WeChat Owner Tencent Opens Applications for Its Blockchain Accelerator, 30 Spots Avail

Tencent, the Chinese operator of WeChat, announced on April 29 that they are launching a blockchain accelerator called the Tencent Industrial Accelerator.

The Tencent Industrial Accelerator is open to new and mature blockchain startups and will be made available in 30 places globally, with applications being accepted until the end of the first week of June 2020. For the projects to qualify, they will need to have conducted and at least one financing round finalized.

What Will the Main Focal Point Be?

The Tencent Industrial Accelerator will focus on recruitment in the areas of:

  • industrial blockchain solutions and data sharing,
  • digital asset transactions
  • supply chain financing blockchain applications.

Some other recruitment areas include education, energy, government affairs, manufacturing, logistics, public welfare and agriculture.

Accepted applicants will be offered for a year, 4 consultation meetings, a wide array of business and industry networking possibilities, plus access to the blockchain service platform from Tencent.

Furthermore, they will get the chance to go on an overseas visit related to the blockchain industry in their area of interest. Tencent announced that the development areas of interest accepted are:

  • Computing and trusted identity solutions
  • Smart contract security
  • Consensus algorithms
  • Multi-party governance mechanisms.

The chosen projects will be revealed in 2 months and will go through a second judging round. When it comes to how much a person needs to spend to participate in the accelerator, this is 100,000 RMB, which is a little bit over $14,000.

Tencent’s Blockchain Development’s National Scope

As revealed by recent reports, WeBank, the digital bank of Tencent, announced that it has plans to integrate the Digital Asset Modeling Language smart contract for the FISCO BCOS consortium blockchain, which is the chain that’s going to undergird the national Blockchain-Based Service Network (BSN) of China.

BSN became earlier this month available for commercial applications, after being 6 months rolled out in tests. Tencent Cloud, WeBank, Shenzhen Securities Communication and Huawei are FISCO BCOS blockchain platforms founding members.

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Author: Oana Ularu

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