A blockchain-based database to shut out fraud

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Hello reader,

If you’re into crypto, you’ve probably heard of a YouTuber named Coffeezilla.

While scrolling through YouTube, I saw that Sam Bankman-Fraud (SBF) was doing a bunch of interviews even after his company’s implosion and one of them, interestingly, was with Coffeezilla.

To say I was impressed is an understatement. The amount of rigor, questioning, and investigative journalism that Coffeezilla put into grilling the former FTX CEO was nothing short of amazing, given that mainstream media has received some criticism for treating SBF with kid gloves.

One thing that Coffeezilla pointed out was that SBF had a knack for slipping away from tough questions. In other words, he kept throwing up smokescreens and obfuscating the truth with wordplay and unclear information – ironic given that blockchain technology was created for the purposes of transparency and openness.

Eventually, Coffeezilla managed to laser in on one thing: customer assets in relation to FTX’s terms of service. He also got SBF to admit to commingling them, which was a huge win.

Today’s story carries many similar themes to Coffeezilla’s search for truth and transparency – EthSign is a blockchain startup that wants to help users get accurate business information. How’s it planning to do that? Read on to find out.

Today we look at:

• A Singapore-based blockchain firm wanting to “build a crypto version of Crunchbase”
• A discussion of Entrepreneur First’s departure from Singapore
• Other newsy highlights such as Grab’s upcoming cost-cutting measures and an Indonesia-based firm going public on the local stock exchange.

Premium summary

All clear with EthSign

Image credit: Timmy Loen

EthSign wants to tokenize the metadata in legal contracts, helping companies ensure transparency in their business information. The most important thing? It could use this information to create a database of companies a la Crunchbase, but with blockchain technology.

• Why a database?: EthSign, at its core, is a platform to create smart contracts. However, helping firms make them doesn’t net it any money – each contract only generates US$0.000481 in revenue. However, by tokenizing company data such as funding rounds, existing contracts, and cap tables, EthSign can create a real-time database that can be monetized.
• Over the table: In November, the firm launched TokenTable, which lets users manage a tokenized cap table that can process both equity and token distributions. The platform could serve as an additional revenue source for EthSign as it takes up to 2% of the fees generated from token minting.
• Fighting fraud: Cap table software isn’t new, but integrating blockchain technology would help combat concerns of fraudulent information. This could help make due diligence processes faster, more accurate, and potentially cheaper.

Goodbye Entrepreneur First

Let’s get that bag

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