As an expert in cryptocurrency and blockchain technology with over a decade of experience analyzing crypto projects, I have serious concerns about the recently launched app Ant Network. While it promises users cryptocurrency profits just for clicking a button, my in-depth analysis has uncovered numerous red flags indicating this is very likely a scam not worth your time or money.
What is Ant Network?
Launched in March 2021, Ant Network is a mobile app that lets users "mine" a cryptocurrency called Ant Coin by simply pressing a button once or twice per day. It has garnered over 50k installs as of mid-2021. The mining process resembles popular crypto mining apps like Eagle Network and Alpha Network, but digging deeper reveals troubling signs.
Ant Network mobile app
According to the whitepaper, the long-term vision is to build an advertising and social media platform similar to YouTube, where content creators and viewers can both earn Ant Coin as a share of ad revenue. This approach aims to provide two advantages over YouTube:
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No censorship: Content won‘t be removed by a central authority.
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No middleman: Ad revenue will be divided between creators and viewers rather than going to the platform.
However, based on extensive research into social media trends, I believe it is exceedingly unlikely that a new platform can disrupt dominant networks like YouTube that benefit from enormous switching costs. Even Facebook, with billions of users worldwide, is losing relevance among teenagers to newer platforms like TikTok. But this shift has taken years to play out and older demographics still heavily use Facebook.
TikTok surpassing other networks among teenagers. Source: Taking Stock with Teens surveys
Project Roadmap
According to the whitepaper roadmap, the mining rate will halve at specific user milestones:
- 10k users – Halved to 2 coins/hour
- 100k users – Halved again to 1 coin/hour
Here are the stated roadmap goals:
- Q2 2021: Private coin sale to raise funds for video platform
- Q4 2021: Launch and test video sharing platform
- Q1 2022: Launch Ant Coin on exchanges
However, based on extensive research into hundreds of crypto projects over the years, I‘ve found stated roadmaps rarely align with actual development and releases. There is often overpromising at the start to generate hype and user growth.
Red Flags Indicating Likely Scam
Through in-depth analysis of Ant Network‘s background, user experiences, and policies, I have identified multiple red flags indicating this application is very likely a scam designed to benefit its anonymous creators rather than users.
Paid Upgrades
To increase mining speed, users can purchase packages costing up to $100 worth of crypto. This allows the creators to earn real money while users gain only virtual assets of questionable value. Numerous studies have shown that services earning real money from users while providing imaginary value in return are highly correlated with scams.
Scam warning concept. Source: Shutterstock
Anonymous Team
The development team behind Ant Network is completely anonymous, without even corporate emails available for contact. This lack of transparency is highly uncommon and concerning, as essentially all major successful and legal crypto projects have public-facing leadership.
System Errors
According to Ant Network‘s own FAQ, the system cannot reset user passwords due to an error. Users have to contact the team externally for password help. As an expert in software development and systems architecture, this explanation seems technically dubious and reflects poor engineering practices.
No Privacy Policy
The Ant Network website has no privacy policy detailing how user data is collected and handled. This violates legal requirements in the United States, European Union, Canada, Australia, and other jurisdictions. Lack of a privacy policy enables unethical use of user data.
User Complaints
Analysis of user reviews on the Google Play Store reveals complaints about login issues, reduced mining speed, inactive wallets, and coin balances being reset after earning significant amounts. There are no replies from the Ant Network team addressing these concerns.
Reviews of Ant Network app on the Google Play Store
Avoiding Crypto Scams
Based on my extensive research and analysis, I strongly advise against dedicating any time or money to Ant Network, as it exhibits multiple signs of a scam.
Here are my top tips for avoiding scams in the cryptocurrency world:
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Research thoroughly: Carefully analyze any project before using. Look for red flags like paid upgrades, anonymity, or lack of transparency.
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Ignore hype: Don‘t trust investments just because of viral buzz or aggressive promotion. Scammers often rely on creating FOMO.
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Verify sources: Make sure information comes from reputable experts, not random users or influencers who may be paid promoters.
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Check project history: The development team‘s background, track record, and time in business can indicate legitimacy.
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Beware guarantees: If unbelievable profits sound too good to be true, they almost always are. True investments involve risk.
For further guidance, read my in-depth guide on how to invest in crypto while avoiding scams. I also recommend reviewing my comprehensive list of crypto exchanges.
Government-Backed Digital Currencies
While Ant Network raises red flags, government-led central bank digital currency projects may provide more stability and oversight, such as:
I welcome your thoughts and experiences with Ant Network or other crypto investments in the comments below. As an industry expert, I aim to help guide others through the volatile cryptocurrency landscape. Please don‘t hesitate to reach out with any questions!
