Why Is It Important for Immigrants to Learn and Understand Web3?

Growing up with parents who were recent immigrants themselves, and moving countries faster than I could settle in them, I understood at a pretty young age what it means to take life into your own hands—or as I call it, developing your Maestro Mindset. Taking your life into your own hands isn’t easy, but it’s the most rewarding work you’ll do. And one way to do it is by broadening your knowledge and skillsets.

I’ve talked about Web3 and its impact on businesses before, but now let’s take a look at why it’s important—especially for immigrants—to know and understand the intricacies of Web3.

The Web3 Revolution

Web3 is one of the biggest buzzwords going around right now, with many people calling it the future of the internet. Web3 is one of the most significant technological developments in human history—and we’re only just beginning to scratch the surface of everything it can do!

The essence of Web3 is that it’s a decentralized open-source web, meaning that it isn’t controlled by a person or organization. Right now, five companies control 43% of the internet’s web traffic, which is something Web3 aims to change.

Web3 and Cryptocurrency

A huge part of Web3 is cryptocurrency-based, since it is heavily reliant on blockchain technology, especially with Decentralized Finance (DeFi) taking the world by storm. To put it into perspective, the amount of money in decentralized finance is over $275 billion dollars, more than the amounts in huge financial institutions like HSBC or Goldman Sachs.

With DeFi sites attracting millions of visitors every month, it’s definitely a trend that immigrants need to hop on.

Web3 and Globalization

The promotion of globalization via the internet isn’t a new concept by any means, but Web3 is elevating it to new levels. Especially when it comes to moving money, geographical borders are becoming less and less relevant. Add to this the fact that people across the world are losing trust in established institutions, it means that people are looking for solutions that give them more agency.

How Will Web3 Scale?

Web3 is already a part of the digital world with decentralized networks like FundingDAOs and SocialDAOs working to improve governance, web browsers like Brave running on its own blockchain, and even Opera partnering with Solana blockchain to allow decentralized apps.

In the future, we’re looking at Web3 as a force that allows people the chance to interact with each other, machines, and data without the involvement of third parties.

What Does This Mean for Immigrants?

The world is changing, and immigrants know this better than most as they have historically contributed a lot to the tech industry in the US. It’s not easy to build a life from scratch, but with Web3 giving people the chance to take ownership over their data, it’s not something immigrants can afford to ignore. As a more human-centric computer fabric, it gives people the chance to empower themselves, their families, and their communities.

A lot of my work revolves around being a changemaker for my family and community, and I do this by helping people get the knowledge, resources, and confidence they need to walk their own paths. If you’re interested in any of the above, feel free to check out my website here.

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