ScalingX, a global developer community, and accelerator dedicated to advancing Web3 and blockchain technologies, with a focus on scaling technologies like Zero-Knowledge Proof (ZKP), announced today an incubation program to help relevant startups gain initial traction.
The 12-week-long incubation program called zkTech Camp aims to facilitate more extensive adoption of zero-knowledge technology in the Web3 and blockchain space. One of the eligibility criteria is for startups to make use of a variation of the ZKP technology. Eligible startups will not only get $100–500k funding per project but also be offered a range of support and consultation on every aspect of starting a project including branding and strategy, token economics, market making, and talent recruiting. Timeline and more details of the zkTech Camp will be announced on ScalingX’s official channels following the announcement.
A zero-knowledge proof allows for proving the validity of a statement without revealing the statement itself. The technology is critical to the vision of a more secure and private and decentralized modern web, or Web3, for its use cases in user-permissioned privacy and scalability.
In fact, many believe ZKP to be one of the major innovations that will drive the continued evolution of the blockchain. However, the adoption of the ZKP technology has yet to take up speed. It is evidenced by the relatively small number of repositories and developer commits on Github: 1,317 repositories and 322,000 commits, as opposed to 57,207 and over a million when searching Ethereum-related developer activities.
Lack of knowledge is a top hindering factor among others. Founded by an individual investor and Forbes 30-under-30 entrepreneur Chichi Hong and seasoned venture capitalist and entrepreneur Jayden Wei, ScalingX works to lower the entrance barrier of this technology for the world’s most talented developers and entrepreneurs.
“Leveraging industry expertise and connections, ScalingX offers full-cycle incubation services to connect the dots for entrepreneurs. We are excited to announce the zkTech Camp to make our first step towards bringing the ‘X’ factor into the frontier of Web3 development”, Hong commented.
Hong is a passionate blockchain investor who has led investments in a lot of notable Web3 projects including Dfinity (seed round), Circle, CertiK (seed round) and Partisia. And Wei, an early adopter of Bitcoin and Ethereum, was previously the executive director of the renowned blockchain venture capital Collinstar Captial. Both also recognized from their experience a severe disconnect between the Western and Eastern ecosystems of the crypto world. The US-led Western countries are currently leading in technological innovation and the creation of startups while Asian countries boast a larger population of crypto enthusiasts and highly educated investors. Therefore, another overarching mission of ScalingX is to help forge closer links between the two ecosystems to ensure promising projects secure support from top venture capitals and get access to a truly global community.
In merely a month since its inception, ScalingX has already held several online workshops and Twitter Spaces talks and panels featuring tech-savvy speakers and executives from top blockchain projects. Down the line, ScalingX also plans to run hackathons, matchmaking roadshows, conferences, and other online and offline events to grow its community and ultimately facilitate truly empowering applications of cutting-edge blockchain technologies.
ScalingX is a global developer community dedicated to the development of Web3 and blockchain technologies, with a focus on Zero-Knowledge Proof (ZKP) technology. Our goal is to advance the adoption of blockchain technology around the world through education. We support early-stage Web3 startups by helping them with talent recruitment, networking, fundraising, project incubation, PR and branding, community building, and more. We are fully committed to building a more scalable, transparent, secure, and decentralized network of tomorrow.