DREP Research Trip to Hainan, Chinese SandBox of Blockchain Revolution

Will Hainan become the first Chinese sand box of blockchain revolution?

Will it crack a window to the development of digital currency?

Research Background 2018/10/27

In China, it is not contradictory to see the government encouraging blockchain technology while giving harsh penalties towards cryptocurrencies.

On September 24, the State Council issued a policy on the establishment of China (Hainan) pilot free trade zone.

On October 8, Hainan Free Trade Zone (port) blockchain special zone was launched in Hainan Ecological Software Park. Thus, the first blockchain special zone officially licensed in China is finally set up.

On October 27, DREP research team visited the Hainan Ecological Software Park in Haikou, China, known as the “Hainan Free Trade Zone (port) blockchain special zone” .

The three eco-park leaders, Vice General Manager Hu Tao, Marketing Director Huang Rui, and marketing manager Wang Wei, hosted the DREP research team and introduced the policies, facilities and personnel welfare for blockchain companies in detail.

It has been reported that companies like Huobi China headquarters, Bibox (Hainan) , Mars Finance headquarters, 360 blockchain, Xunlei blockchain have officially made their entrance in the ecological park, while other top Internet companies with the likes of Baidu, Tencent etc have also set up a branch here.

So we did a search on Tianyancha(Chinese website for detailed corporate information) and have found 428 results for Haikou + “blockchain” and 129 results for + “cryptocurrency” . Certain enterprises clearly enlisted “digital product management” , “digital product online trading platform construction” , “digital points system development” , “virtual currency for online games” within their range of business.

Since May this year, the park has started attracting businesses extensively, and chosen the leading companies in each industry through rigorous screening. In order to attract outstanding enterprises and talents, the park is also actively developing a friendly living environment and supporting facilities, including the green scenery, kindergartens and supermarkets.

According to the leaders of the park, the entry criteria for blockchain enterprises include: a solid technical team, leading industry advantages, good reputation and so on. Accordingly, the local authorities have initiated talent encouragement policies including the Homey Award (for leading founders, they would receive a 300-square-meter Villa), Cosey Award (dedicated cloud assistants responsible for the founder and family’s daily and governmental services) , Career Award (enterprises at different stages of development can receive up to 10 billion RMB of Hainan Internet Industry Investment Fund in strategic investment) , Contribution Award, Growth Award, Talent Award and so on.

The park has also been promoting the establishment of blockchain talent pool mechanism with universities. In addition to establishing cooperations with top Chinese universities such as Tsinghua University and Renmin University of China, the Eco Park and the University of Oxford have also launched the “Oxford Hainan Blockchain Institute” with the intention of researching and developing flagship blockchain applications in Hainan.

ABOUT DREP Foundation

DREP Foundation is devoted to building a performance-oriented technology infrastructure supporting high transaction capacity for an ecosystem generating valuable reputation data. Focusing on two industry pain points: lack of user adoption and low transaction throughput, DREP Foundation aims to provide highly scalable, modular blockchain architecture for deployment of a reputation protocol that any types of platforms can use.

DREP envisions a global plan to empower a wide array of platforms to have tokenized reputation ecosystem deployed on top of DREP Chain, which is secure, scalable and reputation data supportive.

DREP is a decentralized reputation ecosystem based on blockchain technology which empowers various Internet platforms to quantify and monetize reputation value.

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