On October 30, Dovey Wan, a Primitive Ventures’ senior executive, revealed in a tweet that the local authorities in Guangzhou, China, would allot 1 billion yuan to Blockchain-related initiatives.
The plan is to selectively sponsor 2 projects every year, can be either public chain or federated chain projects— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) October 30, 2019
But what's weird in the announcement is, they define public chain as "public chain without token…" not sure if that type of public chain exist
On the same day, business and finance news outlet Caijing reported that Wan has revealed in an interview the main plan behind the subsidy fund. The Guangzhou government would select two types of Blockchain-based projects every year –”no coin” public chains and federated chain projects. Those that would be selected would receive sponsorship and guidance from the government.
According to Wan, the announcement that used the term “no coin” is quite confusing, since it could mean a public chain without tokens. However, the senior exec admitted that she is not sure if such type exists.
the subsidy level is— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) October 30, 2019
public chain (without token) up to $1.5M, federated chain up to $500k, 20 blockchain service companies each up to a few hundred k, dapp dedicated in public service each up to 1.5M, and there will be tons of money for local universities' training
The Caijing report also specified that public chain initiatives can acquire a subsidy of $1.4 million (10 million yuan) while projects in federated chains can get as much as $420,000 (3 million yuan).
Notably, the Guangzhou government would pick from 20 Blockchain companies every year. Aside from empowering Blockchain initiatives, a significant amount of the subsidy fund would be used on educational programs that aim to spread knowledge about the technology. There would also be an entrepreneurship contest wherein Blockchain innovators and participants can earn as much as $1.4 million (10 million yuan).
As emphasized by Wan, the Guangzhou government’s efforts in promoting Blockchain exploration and adoption is in full swing. Soon enough, she is optimistic that other regions in the county would follow suit.