SINGAPORE — The search for the next tech giant has begun with the launch of Asia’s first funding and incubation program for Web 3.0 innovations.
Dubbed the Moonshot Fellowship, the program aims to fund and mentor Singapore-based start-ups capable of solving real-world problems with tools in the Web 3.0 space, characterized by a decentralized internet and artificial intelligence-based services.
Singapore-based venture capitalist Insignia Ventures Partners and Seoul-based fintech firm Terraform Labs, which are behind the program, will inject seed capital of US$200,000 (S$278,000) into each start-up. local up eligible to start. It is planned to create up to 10 companies every three months.
Web 3.0 is being touted as the future Internet that allows users, instead of governments or big tech companies, to own and control their data.
In a typical Web 3.0 scenario, users conduct financial transactions directly with each other using smart contracts – algorithms that act in accordance with contractual terms without the need for financial intermediaries.
Internet users are already operating in this space, buying and selling cryptocurrencies such as Bitcoin and Ethereum on blockchains, which store smart contracts.
“The rapid emergence of Web 3.0 adoption in Southeast Asia, primarily through cryptocurrency ownership, presents a huge opportunity to broaden the horizon of what Web 3.0 means for society” , said Mr. Tan Yinglan, Founding Managing Partner of Insignia Ventures.
We are looking for start-ups with ideas, for example, on how to detect cryptocurrency fraud and prevent blockchain hacks. Such hacks have already led to the theft of hundreds of millions of dollars worth of crypto assets.
We’re also looking for ideas that can unlock new interactions and digital spaces in the metaverse, a term to describe immersive virtual spaces.
The challenge today is that most Web 3.0 ideas revolve around the same use cases, said Do Kwon, founder and CEO of Terraform Labs, which runs one of the largest smart contract platforms in the world. world.
A breakthrough is like a long shot – hence the name “Moonshot” for the incubation program.
But Mr Kwon said: “The Moonshot Fellowship will connect top talent with the most pressing Web 3.0 ideas and help those ‘moonshots’ become a reality.”