Decentralised finance(DEFI) doesn’t just take away power from centralised authorities, it may also give power to the second class citizens and liberate them from the chains placed on them by the world’s power system.
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A blockchain is a public ledger that enables financial transactions without the involvement of third parties like banks, governments e.t.c.
One person or a small group can build DEFI but to grow, it needs a community that uses it. Such communities are decentralised autonomous organisations (DAOs). They are peer-to-peer (P2P) crypto groups growing on social media apps like Telegram and WhatsApp.
American Musician Kanye West, is confident that decentralised finance can build a force bigger than the current political Power that “are still anchoring on the electoral college which was based around slavery”
According to one of the US Federal Reserve reports in 2019, the average white family’s fortune, showing not only assets minus debt but also the fortitude of weathering a financial setback, sat around $188,200.
That’s almost 8 times the average wealth of black families. Some other estimates report an even narrower future. According to the report, if the trend continues the way it is, an average black household will not have any wealth by 2053.
A lot of black people and Africans are quite sure that the emergence of Defi or crypto, in general, brought with it the opportunity of a bright future for them. With this, it is not entirely surprising that they would embrace a system that is not centred on a central authority.
It helps also, according to the report that people of colour are investing heavily in cryptocurrency when compared with other groups. Research in the US revealed that almost 44 per cent of people who own crypto are black people.
Blacks are smart people, and they work toward liberation, leveraging blockchain technology. Little wonder that Africans are the fastest adopters of cryptocurrency in the world.
About The Author
Tony Chimdiuto