:

It is no secret the messy land management in most African countries has made it harder for citizens to acquire genuine land. This has meant that most communities are left poor due to lack of access to manage and develop their lands. Other challenges include faulk drugs, financial transactions and management of traffic etc.


We believe in Africa 100%. Africa can be great, will be great and must be great. Blockchain and Web3 technologies will be revolutionary in Africa. There are a lot of problems with currency and corruption in Africa.

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Web 3.0 Tech

Understanding Stablecoins

Written by Ganesh Kompella on Digilah (Tech Thought Leadership)

In the wake of recent crypto events, I feel it necessary to write an opinion piece on what stablecoins are, why they exist and what separates them from being good or bad. 

What is a stablecoin?

A stablecoin is a crypto asset pegged to a real-world asset’s value. 

Example: 1 USDT is always intended to be worth 1 US dollar. They hold their value relative to traditional currencies but, unlike the money in your bank account, they can be used freely on the blockchain. 

Similar to traditional currencies, these stablecoins can be used for buying, selling, sending, and lending within the crypto markets. 

In terms of timeline – USDT was the very first crypto stablecoin, then Circle introduced USDC, Binance introduced BUSD, Luna introduced the failed algo stablecoin UST and there are a bunch of others.  

How are they different from regular currency? 

Stablecoins are more cost- & time-efficient than the decades-old payment rails that the financial system relies on.

They are transferable 24/7/365 & are faster & cheaper to transact with than fiat. That’s why they continue to rise in popularity through bull and bear markets.

 In 2021 alone the total value settled with stablecoins was $6T, up 600% from its 2022 high of $1T. This graph from CoinMetrics sheds a light on how popular these are becoming.

Different types of Stablecoins

There are essentially three types of stablecoin designs:

  1. Fiat-collateralized 
  2. Crypto-collateralized
  3. Algorithmic 

The mechanics of each are different from one another as the names suggest, some are asset backed while some are code backed. They work very differently from one another and have distinctive pros and cons amongst themselves. 


Fiat backed stablecoins work very much like regular money market funds. You deposit your dollar with a stablecoin entity and get an equivalent amount of stablecoins in return.

Let’s take USDT (Tether) as an example.

A $100 deposit will get you $100USDT. You get the stablecoin and you are free to use it anyway you choose onto any of the blockchain networks that support tether. And the issuer puts your deposit to use and earns interest. With a crucial promise that you can always go back to the issuer, redeem your USDT for U.S.Dollars.

Diving into Specifics, this is how Tether manages their deposit reserves (Last reported on March 31, 2022). Your deposits turned reserves are mostly into Cash & Cash equivalent with some allocations into other asset classes like secured loans, corporate bonds, and digital tokens. These entities get audited from time to time. 

As an investor you must take notice of these audits, review them, and make an assessment on the issuer’s reserves. Strong reserves indicate they wouldn’t have any liquidity concerns in the event of a market crash or bank run.


Crypto-backed stablecoins operate more like traditional home equity loans. Investors deposit crypto with a decentralized issuer (usually a DeFi protocol), which issues stablecoins in exchange.

 The investor must repay the stablecoins (plus a fee) to redeem their crypto assets. The critical promise is that every crypto-backed stablecoin in circulation is directly backed by excess collateral.

 From a transparency perspective, the reserves can be audited & monitored by anyone in real time (including regulators). They just need to look on-chain. $DAI is an example of such stablecoin. It’s trusted by a huge community of crypto investors and developers

Algorithmic stablecoins

They are typically minted & issued by a DeFi protocol and are commonly under-collateralized (meaning they aren’t backed by an equivalent or excess amount of collateral). Instead, they mostly rely on an algorithm that aims to maintain a stable price by expanding & contracting the stablecoin’s supply. 

The intent is to influence interest rates and market behavior, which, in theory, ultimately return the stablecoin to its target price. The key promise is that the algorithm & incentive mechanisms work as promised, & the stablecoin maintains its peg through the issuance & removal of its supply.

The downside: The non-collateralized, algorithmic model keeps failing. Luna UST is one such example. 

Historically, the adoption of Fiat-collaraterized stablecoin has dominated this segment, with over 95% of the market share, some economists even call it “Smart Money”. 

What does the future hold? 

Stablecoins definitely have the potential to play a pivotal role in the global economy and the future of digital finance. 

Once we see central banks, regulators and the traditional financial sector starting taking notice which they already have. They could bring a host of benefits into this sector.
The pros of stablecoins are obvious: Low-cost, safe, real-time and more intuitive and competitive with what the consumers and businesses need today. 

They could rapidly change and make it cheaper for businesses to accept payment, for governments to run cash intensive programs and connecting the unbanked population.


What is the point of stablecoins?

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Is Bitcoin a stablecoin

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