LongHash, a blockchain incubator backed by the government of Singapore, has reported that the five startups had raised $9.7 million after a 12-week stint in their accelerator. The startups are tackling a variety of issues from biometric key management to a wallet that allows companies to build and launch applications around a tokenized asset, as reported by TechInAsia, August 2, 2019.
Contrary to the current sentiment that focus is shifting from blockchain and back to Bitcoin – which shifted from Bitcoin to blockchain after 2017-, there is no shortage of investors who are growing blockchain-centric companies; many startups building infrastructure and new services have been funded in the last few months.
While it is indeed true that the importance of Bitcoin as a censorship-resistant network is gaining growing awareness, there is no lack of focus on the underlying blockchain element as well.
The five startups are Poseidon Network, T-RECS.ai, AlphaWallet, Keyless, and Lition.
Poseidon focuses on allowing users to monetize on their unused bandwidth and disk space on any network-attached device. T-RECS.ai is aiding companies and individuals in purchasing renewable energy certificates from solar plants across the globe.
AlphaWallet allows users to build applications around tokenized assets backed. Keyless is a biometric-enabled piece of infrastructure for easy identity management, and Lition is building a scalable blockchain with deletable features for mainstream consumption.
The diversity in the products alone is representative of LongHash’s long term view that the blockchain space is underdeveloped and needs key infrastructure to grow stronger from here.
Projects like Ethereum are harnessing the power of distributed technology to build an array of applications that cater to the needs of consumers across the globe. Finance and entertainment are amongst the top use cases for dApps on Ethereum as of now. It is expected that ETH 2.0 will help propel project scope even further.
Crowdfunding vs Private Funding
The new battle that is arising for projects is whether to raise money via crowdfunding i.e initial coin offerings (ICOs) and initial exchange offerings (IEOs), or whether to leverage the money, network, and experience of venture capitalists.
As reported by BTCManager, the birth of IEOs has been a roadblock for STOs, leading to firms that want to issue equity having to take the venture capital route. Venture capital funding is by no means dried out as more and more specialist VCs set up shop to take advantage of the rapid growth this industry can witness.