Chinese Internet Giant Tencent Launches Blockchain Accelerator!

Chinese Internet Giant Tencent Launches Blockchain Accelerator!

Blockchain
May 1, 2020 Komal Joshi
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Tencent, the operator of Chinese social media app WeChat, is launching a blockchain accelerator.  It was declared on the company’s website on April 29, the “Tencent Industrial Accelerator” is open to both early-stage and mature blockchain startups, with a sum of 30 places available.  To qualify, projects must possess at least one financing round behind
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Tencent, the operator of Chinese social media app WeChat, is launching a blockchain accelerator. 

It was declared on the company’s website on April 29, the “Tencent Industrial Accelerator” is open to both early-stage and mature blockchain startups, with a sum of 30 places available. 

To qualify, projects must possess at least one financing round behind them. Applications are being received until June 6.

What does the accelerator offer?

Tencent’s blockchain accelerator will concentrate on a variety of recruitment areas, including industrial blockchain solutions and blockchain applications for supply chain financing, data sharing, and digital asset transactions. 

Other recruitment areas will concentrate on blockchain for sectors such as government affairs, education, energy, logistics, agriculture, manufacturing, and public welfare.  

Successful applicants will be provided four mentoring meetings during the year, a host of industry networking and business opportunities, and entrance to Tencent’s blockchain-as-a-service platform. They will also have an opportunity to make an overseas visit connected to their blockchain industry area of interest.

Development areas of interest confined in Tencent’s statement include smart contract security, multi-party governance mechanisms, trusted identity and computing solutions, and consensus algorithms. 

Shortlisted projects will be declared for a second round of judging at the end of June. The cost per person for participation in the accelerator will be 100,000 RMB — just above $14,000.

The national scope of Tencent’s blockchain development

As currently reported, Tencent’s digital bank WeBank has declared intentions to combine the smart contract Digital Asset Modeling Language for the consortium blockchain “FISCO BCOS” — the chain that will undergird China’s national BSN (Blockchain-Based Service Network).

BSN launched for commercial applications earlier this month, six months after it was first rolled out for testing. 

Adjacent WeBank, Tencent Cloud, Huawei, and Shenzhen Securities Communication are all founding members of the FISCO BCOS blockchain platform.

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