Wemerge Ventures Ltd, a Blockchain project that brings together entrepreneurs, angel investors, blockchain experts and top management with MNC experience from the US, China, India, Lithuania, Australia, Singapore and Malaysia, has launched a community blockchain incubator. During an event in Malaysia, the group announced their first incubator center, MergeSpace, which will begin operations in Shenzhen, China. Future centers include the US, India and Singapore all during 2018. Currently, a pilot MergeSpace exists in Kuala Lumpur, Malaysia.
Wemerge explains that it was created to solve two 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.
According to Wemerge, 92% of the 26,000 Blockchain projects introduced in 2016 failed. A key element that contributed to the failure of these projects is 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.
Wemerge posits that there are no globally recognized “gold standards” for accurate and credible information disclosure practices for blockchain projects. Wemerge says it 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.
Xiaochen Zhang, Venture Partner of Wemerge & founder of FinTech4Good, sais that Blockchain tech has a spotty reputation due to the large number of projects announced the few that actually gain some traction;
“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 Zhang.
Wemerge explains that 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 hurdles. Wemerge Community Blockchain Incubator will expand 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 and by providing real world validation.
JR Ng, Managing Partner of Wemerge, says it is all about ensuring success as much as possible.
“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.”
Wemerge says it will have 1,000,000 beta testers within 2018 alone. China & India will be its first key markets with MergeSpace Shenzhen center opening by the end this month.