Three African startups, Humanity Node Protocol (HNP), Web3Africa, and Adanian Labs have come together to empower Africans to build innovative businesses. These businesses are around blockchain technologies through The African Startup League Initiative (ASL).
The African Startup League Initiative (ASL) supported by these three powerful African firms wants to empower a total number of 10,000 African-owned enterprises. They will be competing for a grand prize of $1 million through which each business will build technologies on the blockchain.
According to John Kamara, Founder of Adanian Labs, the opportunity for young Africans to take part in this initiative during this time is witnessing a change.
He also noted how decentralized finance and blockchain technologies are impacting societies globally. In his concluding words, he said Africa is on the verge of implementing new blockchain technologies.
The African Startups Processing
-Starting in August, the planned 10,000 teams will be allowed to register for the year’s startup competition.
-The top 100 projects will win cash prizes as investments with the minimum cash prize being $10,000
-Furthermore, the rules of the African Startup League will be published in The Exchange on or before June 8th, 2023.
-The competition will run from August until December with the winners being chosen and announced no later than December 15th of each year.
Moreover, according to South Africa’s Business Daily, the Humanity Node Protocol and Web3Africa project are issuing 300,000 Humanity Non-Fungible Tokens (NFTs). This will take place on or before 8 August 2022 for 300,000 Africans who have been registered and had their identities verified.
The Humanity NFTs are reportedly expected to generate $1,000 for each recipient who has been awarded.
Motivation For The Youth’s Participation
-Serving the continent’s rich and deep talent pool will support the realization of a new prosperous African continental economy powered by possibilities created by blockchain.
Speaking on this, Marcus Dukes, the founder of the Humanity Node Protocol said,
“Blockchain and Africa are inevitable. There is no bigger opportunity on the planet today to do good for humanity while making incredible returns.”
The initiative aims to create matchmaking of sorts. This allows startups to acquire the initial seed funding, mentoring, and training to scale their businesses.
Lastly, one of the key goals is for Africans’ to see the opportunities ahead of them. Not only that, but they also need to compete in a challenge that can produce solutions for pressing needs in African communities.