It was a wrap after a successful hosting of the Filecoin Orbit Community Abuja Hands-on Workshop tagged, “Fil Abuja” on Saturday, July 23, 2022, at Ventures Park, Maitama, Abuja.
The hands-on workshop event saw a convergence of blockchain experts and enthusiasts gather to discuss and learn about various subjects in the blockchain ecosystem.
Welcoming the speakers and participants to the Abuja meetup, Chukwuemeka Enoch Mbaebie, Convener, Fil Abuja and the Filecoin Orbit Community Lead, expressed his appreciation for the reality of the event, being the first in Abuja.
According to Chukwuemeka, the Nigeria Orbit Community is a part of the Global Filecoin organization and it is supporting Filecoin to amplify its campaign, having started from Lagos, now in Abuja, to other parts of the country and eventually to Africa.
Chukwuemeka said that the Filecoin Orbit Community is engaging stakeholders in Nigeria’s blockchain to amplify the power of Filecoin and how it can push decentralization.
According to him, there are pertinent issues that the blockchain use case can address asides from decentralizing finance. Chukwuemka stressed the need for decentralized storage.
Gino Osahan, Developer Advocate at IOV Labs opened the floor at the Fil Abuja workshop with, “DeFi for Beginners”.
He started with an overview, mentioning how finance can be investing, borrowing, lending, saving, budgeting and forecasting. He narrated a brief history of finance and what it is today. According to him, finance can be personal, corporate and public/government.
“Finance has evolved into an all-in-encompassing matter, and it is t taking advantage of the exclusive nature of technology.”
According to a report quoted by Gino, the global financial services market is expected to grow from 20.5 trillion in 2021 to 22.5 trillion in 2022 at a compound annual interest rate of 9.9%.
“With the global GDP set to reach trillions of dollars, there is a need to understand why DeFi is important in the current financial system.”
Uyoyo, head of investment at Convexity who represented Adedeji Owonibi, founder/coo at Covexity discussed the necessity of founders to always get prepared for funding.
“Beyond having a good idea/MVP and a strong team, it helps when founders show some understanding of their Legal, compliance and financial needs.”
According to him, more specifically, Investors essentially need to know two key things: 1. How large is your potential addressable market? – is the opportunity large enough for VC bets? Is your team better served taking grants? (BTrust, UNICEF Innovation Fund etc.) Or should you bootstrap? 2. Why is your team the right team to execute that idea? What are your teams strengths and experiences? Why should Investors bet on your execution?
“Founders that can answer these core questions and present them attractively will have access to the funding they require to pursue their business needs.”, he concludes
Toochukwu Okoro, the CEO of Blocverse, discussed Filecoin as a storage network that drives decentralization. He stressed the power that blockchain has given to the public in owning their data rather than having to depend on the current centralized cloud storage network.
Joshua Avoaja, CTO at Blocverse also discussed “How to complete a smart contract”. Wrapping up the event, Chuts Chimezie, Founder, Blockchain Nigeria User Group spoke about Careers in Blockchain Technology, highlighting the many opportunities that the technology is set to offer.
Watch the live videos here.
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