- The company unveiled the project at a conference in Hangzhou
- Ant Group is also developing the open-source AntChain Bridge
Chinese fintech giant Ant Group plans to launch a Web3 open consortium test chain that will be compatible with Ethereum. The company announced this at an industry conference in Hangzhou.
“After several years of research and experimentation, we are ready to present our cross-network solution and technical innovations to the Web3 community as part of this initiative..
We hope it will spur the development of the industry and make the technology more inclusive,” BW quoted the CEO as saying.
The platform is expected to provide a high level of scalability and TPS. Interconnection will be done through the AntChain Bridge.
During a demonstration of the protocol’s capabilities, Ant Group representatives created several NFTs at different sites.
The project is still in the testing phase. However, the company expects to launch the platform as early as this year.
Also during the Ant Group conference, they announced the launch of the OpenLab division. The group will work on the following areas:
- blockchain protocols;
- data privacy;
- secure hardware solutions.
Despite the huge financial potential, Ant Group stressed the initiative is aimed at technology development, not speculation..
That is, there has been no global revolution in the PRC market, but the interest of large counterparties in this area may prompt the authorities to revise its policy on cryptocurrencies.
We told earlier that the approach of total censorship in the PRC has not been effective. Despite the ban, the total number of users of digital assets in the country has reached the 30 million mark.