How to Invest in Web3 in Nigeria
How to Invest in Web3 for Nigerians revealed. We tested the best way to invest in Web3 for Nigerian Traders.
This is a complete guide to investing in Web3 in Nigeria.
In this in-depth guide you’ll learn:
- What is Web3?
- What is Web3 Crypto?
- What is the difference between Web2 and Web3?
- How to buy stocks on Web3?
- Which brokers offer a sign-up bonus for first-time traders in Nigeria?
- Which brokers offer a low minimum deposit of $5 (2 145 KES) to start trading?
And lots more…
So if you’re ready to go “all in” with the best-tested way to invest in Web3 in Nigeria…
Let’s dive right in…
CySEC, FCA, FSA, FSCA, Labuan FSA
FSA, Cysec, FSCA, FSC,
ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA
CySEC, ASIC, FSCA
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
How to Invest in Web3 in Nigeria (2023)
What is Web3?
👉 Web 3, sometimes known as Web 3.0, is the third generation of web technology. At its most fundamental, Web3 is a blockchain-based decentralized online environment. It is a new internet hybrid that wants to become the virtual world’s decentralized version.
👉 Instead of a Web dominated by colossal technology firms, Web3 is produced, maintained, and owned by its users. It employs blockchains, cryptocurrencies, and non-fungible tokens (NFTs) to return power to people rather than tech titans and large organizations.
👉 Creators are compensated for their contributions, while Web3 developers are compensated in tokens for their efforts. In addition, web 3.0 users may sponsor any project they wish and be paid for their involvement and trust by becoming Web3 investors.
How to Invest in Web3 in Nigeria
👉 To begin investing in Web3, you first need to understand what it is and how it operates. The distinction between active and passive investing strategies is essential to the investment process.
👉 When investors engage in active investing, they decide on which investments to make and take a more direct approach to the process.
👉 Investing in this manner necessitates devoting more time and effort and having a deeper grasp of the underlying asset.
👉 When an investor engages in passive investing, they take a less active role in the process, instead putting their money into a diversified portfolio that they hope will generate a profit with little effort.
👉 This financial investment may be less complicated and call for less time and effort on the investor’s part. However, when it comes to this third iteration of the world wide web, it is important to remember that you always have a choice between the two paths you may choose.
👉 The most important thing is to be aware of the distinctions between the two and to make an educated choice about the kind of investor you want to be.
Buy Shares of Companies involved in Web3
👉 Because of its widespread popularity, equities based on this updated version of the Internet are also attracting the attention of prospective investors.
👉 Many computer businesses, such as Microsoft, are already publicly traded, and you may acquire exposure to Web3 advances by purchasing the company’s shares.
👉 You can also invest in start-ups developing Web3-related goods or dApps and in Web3-focused enterprises.
How to buy Web3 Assets
👉 Web 3.0 and its supporting technologies are rapidly increasing, offering a new world of investment opportunities.
👉 Investing in Web3 may be a terrific way to make money in the future, but it is crucial to understand the risks involved. As with other cryptocurrencies, Web3 is still in its infancy; hence, care should be used before purchasing.
👉 Web3 allows regular people to participate in a rising company supported by venture money and top-tier technical skills.
👉 NFTs, cryptocurrencies, and direct investments in the Metaverse are excellent beginning points, but it is essential to remember the speculative character of these assets.
👉 Keep an eye out for potentially lucrative investments, but always remember to play it safe and do thorough research before investing in anything related to the fascinating Web3 sector.
Start building your Web3 portfolio by selecting your assets
👉 The proliferation of Web 3.0 and related technologies is opening several business possibilities. Web3 investments may pay off handsomely in the future, but only if you know what you are doing. Web3 is still in its infancy, like other cryptocurrencies. Thus, buyers should use caution.
👉 With Web3, average individuals may invest in a growing firm backed by venture capital and elite technological talent. Keeping the speculative nature of NFTs, cryptocurrencies, and direct investments in the Metaverse is crucial, which are all excellent starting places.
👉 Be on the lookout for promising investments, but never forget to play it safe by doing extensive research before putting your money into anything connected with the exciting Web3 industry.
👉 When it comes to digital assets, you may choose from hundreds upon thousands of different cryptocurrencies and NFTs.
