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Chinese Open-Source Blockchain Startup Antshares raises $4.5 Million

Shanghai-based blockchain startup Antshares has raised over $4.5 million a crowdsale, enabling it to complete the first ever open-source blockchain project in China.

Antshares Blockchain, an open-source blockchain project has raised over $4.5 million in a crowd sale. The funds will see the startup complete the development of its blockchain platform under what it deems as an “Onchain universal blockchain” framework.

 

Adopters will see the platform enable them to digitize, record and track physical goods and assets. The open-source blockchain will be scalable across several industries, including real estate titles, corporate equities, supply chain assets as well as creditors’ claims, the startup claims.

Notably, the open-source framework being developed will be adaptable for public and private chains, making for a interoperable, universal framework.

In statements, Antshares CEO and founder Da Hongfei said:

Utilizing different plug-in modules, our framework could be applied for a public chain, a consortium chain or even a private chain. Our cross-chain adaptor module, currently under development, creates interoperability among these different chains.

Claiming to chalk a number of milestones in China, the Antshares claims to be the first open-source blockchain project developed in the country. It is also, according to the startup, the first organic, home-grown Chinese blockchain endeavor that works with both Microsoft Azure’s cloud BaaS (blockchain as a service) offering and the Linux Foundation-led Hyperledger Project.

During the course of its August/September ICO crowdsale, the startup raised 6119.53 BTC, with over 50 percent of investors participating outside China.

Furthermore, the startup is priming the global release of its mobile wallets developed for all major platforms.

Staying true to open-source ideals, the startup’s source code follows the MIT license and is available on Github.

“Our code is hosted on GitHub, if you are interested, you can download, copy, modify or Fork it,” says Antshares. The successful crowdsale comes a year after the releases of the startup’s official whitepaper in September 2015.