Wemerge Ventures Ltd, a blockchain project made up of seasoned entrepreneurs, angel investors, blockchain experts and top management with MNC experience from the US, China, India, Lithuania, Australia, Singapore and Malaysia, launched Asia’s first community blockchain incubator at Sheraton Imperial to an estimated audience of more than 500 participants with great fanfare.
During the event, they announced their first incubator center, MergeSpace, which will begin operations in Shenzhen, China and future planned centers include the US, India and Singapore within 2018. Currently, a pilot MergeSpace exists in Kuala Lumpur, Malaysia. In conjunction with this initiative, Wemerge will introduce its own global Wemerge Community which will support the incubation and acceleration of new high potential blockchain projects.
Wemerge was setup to solve 2 critical issues in the blockchain world. The first is the high failure rate of blockchain projects and the second is the validation of credibility of blockchain projects. Based on a study conducted in 2017, 92% of the 26,000 blockchain projects introduced in 2016 failed. A key element that contributed to the failure of those projects are the lack of real fundamentals or ‘tokenomics’ as there’s a mismatch between the planned utility of the issued tokens and its application in its projects within real-world usage parameters. With an estimate of more than 100,000 new projects to be introduced in 2018 alone, this can be a daunting task for the individual blockchain participant. Wemerge is creating an ecosystem that combines the best of blockchain, business, finance and brand advocates into a single Decentralized Autonomous Organization (DAO): The Wemerge Community Blockchain Incubator.
“Today, blockchain technology has a mixed reputation as its inherent qualities are without question but the high failure rates despite the amount of support and funding provided is mind boggling. Oftentimes these projects just lack one necessary ingredient, in one form or another, to ensure market adoption on a global scale and an incubator helps to fill in this gap to make a project viable.” said Xiaochen Zhang, Venture Partner of Wemerge & Founder of FinTech4Good.
A traditional incubator is an organization that supports start-ups or early-stage projects with services such as project management training, operation support and other services to help overcome startup hurdles. Wemerge Community Blockchain Incubator expands on this process by assisting projects to properly execute their blockchain implementations and token issues through a community of beta testers all over the globe that will help to make up its initial user base as well as validation for real-world application.
“The role of the community is integral in ensuring that a blockchain project succeeds as most of these projects are really just untested concepts and there are so many people buying into unproven ideas, hence the negative perception that blockchain and cryptocurrency has gotten in recent years. We believe that blockchain technology has the potential to change the very fabric of daily society and we’re here to ensure that the best projects have lasting power to make tangible progress and participants focus their efforts into the best projects with strong tokenomics. The core of its success will be greatly determined by our global community: the Wemerge Community. To complement this initiative, we plan to set up MergeSpace in every major city of the world.” said JR Ng, Managing Partner of Wemerge.
Wemerge aims to have 1,000,000 beta testers within 2018 alone. China & India will be its first key markets to establish a strong community base and a multi-city roadshow is planned from April 2018 onwards together starting in New Delhi. MergeSpace Shenzhen center is scheduled for end March 2018.