Antshares Announces AntNest Smart Fund with Million-ANS Bounty for Hackers
For many people,the investment to fund is a complex process as if the fund can always somehow find a project. Then do we have such a fund where investors can know clearly about the potential project and can be the decision makers and communicate with other investors to come up with the best solution for the use of the fund. On 2nd March, Antshares announced its smart fund project Nest and Antshare is willing to offer 1 million reward ANS (Antshares’ token) for hackers. Knowing that the intermediary of traditional funds will bring high threshold, high risks but low efficiency, the Blockchain-based Nest wants to eliminate these negative elements by enabling investors to, via smart contract, participate and manage investment of the fund and exit the fund at will.
Tony, introducing the problems The Nest wants to solve
When interviewed by 8btc, Tony Tao, initiator of the Nest and CEO of Antshares said:
“A private fund manager told me that financial products are the process to make the complicated and results of financial behaviors accessible to ordinary people. Is there indeed no need for investors to know about the internal process? Investors expect to gain profits, know about the projects the funds are investing and communicate other investors. An investment Fund is not a simple collection of money but of will. Nest will make fund more attractive.”
“The traditional fund uses individual wisdom and judgement to make an investment, which is now challenging by artificial intelligence. Antshares calls the Nest a smart fund for reasons. It is based on smart contract and the wisdom from the investors as a whole. Blockchain-based Nest is a bridge of trust that enables all investors to a part of investment decision process.”
The Dao, which has funded 160 million USD, has been hacked only 2 months after its inception, resulting loss worth 60 million USD. Then how about the security measure the Nest will have?
“The Dao uses multi-layer, the split of which will result in bugs while the Nest is lighter with only one layer of exit. Second, The Dao uses the special coding language of Ethereum, which will easily lead to program bugs owing to unfamiliarity of the language. The Nest, on the other hand, uses C# as the coding language, which has been using for quite a long time. Third, The Dao only received code review only from a third party, which is limited. The Nest will invite a global code review with 1,000,000 ANS as the reward. I think smart fund is a finance-level project, which should stand the test of high level code review. Hackers in the world are actually the people who know most about Blockchain technology and security. We wish, via the reward we offer, we can enhance the security of The Nest with hackers. “
Antshares is the leading Chinese Blockchain company, which completed its ICO in 2015 with 8,119 BTC as its initial funding.