The people are saved: How DeFi plays the role of the government.

The people are saved: How DeFi plays the role of the government.

From the world analysis, Nigeria is ranked the second amongst the nations who have crypto users, meanwhile it is the same country that her currency is devaluing day after day. The aim of this article is not to write down the country but to project how the decentralized ecosystem came into play. Since the citizens' potentials are oftentimes not valued by the society, they venture into niches that appreciate their worth and beyond that, they solve their immediate needs which is to gain financial freedom.

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The adoption of the blockchain has caused some countries across the globe to develop their economic system while others who don't care to embrace this innovation happen to be struggling with financial resilience of the country. Seeing that the security of the blockchain is what makes it distinct from its intermediary (centralized system), citizens gain more reason to be involved in the blockchain technology because they can give account of their inflow and outflow feeless transactions in the cryptoverse.

People are SAVE!

Using Nigeria as a case study, the major professions of youths are mostly in online platforms and a higher percentage venture into crypto trading, analysis, blockchain developing, content creation in #web3, investing in crypto, NFT marketing, etc. which indirectly saves them poverty and other limitations. Now, if crypto didn't exist, how would the youths survive? This indirectly shows that in a failed government when the economy is not suitable, cryptocurrency is the niche we fall back to.

However, some citizens seem to doubt the existence of crypto and its potentials due to misinformation, sad experiences, etc. but it doesn't change the prospect of the ecosystem. So, it is left for Crypto users in these underdeveloped or developing countries to enlighten their citizens the new avenue of earning - cryptocurrency.

Conclusion

Nigeria's high crypto usage contrasted with its devaluing currency indicates the importance of decentralized ecosystems. Citizens, undervalued by society, turn to crypto for financial freedom and opportunities to leverage their skills. The security and transparency of blockchain technology attract users, particularly in Nigeria, offering feeless transactions and economic opportunities.

Encouraging crypto education becomes crucial in empowering citizens in underdeveloped or developing nations to embrace this new avenue of earning because cryptocurrency serves as a fallback in times of economic hardship; for instance, showcasing #Hive in such countries can lead to their major source of earning and these citizens will truly leverage their skills because the ecosystem has solved their real life problems, like what is happening in GHANA and some parts of NIGERIA. Another community built-in #hive - #inleo, @holozing, #splinterlands etc can be enlightened to the citizens because they could skilled gamers, bloggers and other internet users who loves to microblog , and sharing how to earn from their skills could be a plus to them.

This article is written in InLeo

Inleo is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH, and Polygon blockchains. Our flagship application: Inleo allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.

Posted Using InLeo Alpha