Johannesburg, August, 03, 2022 – The inception of Bitcoin (BTC) in 2009 introduced the world to blockchain technology – a borderless, peer-to-peer method of transferring value in a secure and immutable way. Since then, blockchain technology has paved the way for other cryptocurrencies, such as Ethereum (ETH), Ripple (XRP), Solana (SOL) and alternative coins (altcoins) to spearhead new possibilities for the future of the web, known as Web3.
EasyCrypto.com enables South Africans to buy cryptocurrency including over 160 altcoins, enabling them to take part in the opportunities of Web3”
What is Web3?
First coined by the co-founder of Ethereum, Gavin Wood, Web3 or Web 3.0, is a new iteration of the internet, based on blockchain technology that incorporates token-based economics. In a future where its more widely adopted, Web3 will redistribute control and authority of the internet to its users.
This new iteration of the internet is also fully disconnected from geographical constraints, with rising concerns related to data security and increasing investments from companies to expand the applications of Web3, expected to drive the global Web3 market growth. In addition, thanks to the rollout of 5G and 6G technologies, Web3 technology demand is growing at a rapid rate.
Africa is well-positioned to capitalise on this through the creation of new businesses, social networks and marketplaces. Thanks to its ever-increasing smartphone penetration and third-fastest growing cryptocurrency economy, according to blockchain intelligence firm Chainalysis[1], Africa’s market opportunity is massive. A case in point is Jambo, a Kenya-based crypto start-up that recently raised $30 million in seed funding for a Web3 chat-based app, similar in function to WeChat.
What are altcoins?
Altcoins are set to serve an important role in Web3, as all transactions will be based on cryptocurrency and automated smart contracts.
There are nearly 20,000 different altcoins and tokens in current circulation according to data from coinmarketcap. Unlike Bitcoin (BTC), which primarily serves as a store of value, many altcoins instead lend themselves to a diverse range of utilities and use cases.
Stablecoins, for instance, are a type of altcoin that’s value is designed to be pegged to another asset such as gold, or fiat currencies. The nature of these altcoins lends them an additional utility for peer-to-peer global remittances, as well as a store of wealth.
Altcoins are also used to facilitate transactions and the minting of non-fungible tokens (NFTs) in marketplaces. A number of South African artists have begun using NFTs to sell their works, while a rural school in the Western Cape of the country is using the technology to help facilitate its scholarship program.
In the future, digital artworks minted as NFTs may end up being displayed in the metaverse, a virtual reality experience set to play a major part in Web3. While still in its early stages, the metaverse has rapidly gained traction with Facebook recently making a move into the space, and some local South African companies purchasing space in an Africa’s first metaverse, Afrirare.
Where does EasyCrypto.com come in?
“EasyCrypto.com enables South Africans to buy cryptocurrency including over 160 Altcoins, enabling them to take part in the opportunities of Web3”. As we are non-custodial, EasyCrypto.com clients can hold cryptocurrency in their own wallets under their control,” says Lloyd Brown, Head of Emerging Markets at EasyCrypto.com South Africa.
Just as there was scepticism when the internet was first introduced in the 1990s, it’s important to understand the implications and possibilities of what altcoins are going to unlock in the near future as blockchain technology continues to mature and advance.
About EasyCrypto.com
Easy Crypto is a cryptocurrency retailer with a mission to facilitate and simplify the crypto experience, enabling fast, easy and secure access to buy and sell over 160+ cryptocurrency assets including Bitcoin, Ethereum, Tether, Ripple, Tron, Solana, and many more. Headquartered in New Zealand, Easy Crypto now operates globally in South Africa, Australia, and Brazil. www.easycrypto.com/za
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