Later this year, ConsenSys will inaugurate Tachyon, the world’s pioneering incubator programs that squarely focuses on Ethereum-based platforms. The program will be based in San Francisco, California. The first phase of the accelerator program will start in September, with selected ideas receiving a maximum funding of $100,000 as well as a complementary 8-week training program. The event will be graced by several leading authorities, venture capitalists and will also have enlightening workshops and expos.
According to the managing partner of ConsenSys, Kavita Gupta, the primary objective of Tachyon is to provide a platform through which brilliant innovators can actualize their progressive ideas. To participate in the program, applicants must have projects that fit the specified criteria. The requirements stipulate that a project must be a global Ethereum startup, open-source or have significant impact on the sociability of human beings. Currently, ConsenSys has received applications form several countries worldwide, including the UAE, Israel, Colombia, and China.
Besides individuals, Gupta said that Tachyon would also accept applications by teams from renowned tech corporate giants. To this end, Kavita noted that several promising projects from firms such as Uber and Google lack an in-depth understanding of the working mechanism of blockchain technology.
Notably, admitted teams would enroll in a strategic mentorship program. This will involve the establishment of partnerships between the team and two mentors. The mentors (at least two) will be a blue-chip Silicon Valley company and a reputable cryptocurrency startup such as ConsenSys Labs, MetaMask and so on. By joining the Tachyon incubator, Gupta believes that the corporate teams will identify their shortcomings and how the adoption of the decentralization concept can solve such problems.
Adequate Project Backing
While Tachyon is not the first accelerator program for startups based on blockchain technology, it is obviously different to others of its kind. In this regard, it has the upper hand over its competitors because it is backed the ConsenSys platform which is an established blockchain startup hub.
Furthermore, the program also receives backing from the Ethereum Foundation, the developers of the Ethereum blockchain. The foundation will support all selected ideas, with an inclination towards open-source projects rather than independent ideas.
During the incubation program, Gupta expects to come across ideas that are optimized for data transmission, have impenetrable security features and address scalability issues. However, the ConsenSys manager is open to anything, especially surprising innovations.
Kavita further declared that she had encountered several individuals who assess the market and conclude that they are capable of developing a solution, precisely because it the problem at hand has no existing solution. In such situations, Gupta rebuffs the applications and engages the applicants in a reevaluation process to come up with a different approach.