Nigerian analysts refute claims of crypto’s role in the capital’s BDC shutdown

Differences between Web 1.0, Web 2.0, and Web 3.0: Explained

There has been a lot of buzz around the evolution of the internet, with terms like Web 1.0, Web 2.0, and Web 3.0 being thrown around. But what exactly do these terms mean and how are they different from each other? Let’s take a closer look.

Web 1.0, also known as the “read-only” web, refers to the early days of the internet when websites were static and could only be viewed. Users had no way of interacting with the content or contributing to it.

Web 2.0, on the other hand, brought about a major shift in the way we use the internet. It introduced the concept of user-generated content, social media, and web applications. Websites became more dynamic and interactive, allowing users to share, collaborate, and contribute to the content.

And now we have Web 3.0, also known as the “semantic web” or “intelligent web”. This is the next step in the evolution of the internet, where data and information are interconnected, making it easier for machines to understand and process it. Web 3.0 is all about creating a more personalized and intelligent web experience for users.

Building a Web 3.0 Website: What You Need to Know

With the rise of Web 3.0, many are wondering how to build a website that aligns with this new concept. The key difference between a Web 2.0 and Web 3.0 website lies in the way they handle data. While Web 2.0 websites rely on user-generated content, Web 3.0 websites use data from various sources to create a more personalized and intelligent experience for users.

Some examples of Web 3.0 websites include virtual assistants, personalized news feeds, and smart home systems. These websites use data from various sources, such as social media, location, and browsing history, to provide a more tailored experience for users.

The Real Cause of Nigeria’s BDC Shutdown: Debunking the Crypto P2P Myth

Recently, the Nigerian BDC chapter in Abuja announced its shutdown, citing the unavailability of dollars and pointing fingers at the crypto P2P market as the cause. However, this claim has been debunked by Nigerian Web3 legal representative and analyst Kue Barinor Paul.

Paul clarified that cryptocurrency plays a minor role in Nigeria’s forex activities, and blaming the crypto P2P market for the BDC’s woes is baseless. He explained that the BDCs deal in physical fiat, while crypto transactions are carried out online with digital assets, making them two separate markets that do not directly compete with each other.

Paul emphasized that the real issues causing the BDC’s illiquidity problem are more significant factors, such as price fluctuations and the country’s reliance on imports. Blaming the crypto P2P market is simply a distraction from addressing these underlying issues.

Differences between Web 1.0, Web 2.0, and Web 3.0

Nigeria is currently the biggest P2P market in the world, a direct result of the 2021 CBN ban. However, a circular sent to banks in December 2023 lifted the crypto ban from Nigerian banks facilitating cryptocurrency transactions.

Many Nigerians dealing with foreign exchange (FX) struggle with conducting numerous transactions through traditional banking. Paul noted that the current fees for transferring foreign currency are significantly higher within the banking sector compared to the crypto market, making crypto P2P the more convenient option.

Supporting Paul’s statement, Nigerian crypto analyst Rume Ophi said The crypto space promotes transaction inclusion, particularly in Nigeria’s free FX market, making it convenient for people to access foreign exchange and hedge their naira against inflation.

As the world embraces digitalization, technological innovation is essential. Paul noted an opportunity for collaboration between traditional players like BDCs and digital currency operators. However, for that to happen, Paul emphasized that the government has to regulate both sectors and see how BDCs can use technology to enhance their transactions.

In order to effectively regulate cryptocurrency, the government must have a thorough understanding of the players and operations within the crypto space, according to Ophi. This support for regulating the crypto industry highlights the need for appropriate regulation and oversight.

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