No bells, whistles, or crypto for this blockchain

Sign up for the Daily Newsletter, sent exclusively to our premium subscribers. We break down the big and messy topics of Asia’s tech and startup community. Get the newsletter in your inbox everyday with a premium subscription.

Hello reader,

“You either die a hero or live long enough to see yourself become the villain.”

I love this quote from The Dark Knight movie because it rings true. Many people start out with good intentions, but over time, their ideals may get corrupted as they lose faith.

They could also go the opposite direction and double down on their way of doing things until it’s not the right thing to do anymore. It’s kind of like how in Animal Farm, a lot of the pigs end up becoming oppressors themselves.

I feel like this applies not only to people but to ideas too. Many good ideas come from well-intentioned places, but over time they might change so much that they’re unrecognizable compared to the original, or they get co-opted by people with more sinister agendas.

Blockchain, it seems, falls into the latter category. While the underlying technology has remained consistent, much of how it’s executed in recent years hasn’t been inspiring. What was once a technology meant to improve security and trust eventually became the tool of choice for many grifters and scammers.

That’s why it’s nice to hear that there are blockchain firms out there that’s going back to the tech’s roots and focusing on its original tenets. Today’s story discusses one of these players: Stability Protocol.

Today we look at:

• The Web3 firm eschewing crypto for its feeless blockchain
• ByteDance’s 2023 numbers, which are looking good
• Other newsy highlights such as Microsoft’s planned US$2.9 billion investment in Japan and a Singaporean AI startup scoring US$5 million in seed money.

Premium summary

Back to the source

Image credit: TImmy Loen

A bad reputation is often difficult to change, and blockchain tech has definitely gotten a bad rap over the last few years. Whether this can change on a large scale remains to be seen, but small steps in the right direction, like what Stability Protocol is doing, should be a good start.

• Tipping point: According to Stability Protocol’s COO Klay Nichol, the breakthrough moment was when the firm was approved as a partner of Singapore’s Infocomm Media Development Authority (IMDA).
• Keep the ships coming (and going): Stability will start conducting live trials for IMDA’s TradeTrust framework this month, which is meant to help with digitalizing global trade documentation.
• Finding alternatives: As the platform operates without fees and the use of crypto, validators – who prevent fraudulent transactions by ensuring they follow a protocol’s rules – won’t be paid. Stability is currently in discussions with accounting firms, including Deloitte and EY, as well as leading cloud computing and enterprise resource planning providers to act as validators.

Don’t stop me now – it’s having such a good time

Be part of our lineup of exhibiting startups from around the world

Quick bytes