Chinese Internet Giant Tencent Launches Blockchain Accelerator

Published at: April 30, 2020

Tencent, the operator of Chinese social media app WeChat, is launching a blockchain accelerator. 

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

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

What does the accelerator offer?

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

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

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

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

Shortlisted projects will be announced 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 over $14,000.

The national scope of Tencent’s blockchain development

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

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

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

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