👉 Thus, you can use reputable resources to locate initiatives throughout the Web3 ecosystem by filtering assets by category (e.g., blockchain, industry, algorithm, and metrics).
Consider asset allocation in your Web3 portfolio
👉 Mathematical analysis and intuitive judgment are viable options for determining the optimal allocation of your Web3 portfolio’s assets. The mathematical method relies on frameworks like Modern Portfolio Theory (MPT) to help investors achieve maximum return within a specified risk profile.
👉 Sizes of positions may be chosen intuitively, according to the investor’s confidence level or willingness to take risks. For example, bets based on conviction would include concentrating on a small number of shares and digital assets that make up a sizable chunk (say, 30%) of the portfolio.
👉 In contrast, if you want to maximize your return while minimizing your risk, you should limit your total investment exposure to some amount (say, 5 percent).
👉 In addition, it is accepted that one’s risk tolerance should increase as one’s investment horizon lengthens (say, from one year to ten years).
👉 One more note on Web3 security: apps (especially Layer 4s) often use many underlying protocols. Therefore, the whole structure is vulnerable to collapse if its constituent parts fail.
Monitor and rebalance your portfolio as needed
👉 The law of entropy states that when certain assets outperform others, your Web3 portfolio will gradually drift away from your desired allocation.
👉 Rebalancing your portfolio regularly by selling some of your overexposed assets and adding to your underweight ones might help you stabilize your risk appetite. That is if your faith and willingness to take risks have not wavered.
Invest using DAOs
👉 DAOs need funds since servers and power are not free. Thus, anyone who wants to become a stakeholder in a DAO may also acquire tokens. DAO tokens like Maker, Uniswap, and Dai trade identically to cryptocurrencies.
👉 The sole distinction is that DAO tokens are not only cryptographic currency. In addition, they represent a stake in a larger ecosystem of endeavours and businesses, including dApps, media, and other projects.
👉 If cryptocurrency is analogous to cash, then DAO tokens are equivalent to (publicly traded) stock.
Invest in NFTs and the Metaverse
👉 In alternative arrangements, consumers have the option to monetize their data. For example, unique material, including memes, artwork, blog posts, animations, and e-books, could be tokenized using non-fungible tokens (NFTs).
👉 NFTs may be purchased, sold, and traded like any other asset. Individuals who want to acquire tokenized material (rather than create it) might find millions of products on NFT markets such as OpenSea.
👉 Other platforms, such as LooksRare, are both DAOs and NFT markets. Regular airdrops of LOOKS tokens are accessible to users of the LooksRare platform.
👉 Alternately, Nigerians could buy LOOKS using Ethereum (which they can acquire with fiat cash) through a cryptocurrency exchange such as Coinbase.
Consider Selling Your Work
👉 In a novel and non-traditional way, Web3’s evolution continues to provide opportunities. For example, NFTs provide web users with the opportunity to profit from the sale of their work, and the notion of the creator economy will become the dominant model for monetization.
👉 When creating content on Web 3.0, you have a range of monetization alternatives. For example, artwork created digitally may be categorized as an NFT.
👉 Using Mirror, a decentralized application (dApp), authors and writers can sell and share their work as NFTs.
Invest and Earn via the Semantic Web
👉 Web 3.0 and its accompanying technologies are expanding quickly, creating a whole new universe of investment prospects. Investing in Web3 may be a terrific way to generate money in the future, but it is crucial to recognize the associated dangers.
👉 As with other cryptocurrencies, Web3 is still in its infancy, so you should exercise caution before buying.
👉 Web3 offers ordinary individuals the chance to invest early in a burgeoning business backed by venture capital and top-tier technology expertise.
👉 NFTs, cryptocurrencies, and direct investments in the Metaverse are excellent starting points, but it is vital to bear in mind the speculative nature of these assets.
👉 Keep looking for potentially profitable investments, but always remember to play it safe and do extensive research before investing in anything associated with the fascinating Web3 realm.
Consider Minting Currency
👉 Through systems like PRIVI, you may build your own tokens or currencies using Web 3.0 technologies. Own Tokens enable users to create and distribute tokens for free and are individuals’ money. The currency’s value is proportional to the value created by users.
👉 By giving a monetary value to your tokens, you may distribute them to your social media followers or other networking platforms.
