The term “Web3” is a buzzword that many have read or heard about. The term refers to the next “evolution” of the internet, currently known as Web2. Web3 is, essentially, a new internet service built on decentralized blockchains, a system of shared ledgers seen in the likes of Bitcoin and Ethereum. Chris Dixon, entrepreneur and investor, defined Web3 as “the internet owned by builders and users, orchestrated with tokens.”

The next evolution of internet services has been on the rise. In 2021, its market size was valued at $2.2 billion, and is expected to grow to $38.6 billion by 2030, displaying a compound annual growth rate (CAGR) of 43.6%. The desire for decentralization, data privacy, and the increasing global interest in digital assets such as cryptocurrencies and NFTs all contribute to the industry’s rise to prominence. This growth has caught the attention of market leaders including Facebook rebranding as “Meta” and the creation of their own metaverse, Twitter and their efforts in incorporating NFTs, and Amazon which developed Web3 Labs that supports organizations in their blockchain endeavors.

As more organizations scale to web3 applications and structures, the demand for skilled talent is rising accordingly. LinkedIn recorded an increase of 395% in crypto-related job postings in 2021, indicating a dramatic shift from Web2 to Web3 services. To assist in this transition, several courses have been made available, such as those of Udemy, as well as institutions offering training and education. 

One such institution, Binance Charity, has launched a scholar program that aims to provide free Web3 courses for students undertaking technology-related training, enabling them to gain access to Web3 required skills. Binance Charity has selected several organizations and countries to include in their scholar program, including Australia, Germany, Utica (a Nigerian-based technology hub), Women in Tech, two organizations in Ukraine, as well as Cyprus. 

Among the 82,000 applicants for the Binance Charity Scholar Program (BCSP), the University of Nicosia was among the 36,500 to be accepted. BCSP has raised over $3.5 million, enabling it to fund an estimated 290,000 hours of Web3 courses. This is great news for Cyprus, as it is encountering a challenging digital skills gap not only in Web3 solutions, but in fintech and the wider technology services. BCSP now plays a crucial role for Cyprus in the dissemination and training in future digital skills, enabling the island to participate and contribute to the rising Web3 industry.

The University of Nicosia (UNIC) and Binance have a good reputation, as the organization’s CEO, Changpeng Zhao, otherwise referred to as “CZ,” has visited the university and participated in an exclusive interview with the university’s CEO, Antonis Polemitis. With the addition of UNIC to BCSPs Web3 courses, their relationship is likely to continue to flourish, and may even encourage Web3 companies to expand to Cyprus.

After speaking with Dr. George M. Giaglis, Executive Director of the University of Nicosia’s Institute for the Future, offered some valuable insights into what this scholarship program means for the institution.

“The Binance Charity Scholarship Program is a commendable initiative, empowering the next generation of tech professionals with the skills they need to navigate and innovate in a digital world shaped by Web3 technologies.

The inclusion of Cyprus in this program is particularly significant, solidifying the global lead of the University of Nicosia in Web3 education and research. Our existing online MSc in Blockchain and Digital Currency is already the largest such Metaverse, which will be launched soon.

I am confident that initiatives like the Binance Charity Scholarship Program will play a crucial role in helping Cyprus become a beacon of innovation in emerging technologies. All of us at UNIC are proud to contribute to this success.”

Currently, there is some presence of Web3 companies in Cyprus, with the most notable being Threedium. While Threedium is UK-based, it started in 2017, and received funding from the Kinisis Ventures VC fund which contributed to Threedium’s success in expanding to further European, UK, and US markets. They bring an extra dimension to fashion, making the online shopping experience more immersive through extended reality (XR).

In order to give rise to emerging technologies and the needs of the rising Web3 industry, Cyprus must make great efforts in closing its digital skills gap. Being part of the EU, Cyprus has access to various learning platforms and training initiatives which help to bring the island’s talent up-to-speed.

The future is becoming increasingly dependent on technology, and it is crucial to develop the necessary skills to adapt to emerging technologies. The inclusion of Cyprus in Binance Charity's Web3 education courses is a significant step towards bridging the digital skill gap and ensuring that professionals across the island are equipped with the tools they need to succeed. With a more skilled workforce, Cyprus can establish itself as a hub for innovation and attract more companies to set up shop in the region, ensuring a brighter future for the island's economy.