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Stellar Development Foundation, in collaboration with global professional services firm PricewaterhouseCoopers International (PwC), has unveiled a groundbreaking initiative highlighting the increasing significance of blockchain technology in emerging markets. This strategic approach is specifically designed to evaluate the impact and viability of Web3 projects in developing economies, including Colombia, Argentina, Kenya, and the Philippines.
Web3 represents the third era of the Internet. Unlike its predecessors, Web1 and Web2, characterized by static websites and the development of social networks, Web3 offers a decentralized vision of the Internet. It relies on the power of blockchain technology, enabling peer-to-peer transactions and smart contracts without the need for intermediaries. This opens up untapped opportunities, particularly in developing countries facing challenges with traditional banking systems and financial infrastructure.
The Stellar Development Foundation, known for its focus on harnessing blockchain's potential to unlock global economic opportunities, recognized the need for a specialized framework. By collaborating with PwC, they have created a system aimed at assessing the impact and viability of these Web3 projects in the specified regions.
The two organizations offer a structure to evaluate a project's potential to promote financial inclusivity, consisting of four key parameters: access, quality, trust, and usage, each further subdivided into specific criteria.
Given the unique challenges and prospects of developing markets, such a specialized approach is timely and necessary. From issues related to financial accessibility to the creation of a trustworthy digital economy, developing nations stand on the threshold of a transformative phase. Thus, understanding the potential of Web3 projects in these environments becomes paramount.
The concept introduced by Stellar and PwC is expected to play a pivotal role in this assessment. It will provide stakeholders, from project developers to investors, with valuable insights into the effectiveness of their Web3 initiatives.
