Web3 Adoption In Africa
Top 3 Key Takeaways
1. Jambo sees product market fit in Africa’s fast-growing and adopting demographic.
James introduced the project to kick off the conversation, saying it fundamentally combines two major components: hardware and software. The team is preparing to launch Jambo Color, a $99 Android smartphone to be released across Africa. James continues to say they see an opportunity given by the continent's young demographics and fast adoption of smartphones. Jambo Color will come with preinstalled Jambo software, which consists of tutorials about crypto and Web3 and earning opportunities for its users. The team is hoping this will jump-start the adoption of crypto and Web3 in Africa.
2. Web3 is a great opportunity for improving lifestyle.
James explained that the unemployment rate in Africa is above 60%, with a population of average age below 35 years old. Coupled with high inflation across many countries, most of the population earns a stable high-value income. For this, Web3 can offer alternative income and an opportunity for many people to change their financial future and gain an improved lifestyle.
3. Africa will adopt crypto faster than any other continent.
Referencing a personal anecdote, James said his friends from Congo use crypto more frequently than his friends from New York – and this is due to the primary purpose of crypto, namely its permissionless nature, and interoperability. Crypto is essentially the bank of the unbanked, and its fast and easy cross-border payment system allows people without bank accounts to still pay for their everyday needs. James finished the interview by stating that no single coin will bring solutions to all personal needs; however, the technology itself is very much needed, which is why Africa will adopt crypto faster than any other continent.