New Delhi is set to be the home of South Asia’s first Blockchain incubator called Satoshi Studios. The program is named after Satoshi Nakamoto the creator of Bitcoin, the world’s leading cryptocurrency.
Companies that are selected for the program will be relocated to New Delhi for a three-month intensive course starting in April 2017 and ending in June 2017. The perks of the program include mentorship, hands-on sessions with Blockchain experts, office and living spaces and an investment of $50,000 in return for 8-15 percent of equity.
The Blockchain incubation program is supported by GBMiners.
India tastes Bitcoin
India is fast developing an interest in Blockchain and Bitcoin, particularly after the demonetization drive carried out in November 2016, whereby the government removed 86 percent of the country’s cash out of circulation.
“The exchanges have started seeing the multifold increase in both traffic and transactions. We, as a mining pool, have started receiving a much larger number of queries from people seeking help in setting up mining rigs. Also, fundamentally, those very assumptions that Bitcoin makes people question about centralized fiat currencies are now being questioned by people themselves. The trust has been shaken, if not stirred, and we believe that will mean a world of difference which we expect to be reflected in numbers in the next 6-9 months.”
While Blockchain-based programs and research has been taking place worldwide, not much action has been happening in South Asia.
GBMiners, through their incubator program, are trying to remedy that. Talking to Cointelegraph specifically about the Bitcoin incubator program, Amit expressed enthusiasm about the time ahead.
“Every now and then we would read about the wonderful real world solutions that people are building on Blockchain and the fact that so little of that action was and is happening around us really pained us. We hail from a land where these solutions can truly make a world of difference for the common man.”
He adds: “We found no other way to eliminate our pain but to participate in the process of change and try and accelerate it in whatever manner our capacities permitted us. Thus, the idea to launch an incubator for Blockchain solutions targeting the South East Asia region originated.”
Mining in India is a challenge
Mining in China has proved to be advantageous, yet India has not seen a surge of mining pools or mining activity to a similar extent.
Cheap hardware, cheaper access to hydroelectric power in Tibet and a more controlled equities market are all factors that draw the Chinese to cryptocurrency mining.
Indians are just starting to venture into this field. We asked GBMiners what they thought about the challenges of mining in India, and they told us that it was worth the effort: “Irrespective of the challenges, we find it worth it and that's the only way we know how to look at it.”
About their future plans, they are eager to add more cryptocurrencies and will keep working on their incubator project, as Amit reveals: “We are looking forward to spending a considerable amount of time, trying to find the most interesting startups in the region and do justice to the name of our incubator. Meanwhile, our CTO will add support for some more cryptocurrencies on the mining pool in the coming few months.”