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No. It is based off the older series that came out in the 80s(I think it was the 80s atleast).
I watched it for about 30 seconds. I couldn't overlook the stupid themesong, the ridiculous costume, and the somewhat dated looking animation.
In regards to your spoiler, know that the story has been completely changed and is only based off the older serie and OAV. This is no continuation in any way. Just a dark, modern and sinister approach to the Casshern myth. That's why we all prefer it. ;)