👉 They can then be used to purchase a product or service from the content producer, with increased content quality, a more significant following, and more transactions, the personal token’s value, and demand rise (and vice versa).
Become a Web3 Tester or User
👉 A primary effort of Web 3.0 is to reimagine the creation and ownership of data and content drastically. Specifically, this new web version intends to re-decentralize the web and return control to people.
👉 Instead of the corporation behind a platform monetizing the data of its users, the users themselves would be reimbursed for using and creating on the site.
👉 In addition, users would be compensated using a platform-specific token, and all transaction data would be recorded publicly.
👉 This guarantees that payments are safe and trustworthy since customers do not need to depend on the reputation of the firm behind the platform to know they will be reimbursed.
👉 There will be no corporation behind Web 3.0 services. There is no centralized body siphoning billions of dollars from user-generated material. Instead, the platform is produced and controlled by the members.
👉 Smart contracts on the blockchain automate the essential tasks of these collectively owned and -managed communities, known as decentralized autonomous organizations, or DAOs.
👉 Smart contracts reduce the human element necessary to implement agreements and free DAO members of administrative or managerial responsibilities.
👉 The prescription is straightforward for innovative individuals who want to capitalize on the expansion of DAOs. Join a decentralized autonomous organization and become a maker. And content production is by no means restricted to textual and visual media alone.
👉 Community members with technical expertise may create decentralized applications (dApps) that increase the value and capabilities of the DAO.
Monetize Your Data
👉 In the Web 2.0 centralized environment of the modern Internet, major corporations generate tremendous sums of money from personal information. Web3.0 enables you to do the same for your advantage.
👉 Since Web 3.0 is built on blockchain, whose platforms are managed by the people (meaning there is no central authority), Web 3.0 protocols, such as PRIVI, seek to restore data ownership to its rightful owner and enable anybody to gather and monetize their data regularly.
Stake Crypto or Tokens
👉 All blockchain-enabled cryptographic currencies and tokens (including DAOs and dApps built on top) need a method to verify and execute their blockchain transactions. Historically, reaching an agreement depended heavily on the proof-of-work process.
👉 This technique protects blockchains by requiring a network of computers to solve a succession of cryptographic hash functions until a single computer gets the correct hash.
👉 When a solution is discovered, a new block referencing all previous blocks is added to the blockchain. In addition, the computers (“miners”) who performed the cryptographic work are rewarded with bitcoin or tokens.
👉 The blockchains underlying cryptocurrencies such as Bitcoin, Dogecoin, and Litecoin are still powered by mining. However, the job is resource intensive.
👉 Specific cryptocurrencies, like Ethereum (and, by extension, Ethereum-based tokens and the DAOs and dApps linked with them), have adopted a proof-of-stake method.
👉 This is a less resource-intensive (and potentially more secure) consensus process that verifies blockchains using a smaller, chosen set of miners (known as “validators”).
👉 To become a validator, a miner must post a minimum number of coins as collateral, which is lost if the miner attempts to commit fraud by modifying the public ledger of transactions.
👉 In exchange, validators are compensated with cryptocurrencies or tokens (as “interest”). As a result, validators could receive transaction fees as extra remuneration.
👉 To become a validator on the Ethereum blockchain, for instance, miners are required to stake a minimum of 32 Ether ($81,500 / 34.4 million NGN). In exchange, validators could anticipate a 5% return on their staked money.
Layers of Web3 Explained for Nigerians
👉 Web3’s strength resides in its composability and interoperability, not in its ownership. Composability is using protocols and assets as components in more complex applications.
👉 Using TCP/IP to develop the Ethereum network and its blockchain to generate the ERC-20 token MANA, which allows users to trade in Decentraland’s virtual world, are two examples.
👉 Composability enables developers to create superior goods more quickly, eventually attracting more consumers to the field. All of this suggests that investing in the Web3 ecosystem needs an understanding of its modular components.
👉 Layer 0 (L0) is comprised of platform-independent protocols and virtual machines, both of which are tasked with delivering the required capabilities for the construction of blockchain networks.
👉 Inter-Blockchain Communication Protocol (IBC), which enables blockchains to communicate with one another, and WebAssembly (WASM), a virtual machine for executing blockchain code in web browsers, are two examples.
