Ant Group, a subsidiary of Alibaba, made a statement for the largest altcoin, Ethereum (ETH). According to the statement, Ant Group plans to launch a web3 consortium testnet compatible with Ethereum. Here are the details…
Ethereum move from Ant Group
Ant Group, a subsidiary of Alibaba and one of the largest fintech companies in the world, made an important announcement. It has announced plans to launch a Web3 open consortium test chain that will be compatible with Ethereum. Guofei Zhang, vice president of Ant Group, made the announcement, according to local media outlets in China. Zhang made the announcement at the Ant Group Digital Developer Forum in Hangzhou. It is stated that the new Blockchain platform will support multiple institutions. It is also expected to offer high scalability with a capacity of ten thousand nodes and hundreds of thousands of TPS. Apart from that, a PB-level ledger storage and data processing capability for the network is pointed out. It will have an open source cross-chain bridge protocol called Ant Chain Bridge.
Ant Group has a strong track record of applying Blockchain technology in various fields, including finance and logistics, by collaborating with external partners. This latest move is part of ongoing efforts to explore blockchain’s potential and expand its uses. The Group owns Alipay, the world’s largest mobile (digital) payment platform serving more than 1.3 billion users and 80 million merchants, with a total payment volume (TPV) of RMB 118 trillion as of June 2020. It is also the second largest financial services company in the world, after Visa.
Blockchain is emerging in many uses
The announcement comes at a time when blockchain technology is increasingly recognized as a powerful tool for solving real-world problems and building trust. According to Vice President Zhang Guohui, the value of blockchain technology lies in its ability to solve social problems rather than speculation. Therefore, the new Blockchain platform could have significant implications for a number of industries in China, primarily the financial sector. The strong presence of Ant Group and its parent company Alibaba in the Chinese market is well known. Therefore, the new platform is expected to leverage existing services to provide a seamless user experience.
The launch of the new platform is still in the testing phase. But still, it represents an important step in the development of Blockchain technology in China. With Ant Group’s expertise and resources, the platform has the ability to drive innovation. It also has the potential to create new opportunities for both businesses and consumers. As a result, we will see what direction the Ethereum move will take in the coming period.
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