Dovey Wan of Primitive Ventures tweeted in a thread about the government of Guangzhou of the People’s Republic of China funding RMB 1 billion (some USD 150 million) dedicated to “blockchain subsidy” for “outstanding blockchain projects”. According to Wan, the project will sponsor two distinct blockchain subsidies per year. These two projects can be either in the public domain or federal based.
Breaking up the usage of funds, Wan said that USD 1.5 million will be invested in a public chain while the federal chain will receive about USD 500,000. About 20 blockchain service companies will all receive a few hundred thousand dollars each and the rest of the money will be used for training in local universities.
An interesting revelation was the compulsion of the public chain to be “without token”. This refers to a blockchain-based system without the usage of cryptocurrencies. While a few regulation issues are prevented by this, the concept of blockchain without token is flawed considering the absence of a model which rewards for miners and nodes of the network which consequently leads to lesser adoption.
Guangzhou’s move to investing in blockchain subsidies comes after Chinese President Xi Jinping endorsement of blockchain. As reported earlier, President Xi Jinping’s endorsement of blockchain technology stirred a resurgence of interest in the domain. The increased Chinese interest in blockchain technology is spurring renewed hype in the industry which had cooled down a bit for a while now.
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