In a recent joint venture announcement, Sony Network Communications and Startale Labs have joined forces to create a blockchain platform aimed at becoming a vital part of the web3 infrastructure.
The newly formed company, based in Singapore, is dedicated to developing a web3 network that fosters value exchange in the digital realm. While Sony Network Communications holds the majority ownership, the partnership with Startale Labs brings technical expertise to the table.
While the specifics of the forthcoming "Sony Chain" remain shrouded in mystery, the potential implications for Sony enthusiasts and the broader web3 landscape are nothing short of intriguing. This article will delve into the details and implications of this groundbreaking collaboration.
On September 12th, Sony Network Communications and Startale Labs announced a joint venture agreement to create a blockchain focused on becoming the "backbone of global web3 infrastructure".
The agreement officially established a joint venture company, based in Singapore, named "Sony Network Communications Labs Pte. Ltd.".
The mission statement of Sony Network Communications Labs is to "build a Web3 network for the new era where everyone can freely exchange value in a digital society."
Sony Network Communications Labs's stated focus is to utilize advancing blockchain technology to create "killer web3 use cases" that ultimately "drive the adoption of web3".
According to the announcement, Sony Network Communications will own 90% of the newly formed company, while Startale Labs will control the remaining 10%.
This new blockchain-focused company was given a starting capital of 1 million SGD (or roughly $731,000 USD).
Here is a link to the official website for Sony Network Communications Labs Pte. Ltd.: https://www.sonynetwork.co.jp/sonynetworkcomlabs/en/
Interestingly, this is not the first business dealing between the two companies as, back in June, Sony announced $3.5 million (approximately 500 million JPY) in seed funding was being invested in Startale Labs.
"We are excited to announce the establishment of this joint venture with Startale Labs, a company renowned for its advanced Web3 technology and expertise. By combining Sony Network Communications' experience in communication, IoT, AI, and solution services with Startale Labs' insights and technical prowess in Web3, we aspire to create a global infrastructure that underpins the Web3 era, driving innovation across existing industries." - Jun Watanabe, President and Representative Director of Sony Network Communications
In a post celebrating the massive agreement with Sony, Startale Labs CEO Sota Watanabe exclaimed that "Sony's Blockchain" has the potential to "become the world's top project".
A healthy rivalry may be brewing between the new "Sony Chain" and Coinbase's Base, as Sota Watanabe also went on to claim his project could surpass the Base blockchain.
No official details have been made known about the upcoming Sony Chain, this means we can only speculate as to which network the blockchain will be built on.
Startale Labs has built on the Polkadot network previously, being the creators of the Astar Network parachain. With Startale Labs' previous experience, it would not be too crazy to suspect the Sony Chain will be built on the Polkadot network.
"Following our capital partnership with Sony Network Communications in June and the subsequent announcement of this joint venture, we are looking forward to collaborating more deeply. This joint venture is founded on the synergy of our respective assets and knowledge, aimed at co-developing leading blockchain and its ecosystem. We are determined to discern web3 trends and drive them globally." - Sota Watanabe, CEO of Startale Labs
Selfishly, I am quite interested to know if the Sony Blockchain will collaborate with PlayStation, as I am avid fan of their gaming system.
Frustratingly, we weren't given much information, and it is not clear if the newly formed company will leverage Sony's varied businesses, services, and intellectual properties.
What I do know for a fact is, I will be following this Sony Blockchain story and keeping you, the reader, updated on any interesting developments.
Do you think this is a good move by Sony to create their own blockchain?
Will this start trend of traditional companies creating their own blockchain?
What are your thoughts on this news? Join the conversation below!
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