👉 Layer 0s are often not directly investable assets, but they may steer you toward platforms with solid adoption. For example, IBC is part of the Cosmos ecosystem.
👉 Layer 1s (L1) refers to blockchain systems such as Bitcoin and Ethereum that maintain a distributed ledger and let apps and tokens develop on top of them. Most blockchain engineers work on Layer 1s for one of two reasons.
👉 The first reason is that Layer 1s assume most of the value in Web3, which can be seen by looking at the top 10 list of cryptocurrencies on most websites.
👉 The second reason is that all Layer 1s are now constrained by the blockchain trilemma, which is the primary barrier to the widespread adoption of cryptocurrencies.
👉 Layer 2 (L2) refers to technologies added to Layer 1 to make it more scalable. For example, Bitcoin features the Lightning Network, allowing quicker and cheaper transactions.
👉 In contrast, Ethereum offers various scaling alternatives, including Polygon, Arbitrum, and Optimism. Cross-chain bridges that enable other platforms to transfer their tokens to or from Ethereum or another network are also regarded as L2s.
👉 Layer 3 comprises highly dedicated decentralized apps (dApps) that perform a specified activity. In certain instances, they are standalone applications with which consumers may interact directly (e.g., Uniswap).
👉 Overall, however, Layer 3s serve as components that developers may choose to include in consumer-facing applications.
👉 Layer 4 is the last layer of the stack and often acts as the user’s Web3 access point. Many Layer 4s focus on user experience and customer service rather than technical skills to compete.
10 Best Web3 Applications in 2023 for Nigerians
👉 Web3 apps are the latest trend. Since the current buzz from digital pioneers and influencers like Elon Musk, Web3.0 has received significant attention. But unfortunately, there are only a few web3 apps available, and here are the top 10 web3 applications to get you started.
👉 Apple customers are acquainted with Siri, and the phrase is not foreign to them. This built-in voice control capability manages things such as making phone calls, arranging appointments, and doing online searches.
👉 The Internet of Things (IoT) may enable new ways for individuals to connect with the world, with voice recognition technology as just one example. Furthermore, there is far more potential than that.
👉 The Internet of Things allows for more precise instructions, targeted searches, marketing, and numerous other opportunities.
👉 Brave Browser is a new web browser that promises to bring desktop-exclusive ad-blocking and privacy features to mobile devices. Brave Browser, created by the Mozilla Foundation, is a quicker and safer alternative to standard browsers.
👉 It has been named “the most secure browser ever developed” due to its security. The Brave Browser is a new open-source web browser claiming to preserve the user’s privacy by blocking invasive advertising and trackers and using blockchain technology.
👉 It also has cryptojacking prevention, allowing customers to support their preferred websites without exceeding their data limit.
👉 Wolfram Alpha is a computing platform powered by artificial intelligence that enables users to answer questions and comprehend ideas via computation and visualization. It is a promising modern technology gaining popularity on Web 3.0.
👉 This platform allows users to submit questions that will be answered. For example, when a user searches for a particular query, the system will deliver a detailed response and extra data that facilitate intuitive comprehension.
👉 Bondex is a Web 3.0 talent network application in which users hold tokens to reward others for their abilities. Its purpose is to assist people in establishing successful careers in numerous disciplines.
👉 Since blockchain technology enables transparency and equity, it seeks to ensure that everyone is compensated for their efforts. The website offers services ranging from networking to financial solutions.
👉 Bondex’s decentralized P2P platform enables a new revenue-sharing model in which more revenues are transferred to the global talent pool and incentives for long-term success are aligned.
👉 Using the Bondex Smart Referral System is one method to expand your network and earn more tokens if you like. But, of course, the prizes are more valuable the more successful recommendations there are.
👉 The Sapien web 3 application is the first decentralized social network deployed on the new blockchain-based platform. As a result, users can construct their apps without charge or advertisements.
👉 Sapien is a web application framework that enables users to construct decentralized Ethereum-based apps. In addition, Sapien’s platform allows users to develop and deploy applications rapidly.
👉 Sapien is a third-generation web platform that delivers blockchain-based applications, services, and technology. It enables users to interact, trade, exchange information, and develop communities via a collection of autonomous tools.
