Blockchain isn’t only about the buzz that comes around it as a new technology capable of solving multiple challenges humans encounter, especially at the level of governance. It has also come to change the dynamics of a fundamental aspect of human life; finance.
The power of blockchain technology has made decentralization possible, thus breaking the barrier for anybody who can leverage its capacity to create wealth.
In light of this ongoing development, the African continent with its pool of talents is also deploying its own capabilities to catch up with the developed world to avoid being left out of the many benefits the technology comes with.
One of such capabilities is Blocverse, a blockchain startup with a mission of reaching out to every African on the power of decentralization and wealth creation that comes with blockchain technology, by putting out educative content while creating Web3 powered utility products.
Blockbuild had a chat with Toochukwu Okoro, Founder and Chief Executive Officer at Blocverse on how the startup is leveraging blockchain for wealth distribution.
Toochukwu is a smart contract and blockchain developer, who started programming in 2018, but later transitioned into blockchain development in 2020.
Taking a deep dive into his journey, Toochukwu as a backend developer got fascinated by the blockchain phase, thus his interest in how cryptocurrency work and how people can control their own money and data.
According to Toochkuwu, just like every other Nigerian, the case of centralization and people’s data remains a concern.
For him, the concept of blockchain technology bringing freedom is a big deal, thus he decided not only to become a beneficiary but also a participant in building a blockchain-related technology.
“Because one is looking for a way to make a difference, and that was actually one of my main drives to transitioning into the blockchain space.”
A quick look at Blocverse
Toochukwu stated that the aim of Blocverse is to build real-life utility products on the blockchain while doing projects collaborations with organizations that lack adequate skill or workforce to take on a project.
Stating further, Toochukwu mentioned that Blocverse engages in blockchain consultation, for companies who are looking into transitioning their technology from web2 to web3.
Further, the blockchain startup teaches about the different concepts in the blockchain.
“So basically, that aspect is actually a very broad aspect of Blocverse because we are interested in seeing people beyond cryptocurrency, know about the technology, as it can affect our day-to-day activities as human beings. We are here to inform people about the blockchain technology, and how it can be used.”
With respect to the aforementioned, Blocverse runs a blog, that is in the process of rebuilding into a school or project, where people can come and take basically zero to hero courses on blockchain to get certified.
Among others, Blocverse also offers services in Web3 educational resources, smart contract development, blockchain node and validation operations.
Web2 to web3
According to Toochukwu, the web2 technology for instance allows a central system to access your data before providing you with financial services, however, the web3 technology will enable users to take charge of their own money and data.
“We’re now coming over to the Web3 technology scene where people can decide what to do with their money without having to go from one step to another, basically eliminating the third person”
Toochukwu further stated that web3 is a trustless technology, where everyone owns the network and in addition to having been built on cryptographic technology, no one gets to see your real detail or know your real identity.
“This space has made it possible for people to make a lot of money, be part of a system that is more like a decentralized autonomous organization, where people vote anonymously, contribute to a particular cause without having to know each other.”
“It has given people an edge over previous technology and power when it comes to operating with their own data and financial systems, without any restriction on sending money globally”
Blockchain education in institutions of learning
This stage right now for youth happens to be when they can learn and be in the know of this kind of technology
“I think, it should go beyond higher institutions, all the way down to secondary and primary schools so that we can be able to inform youths and children on time about this kind of technology, showing them how to use it and thus create value out of this technology”
According to Toochukwu, as technology evolves, we get to solve problems easier, and people who are involved in solving these problems, are people who learn about them in time.
Thus, the platform has invested its time, efforts, and resources into putting together courses for any level to follow through and gain knowledge from start to finish.
“So we have identified the necessity to bring this kind of education to tertiary institutions and secondary schools, and then we have made that effort to make that come to pass”
Toochukwu explained that BlocTix is an NFT ticket platform and one of Blocverse flagship products. The platform is basically an NFT utility project.
“When you see most NFT projects, they’re basically JPEG objects, so we want to see how we can merge utility with NFTs”
Explaining further, Toochukwu said the platform is similar to an event organization platform just like Eventbrite.
The platform issues tickets to attendees in the form of NFTs without collecting data from them. and people, who want to create their own events and put up their tickets for sale, can choose their most preferred design, and put it up for adverts.
When people want to pay for their events, all they need to do is buy these tickets in form of NFTs and all the money is sent to the creator of the events.
“By that, we have eliminated the third man party who collects money and remit it to the event creators. Now creators in a few clicks can create their events, and produce their NFTs for attendees to mint”
Stating further, Toochukwu explained that there is a QR code on the platform that can be used for ticket validation.
The tickets will be sent to everyone’s wallet as NFTs, which can be viewed on MetaMask wallets and OpenSea. All you need do is plug in the contract address and load it up to see your NFT with your token ID.
BlocTix has also solved the challenge of ticket scalping, a situation where one individual buys lots of tickets to resell, or a case where a third party reduces the number of available tickets.
“Now we can give creators a base where they can determine the number of tickets, they want to get minted and how many wallets should own what number of tickets. Another feature is that we let the creators determine the store value for their NFTs, as this will make it possible for users to have access to premium packages or have access to a discount on a particular product.”
According to Toochukwu, this will allow creators to take advantage of secondary sales on NFT marketplaces even after their event.
“We also integrated a royalty smart contract for creators of the event so that once an event is created, and the tickets are resold, we ensure that the creators of the event get royalties as they are tied to certain percentages. Basically, that’s the utility we put to a simple event ticketing platform using NFT and blockchain technology.”
Bloc-Blog vs Bloc-Learn
“So we know that people are in need to get access and information which circles around the blockchain technology activities in Africa”
According to Toochukwu, Bloc-Blog is keeping people informed about all these events and all other activities around blockchain.
A quick look at the section will show you some pretty new technologies. Bloc-Learn is different from Bloc-Blog as described earlier. It is a learning platform where certificates are issued as NFTs to validate the participation of individuals in the course.
Blocverse also seeks to incentivize creators and other people who participate in the courses, as it makes learning easier for participants.
Toochukwu explained that Blocverse is already in partnership with some web3 companies, while still in talks with others to ensure that the startup attains its pan-African goal.
“We have drawn out our roadmap, within the organization, we’ve set milestones or we have and we’ve also set a certain level of activities in place.”
Blocverse is building value around education and hoping to make it as free as possible for all.