The CAR Sango Project, Web5 and Other Crypto News...
Welcome to this week’s issue of Finsmart Weekly Newsletter.
Dear Fren,
The Central African Republic (CAR), in April 2022, announced her intention to adopt Bitcoin as legal tender, making it the second nation to adopt globally, after El-Salvador. The CAR later introduced the Sango Project in May 2022.
The Sango Project is a “Crypto Initiative” that was started by the Central African Republic National Assembly and supported by the President. The CAR also plans to proceed with its ambitious Sango Project by tokenizing access to the country’s abundant natural resources.
The major objectives on the Sango Project are:
Building directly in the heart of Africa the first legal Crypto Hub
Taking the Bitcoin legacy to the next level
Developing “The Crypto Island”, which will be declared as a “Crypto Economic Zone” and will be the first island in the Metaverse that is backed by reality
This is a daring move by the CAR, and other countries are optimistically awaiting the outcome. Hopefully, the CAR will achieve her vision of paving the way to a digital future of endless possibilities, and this will further encourage the massive adoption of Bitcoin globally.
Interesting times as Jack Dorsey's TBD announced hat it is building a new decentralized web: Web5, which is decentralized web platform on top of Bitcoin.
Web3 is not even fully formed and Jack is proposing Web5. Wait! did we miss Web4? LOL…
Scrumy.eth probably guessed right by saying that Web5 = Web2 + Web3
Information from TBD’s official website shows that Web5 focuses more on digital identity, whereas Web3 focuses on tokenization.
The web democratized the exchange of information, but it's missing a key layer: identity. We struggle to secure personal data with hundreds of accounts and passwords we can’t remember. On the web today, identity and personal data have become the property of third parties.
Web5 brings decentralized identity and data storage to your applications. It lets devs focus on creating delightful user experiences, while returning ownership of data and identity to individuals.
Some interesting conversations on Twitter:
Hmmm…
Other Crypto News
PayPal announced that users can now deposit and withdraw crypto to and from their personal wallets
The dex Osmosis was exploited for around $5 million following the disclosure of a critical bug
Jack Dorsey and Jay-Z Open Bitcoin Academy in Brooklyn
Disclaimer: Information provided here does not constitute as intended investment or financial advice. Please, DYOR.
Writer: Adesegun Sunmola