Phone mining is gradually deepening its roots in the crypto world. In this respect the recently introduced Ant Network has been in the news for the last few months. First of all, phone mining in itself is a big question. Let’s analyse how well Ant Network could succeed in the long run. So how it works and whether it could compete with its competitors like Pi Network and others or not.
The Ant Network is very similar to the Pi Network, BEE Network and Timestope. You don’t use any computing power to get the Ant coins. So it’s basically like you are minting them. You just need to press a button every 24 hours to mine one Ant coin per hour. You also invite people to get a 20 bonus.
Ant Network White Paper
At the beginning of their White Paper they say that their main goal is to get the advertising industry into the crypto world. They also go on to say that they want to create a social media Network that doesn’t collect user data.
The Purpose And Utility of Ant Network and Ant Coin
They also talk about how they want to create a video sharing website that distributes more money to creators. Maybe they are pointing at something like YouTube. Now what does this have to do with Ant coin? Well the payments are done with Ant coin so that would establish utility for the token. In other words the Ant Network team has pretty big ambitions.
Ant Coin Payment Feature
There’s also a payment feature already integrated in the app that allows you to send coins to other addresses. The Ant coin is also a TRC20 token so you could potentially withdraw your Ant coins into an external wallet.
Alarming Aspects of Ant Network Which Raise Suspicions
Resetting Ant Network Password
First of all you can’t reset your password due to an error in the system. This isn’t a big red flag but it’s worth noting.
Ant Network Unverified Corporate Address
You would see on their website they say they can’t publish their corporate address yet even though they have been around since january of 2021. Their email address right now is [email protected] not very professional.
Ant Network Data Protection
Who is the founder of Ant Coin?
There’s no faces behind the Ant Network. We don’t know who the developers are. Since everything goes on, they are up and working still hiding the founders is very questionable.
How to Upgrade Ant Network
The biggest red flag is paid upgrades. Same is the case with Eagle Network. Should it be such a big deal when you’re only spending a couple of bucks? Here’s why it incentivizes the developers not to finish the project. This is especially the case with the Ant Network because it is easier to create a whole new social media Network and video sharing website that competes with Twitter YouTube Facebook or to create an app to just get some money out of people and there’s no proof that the money generated goes to helping further along the project. All over the website you will see that they aren’t very transparent and that the information about the token is very surface level. They may be hoping for enough people that think the upgrades aren’t that much of a dent to buy them. So that they can just run out with some money. This is a big hit to the legitimacy of the project.
Should you buy Ant Coin paid upgrades?
So if anyone is considering a paid upgrade this project is really shaddy and we suggest not to buy any upgrades because there’s no guarantee that you will get your money back.
Even if the developers were using the money to further the project it would still probably fail creating a whole new social media platform that requires millions of users. They would be competing with giants like Facebook and Twitter. The same goes for the video sharing platform since those projects likely to fail would remove the utility of the coin and thus make it pretty much worthless. If they do succeed that’s great but there’s almost like a 90% chance that they will probably fail.
Ant Coin Mining on the Phone
You need to dive into the actual app itself and see around. Once you are in the Ant coin app you can start mining by pressing this button.
Once you press it, it will start mining at a rate of one Ant coin per hour. You can see your team in the panel below and also stake your Ant coins. So you can stake a certain amount of Ant.
You can see the plans for halving the mining rate. So as more people join the mining rate is going to decrease. For example if you have opened the Ant Network app you’d see at 500 million people they are planning to decrease it to 0.5.
There are packages starting at $5 and it goes all the way up to $99. You can see that on their website that we have shown in the picture below.
Some of the important features of Ant Coin App
- Mining Ant coins with a single push of a button
- You would also find they have posted different updates Ant network has gone through like the First Halving, What is Actually Ant Coin etc.
- Furthermore the Ant Coin App also shows all the necessary features including balance, exchanges, transfers and so on.
- Not only that, the app also allows pinging inactive team members.
- It also shows you the price of different coins
- Your wallet address
- You can also transfer coins
- Links to the FAQs, white paper, telegram etc. so yeah that’s basically it for the app
You should not spend any money on this project. It seems like it’s pretty clear that it’s not going to succeed because of its very lofty goals, they have paid upgrades and so on. All of that makes a difficult choice for us to make and actually invest into it. If you want to try it you can also go for it without spending money on it.