In the second week of June, a lot of speculation surfaced in the market about China’s blockchain platform – ‘AntShares’ which is built by OnChain.
These speculations resulted in the risen price of antshare by 2000% in one week. Commonly called as “Chinese Ethereum” this blockchain – Antshare was rebranded as NEO (Greek – Means Newness, Novelty, and Youth) in the following week at an event held at Microsoft headquarters in Beijing.
From its initial launch to the event of its rebranding, the price of Antshare – Neo has been increased by 4600% by June 21, 2016, to be valued at 10.18 USD since it came out on October 1, 2016, at a value of 0.21 USD. This kind of volatility is not unheard of in cryptocurrency market.
Since June 22 it jumped to close to 40 USD as of most recent indicators. The chart below shows the variation of the value of Antshare – NEO since June 1st, 2017.
What is Antshare?
According to its own website, NEO – Antshare is China’s first original and open source public chain project which is a smart assets platform that combines smart assets of blockchain and digital assets. In simpler term, Antshare is smart contract blockchain platform exactly like Ethereum.
Developed by Chinese companies, for the Chinese market with inbuilt regulatory support for Chinese business, Antshare allows a smarter way for assets registration, issuance, and circulation.
Antshare – a decentralize blockchain protocol allows users to digitize and exchange real assets through a person-to-person network and can be used in Equity crowdfunding, Personal Loans, Digital Assets investment exchange as well as many other applications. In Antshare Platform, Antshare(ANS) is a digital asset to represent ownership of Antshare platform. The platform has set the total number of Antshare at 100 Million and the smallest unit is 1 Antshare.
With the blockchain technology, the digital assets that exist in the form of electronic data become decentralized, trustless, traceable and highly transparent. It supports multiple types of digital assets and uses digital certificates which are protected by law.
It also allows users to use smart contract for enhancing and enriching the function of assets in addition to allowing users to create a smart contract with other functions unrelated to assets. This creation of digital assets allows the conversion of real-world financial assets into virtual one and thus bridges the gap between traditional and digital financing. The Antshare network allows people to register, deposit, transfer and make the settlement of digital assets on the Antshare network.
While Antshare was developed by a company called ONCHAIN, based in Shanghai whose CEO Da Hongfai is the creator of Antshare, very big names have been associated with Antshare which includes WINGS, Alibaba, and Microsoft.
With Wing, Antshare has an R&D partnership. According to Wing’s press release which states that “”The strategic cooperation enables European and North American DAO projects to tap the Chinese cryptocurrency community, and Chinese startups to do the same with European and North American communities.
Further, the two organizations agree to coordinate resources on mutual business opportunities, and promote joint hackathons to drive ecosystem innovation.” Wings combines crowdfunding with swarm artificial intelligence decision-making via decentralized forecast markets into a project funding and governance platform that can be seamlessly accessed by anyone with just a smart phone.
China’s biggest (Might very well be the world’s biggest) online commerce company Alibaba collaborated with Antshare for a partnership between ONCHAIN and Ali Cloud to work on “proof-of-existence” for a blockchain-powered email evidence repository as a bottom-layer framework designed for enterprise-level use.
One of the most significant partnerships of Antshare is with Microsoft where both companies are collaborating especially from Microsoft Azure for a legal blockchain project of some kind.
Even if we consider the recent criticism of Bancor, Antshare’s partnership with Bancor is significant.
And finally, since Antshare is Chinese and it’s a common knowledge that any startup can’t survive in China without government support, Antshare tried to cover that front too by having its representative attend at least one government-sponsored industry conference on the blockchain. In addition to holding a blockchain competition in collaboration with a committee of the Shanghai municipal government.
However, Since there is no formal “endorsement by” or “backed by” announcement from Chinese government means anything else has no actual meaning in regards to the government dealings which makes regulatory risk a real threat in cryptocurrency.