The blockchain project Wemerge Ventures Ltd, consisting of seasoned entrepreneurs, angel investors and blockchain experts launched Asia’s first community blockchain incubator. During the event, its first incubator centre known as MergeSpace was announced to begin operations in Shenzhen, China. Despite a pilot version of MergeSpace is currently available in Kuala Lumpur, future planned centres include the US, India and Singapore.
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 set up 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. 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 Decentralised Autonomous Organisation (DAO): The Wemerge Community Blockchain Incubator.
It 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.