ALMOST everyone in the Philippines knows about crypto. In a recent global YouGov survey, 47 percent of Filipinos reported that they “understand what cryptocurrencies are,” while 48 percent admitted they were “not sure to understand what they are.”
The survey also revealed that financial trading is the most prevalent skill among those participating in this space, whereas marketing and software engineering skills are far less prominent. This discrepancy underscores a critical point that the profound and far-reaching possibilities of Web3 remain largely obscure to the broader population.
The perception of Web3 in the Philippines is often skewed, primarily due to an overemphasis on “money crypto” — the buying, holding, lending and trading of tokens as digital assets. Media coverage also tends to highlight ecosystem failures, the rise and fall of token prices, and the collapse of major centralized crypto companies like FTX. These narratives take away the broader and richer ecosystem of Web3, which encompasses a wide array of protocols, organizations, and individuals who are pioneering groundbreaking new technologies and software.
The challenge lies in the dominance of participating in crypto as a means of monetary gains, which obscures the true potential of crypto or blockchain technologies and overshadows the broader conversation about Web3. This was more evident when thousands of Filipinos jumped into the play-to-earn (P2E) gaming craze, epitomized by Axie Infinity, during the pandemic.
P2E games became a lifeline for those who lost their jobs, but as the market fluctuated, many found themselves stung by losses and left in debt. This stark reality demonstrates the vulnerability of focusing solely on speculative aspects of the crypto space.
This focus on the aspects of “money crypto” undermines the perception of Web3 as a transformative solution to many of the issues plaguing the current internet landscape, like social platforms exploiting user data, frequent data breaches and privacy violations, limited opportunities for users to participate in value generation from online activities, and fragmented digital identities — collectively known as the shortcomings of Web2.
In Web2, users operate on private platforms with limited control and negligible ownership or compensation for their contributions. Meanwhile, Web3 networks are open, public and shared, allowing individuals to engage more freely and meaningfully. Through self-custody and participation in software development, staking crypto-assets, and creating or purchasing non-fungible tokens, people can become active contributors and stakeholders.
Web3 aims to distribute power among users, allowing them to own and monetize their data and digital assets. Web3 is about empowering people and reshaping the internet of tomorrow.
Starting the shift
The statistics highlight a pervasive awareness but also a significant gap in comprehensive knowledge. This signifies the need for better education. It also reveals an opportunity for internet users to transition to a “builder’s” mindset, leveraging Web3 technologies to resolve ownership, identity, privacy and monetization issues for creators.
Filipinos are already immensely talented in the IT-related industry, which has been a key employment generator for the country. This wealth of talent is why international firms are increasingly turning to our local professionals for software development. The demand for skilled Web3 developers has become a critical issue.
According to the IT-BPM Association of the Philippines, the tech industry is expected to generate 1.1 million new jobs in the country by 2028, of which 150,000 are developer roles that would need to be filled in the next six years.
However, this growth is accompanied by a significant challenge. A recent study indicates that 77 percent of employers worldwide are experiencing difficulties filling job vacancies, and the tech industry is particularly vulnerable. This shortage highlights a crucial opportunity for Filipinos to pivot from being mere users to becoming builders and innovators in the Web3 space.
Closing this skills gap requires a blend of academic insights and technical proficiency. A proficient Web3 developer is not only skilled in computer programming but also well-versed in decentralized technologies, data sharing, and distributed storage.
Moreover, they should have a solid foundation in computer science and be proficient in popular programming languages like Rust, Java, and JavaScript.
Building or developing projects in Web3 requires mastery of specific parts of the decentralized technology stack. Front-end developers may concentrate on writing blockchain decentralized applications (dApps), while back-end developers may focus on creating smart contracts, providing secure virtual machines and securing communications across blockchains.
Recognizing the importance of education in blockchain, the Internet Computer Protocol (ICP) Hub Philippines organizes initiatives like hackathons and code camps, which are pivotal in driving this transformation. These hackathons provide a dynamic environment where participants can tackle real-world problems using Web3 technologies, fostering innovation and practical problem-solving skills. These events often feature collaborative projects that simulate actual development scenarios, offering participants hands-on experience and in-depth knowledge transfer from seasoned Web3 developers.
Code camps, on the other hand, are intensive training programs designed to equip participants with the skills needed to develop Web3 applications. These code camps cover various aspects of Web3, from blockchain fundamentals to smart contract development, providing a comprehensive curriculum that bridges the gap between theoretical knowledge and practical application.
Cultivating a community where people can learn from experienced Web3 developers is also essential. Creating mentorship programs, online forums, and local meetups can facilitate knowledge sharing and foster a supportive environment for budding developers. Experienced developers can offer insights into best practices, industry trends, and common pitfalls, accelerating the learning curve for newcomers.
Moreover, partnerships between educational institutions, government agencies and private companies can provide the resources and support needed to scale these initiatives. Scholarships, grants and funding for startups can stimulate interest and lower the barriers to entry, ensuring that a diverse group of individuals can participate in the Web3 revolution.
Looking ahead
While Web 3 is still in its early stages, its potential to reshape the internet landscape is clear. For Filipinos, the transition from users to builders represents a significant opportunity to lead in the global digital economy. By embracing Web3, Filipinos cannot only participate in but also shape the future of the internet.
As we look ahead, the continued growth and development of Web3 technologies will depend on fostering an environment of innovation, education and community support. The Philippines, with its vibrant digital culture and strong sense of community, is well-positioned to be at the forefront of this digital revolution.
The paradigm shift from users to builders in the Filipino context highlights the transformative power of Web 3. By harnessing the potential of decentralized technologies, Filipinos are not just utilizing the future of the internet — they are one of the builders, too.
Nelson Lumbres is the co-founder of ICP Hub Philippines, a non-profit organization that aims to boost blockchain education through the adoption of Internet Computer Protocol (ICP).
Be the first to comment