- The company presented the project at a conference in Hangzhou
- Ant Group is also developing an open source AntChain Bridge
Chinese fintech giant Ant Group plans to launch a web3 open consortium test chain that will be compatible with Ethereum. This was announced by company representatives at an industry conference in Hangzhou.
“After several years of research and experimentation, we are ready to bring our internetworking solution and technical innovations to the Web3 community through this initiative. We hope this will spur the development of the industry and make technology more inclusive.” — quotes the words of the CEO of the company portal BW.
The platform is expected to provide a high level of scalability and TPS. The interconnection will be carried out through the AntChain Bridge. During the demonstration of the protocol’s capabilities, Ant Group representatives created several NFTs at different sites.
The project is still at the testing stage. However, the company expects to launch the platform this year.
Also during the conference, Ant Group announced the launch of the OpenLab division. The group will work in the following areas:
- blockchain protocols;
- data privacy protection;
- reliable hardware solutions.
Despite the huge financial potential, the Ant Group emphasized that the initiative is aimed at developing technology, not speculation. That is, there has not been a global revolution in the Chinese market, but the interest of large counterparties in this area may prompt the authorities to revise their policy regarding cryptocurrencies.
Earlier, we talked about the fact that the approach of total censorship in the PRC turned out to be ineffective. Despite the ban, the total number of users of digital assets in the country has reached 30 million people.