👉 Sapien web 3 was intended to provide everyone with an accessible means of organizing their online life.
👉 With Akasha on the blockchain, a social network can be created where users can establish profiles, exchange content, form communities, and earn money. As a bonus, the site does not contain any advertisements or questionable material.
👉 The Akasha social network represents the next generation of social media technology. In contrast to conventional social networks, which have a restricted number of members, Akasha offers an open platform for communities to interact and exchange information.
👉 Nigerians can discuss their opinions, ideas, and experiences within the confines of a specific community or group. This has various advantages since it fosters community interaction and enables user-generated content.
👉 Livepeer is an application that enables real-time communication between two global users. It also allows users to view live videos and capture screencasts that can be saved as GIFs or downloaded as video files.
👉 Livepeer is an Ethereum-powered decentralized peer-to-peer video streaming network. Livepeer lets you broadcast live streaming video from your mobile device straight to the platform, giving various advantages to these applications.
👉 The first advantage is that you may increase your revenue by selling advertising space in your stream.
👉 Lbry is a decentralized platform for generating money and sharing music that impacts social networks.
👉 Lbry is a decentralized alternative to YouTube that operates on an open-source video-sharing platform called Odysee. It is also considered one of the first Web3 designs because it supports books, music, and films.
👉 Ysign is a blockchain-based, decentralized messaging application with complete privacy, anonymity, and an integrated cryptocurrency wallet. It is a web3 wallet application, and the absence of a central server where personal information might be abused is a noteworthy innovation of this software.
👉 Ysign does not function on a single server. Instead, in the Inery Ecosystem, it operates on thousands of computers called Nodes.
The Best Brokers in Nigeria
👉 In this article, we have listed the best brokers that offer trading solutions to traders in Nigeria. In addition, we have further identified the brokers that offer additional services and solutions to Nigerian traders.
Best MetaTrader 4 / MT4 Broker in Nigeria
👉 Overall, HFM is the best MT4 Broker in Nigeria. While CBN does not regulate HFM in Nigeria, the Broker has global regulations and registrations that make it a reputable choice.
👉 Nigerians can choose from several account types and have unlimited access to MT4, including the MT4 MultiTerminal. In addition, HFM also offers VPS services to eligible traders and HFCopy for social traders.
Best MetaTrader 5 / MT5 Broker in Nigeria
👉 Overall, FP Markets is the best MetaTrader 5 broker in Nigeria. FP Markets is a trusted broker that allows Nigerians to use scalping, hedging, and EAs when they use MT5. In addition, FP Markets promises fast execution through its network of trusted liquidity providers and robust Equinix NYC servers.
Best Broker for beginners in Nigeria
USD 100 / 41450 NGN
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Account Activation Time
👉 Overall, AvaTrade is the best Broker for beginners in Nigeria. AvaTrade is the best Broker for beginners based on its plethora of educational materials. AvaTrade offers a helpful demo account, a range of tutorials, and user-friendly trading platforms.
Best Low Minimum Deposit Broker in Nigeria
👉 Overall, Exness is the best Low Minimum Deposit Broker in Nigeria. When Nigerians sign-up with Exness, they can do so with minimum deposits from 10 USD / 4,100 NGN. Exness offers some educational materials and trading tools but offers MT4 and MT5 via several devices.
👉 Exness also offers zero-pip spreads, 278 financial instruments, and guarantees that client fund safety is a priority.
Best ECN Broker in Nigeria
USD 10 / 4145 NGN
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Account Activation Time
👉 Overall, Pepperstone is the best ECN broker in Nigeria. Pepperstone is a large and well-known ECN broker. Pepperstone offers the tightest spreads from 0.0 pips on principal instruments such as the EUR/USD forex pair, with commissions from USD 6 per lot traded.
Best Islamic / Swap-Free Broker in Nigeria
👉 Overall, XM is the best Islamic / Swap-Free broker in Nigeria. XM offers an Islamic Account guaranteeing that Nigerian Muslim traders can expect transparent, fair, and competitive trading conditions.
👉 The process involved in applying for the account is straightforward, and Nigerian traders need not worry about additional commissions or holding costs on the Islamic Account.
