Despite systemic challenges, Africa continues to prove to the world its potential for more when it comes to Web 3 acceleration and adoption. With her youth population impressively tech-savvy and inclined towards blockchain and cryptocurrency, it's no surprise that the region has caught the interest of Core DAO, a community committed to platform growth and breaking new frontiers in blockchain adoption.

Besides enthusiasm from its younger demographic, Africa's on-chain transaction volume from July 2022 to June 2023 is said to have clocked $117.1 billion according to a report by Chainanalysis in 2023. This trend indicates where the continent's priorities lie when it comes to solving local problems while achieving sustainable global impact.

However, three recurring challenges on the landscape for African Web 3 builders are:

Technical resources
Accurate, indigenous data
Funding

That is why Core DAO's $5 million African Innovative Fund is a breath of fresh air. As is the nature of decentralized autonomous organizations, the fund is geared towards building. In this case, the objective in view is to build a flourishing Web 3 space in Africa through collaborative efforts.

By addressing restraints faced by many builders in Africa's Web 3 ecosystem, the next generation can be equipped to carry on the legacy of innovation. It's a highly progressive initiative. And the community behind it is just as remarkable.

What Is Core DAO Blockchain?

Core DAO is a Layer 1 blockchain built to strengthen communities and individuals by leveraging principles like transparency, decentralization, and immutability to provide decentralization infrastructures for these communities and individuals

This blockchain-based platform is a unique fusion of superior qualities from networks like Bitcoin and Ethereum. From Bitcoin, Core DAO incorporates security and decentralization while Ethereum supplies the platform with utility and scalability. Together, these features enable Core DAO to provide users with a safe space to set up decentralized systems, build dApps, and execute transactions.

Core Africa Innovation Fund: The Big Idea

For sustainable results, the fund will only sponsor indigenous projects that share in their vision of making a tangible impact in local communities. This hands-on approach ensures the fund stays user-oriented and inclined towards long-term efforts in supporting Web 3 builders in Africa. Some of the ways Core's Africa Innovation Fund will provide support are through the following:

Builder programs
Technical resources
Grants
Partnerships
Investment opportunities

However, the fund's support is not limited to these three methods. The cherry on the cake for recipients is the chance to connect with VCs, top builders, and established players in the blockchain industry. With Core Africa Innovation Fund nurturing Web 3 projects, talents in the region can be unlocked or given the momentum they need to excel.