Best Trading App in Nigeria
FSC, FSCA (south africa), ASIC, CySEC
MetaTrader 4, MetaTrader 5, WebTrader, FBS Trader – all in one mobile trading platform.
100% Deposit Bonus
Account Activation Time
👉 Overall, FBS is the best trading app in Nigeria. FBS is one of the best STP/ECN hybrid brokers that serve Nigerian traders. The FBS Trader is an all-inclusive powerhouse that connects Nigerian traders to several different markets in the world.
👉 Nigerian traders can start trading from 1 USD / 400 NGN and use leverage up to 1:3000 across significant instruments. There are also a plethora of deposit and withdrawal methods offered and a 20% cashback trading bonus.
Best Naira Trading Account Broker in Nigeria
USD 100 / 41450 NGN
Account Activation Time
👉 Overall, Alpari is the best Naira trading account broker in Nigeria. Not only is Alpari one of the best brokers that offer local support in Lagos, Nigeria, but the Broker is known for its NGN-denominated account, local payment options for deposits/withdrawals, and competitive trading conditions.
Best Lowest Spread Broker in Nigeria
10 USD / 4145 NGN
IFSC, MFSC and FSC
MetaTrader4, MetaTrader5, CopyTrade and cTrader
Account Activation Time
👉 Overall, Axiory is the best lowest spread broker in Nigeria. Axiory offers zero-pip trading to advanced Nigerian traders who need the tightest spreads and fastest trade execution.
👉 In addition, Nigerian traders can trade a range of instruments using powerful trading platforms and advanced trading tools.
Best NDD Broker in Nigeria
👉 Overall, GO Markets is the best NDD broker in Nigeria. GO Markets is one of the best ECN brokers offering some of the best and deepest liquidity. GO Markets offers free VPS to eligible traders and charges low, competitive commissions per lot.
Best STP Broker in Nigeria
400 Nigerian Naira equivalent to $1
FCA, ASIC, CySEC, EFSA, JSC
• MetaTrader 4
• MetaTrader 5
• Admirals Mobile App
35 Forex Currency Pairs
Account Activation Time
👉 Overall, Admirals is the best STP broker in Nigeria. Admirals offers ECN account conditions on MT4 and MT5 across a few financial markets.
👉 The spreads that Nigerians can except start from 0 pips, and there is an average of 6 USD charged per trade, with active traders paying as low as 3.6 USD.
Best Sign-up Bonus Broker in Nigeria
USD 25 / 10390 NGN
CySEC, FSA-St-Vincent, FSCA
MT5, MT4, OctaTrader
Account Activation Time
👉 Overall, Octa is the best sign-up bonus broker in Nigeria. In addition, Octa offers a deposit bonus and has a popular demo trading contest for Nigerians. The Broker also has frequent giveaways where Nigerians can win various prizes.
👉 One of the most advantageous Web3 investment possibilities will arise in 2023. We have not even reached the point of widespread acceptance, which means that an investment made now might potentially provide enormous returns when Web3 sweeps over the globe in the 2020s.
👉 This is a fantastic opportunity, and one of its most exciting elements is that there are so many ways to take advantage of it.
👉 Everyone can invest in Web3 uniquely, whether by purchasing a cryptocurrency, a DAO token, or a publicly listed firm. They will still be able to discover fascinating use cases in which to participate.
Why should I invest in Web3?
The growth expectation for Web3 is 700% by 2025 when compared to 2020.
How can Nigerians start investing in Web3?
The easiest way to start investing in Web3 is to buy, sell, or hold cryptocurrencies and NFTs. After this, the easiest way is for Nigerians to invest in companies involved in Web3 development.
How can Nigerians buy into Web3?
Web3 investors can buy into Web3 in several ways. For example, Nigerians can purchase Metaverse ETFs such as the Roundhill Ball Metaverse ETF (METV) or invest with a cryptocurrency-specific Robo-advisor such as Titan.
Which Web3 investment is best for a passive income?
Many Web3 investors interested in a passive income choose between Non-Fungible Tokens, Platforms for Crypto Lending, Cryptocurrencies, Crypto mining, Airdrops and the Play to Earn Model
What are Web3 assets?
Web3 digital assets are defined by open, autonomous, and decentralized internet ecosystem technologies that allow trustless infrastructure and eliminate intermediaries and central monopolies.