- Ankr focuses on distributing idle computing power through decentralized cloud computing
- The token can be staked for multiple benefits
- It relies on a unique PoUW consensus mechanism
- It deploys enough inbuilt security measures
- The revised roadmap promises many improvements and additional services
- Based on Ethereum Blockchain, it supports Smart contracts
- The project is backed by a team with strong backgrounds in engineering and computer science
- There is a Native Oracle System with authentication
- It supports Intel SGX- thereby adding a new security layer
- Lacks the support of a big community
- The cloud computing industry is quite competitive
With time, newer types of cryptocurrencies are hitting the market and these new generation coins come with radical new features, opening up more possibilities for the investors. Some of these are linked with tangible and important assets while others usher in new concepts to benefit the end-users. One of the new kids on the block is Ankr. This innovative cloud computing ecosystem is developed for bringing idle computing resources to users who require them. This sounds like a useful idea but you need to learn about its nuances well before investing in the project. If it succeeds, there will be an end to the monopoly enjoyed by giants like AWS and Azure.
The basics of Ankr network
Ankr Network was created on Ethereum blockchain exclusively for offering the Blockchain users community to use idle computing power. Its aim is to offer users easy access to efficient and affordable cloud computing services. The users will be able to enjoy its features and innovative security. The ecosystem has been enriched by adding plasma side-chains. It relies on the Proof of Useful Work consensus mechanism.
The creator of Ankr is Chandler Song and it started the journey in 2017. Ankr was set up by a handful of tech wizards and some of them have backgrounds in technology giants like Google and AWS. A few of them had the experience of developing innovative business solutions too. The Ankr network is based on a cutting-edge distributed cloud computing platform. With it, users do not have to fret about liquidity problems and neither do they have to pay steep charges for using idle computing resources. Its recently unveiled roadmap promises enhanced user-friendliness and deployment of more solutions based on Ethereum and Polkadot.
Ankr Network is a trendsetter as it makes usage of trusted hardware compulsory and that elevates the level of security. It follows the usual Blockchain model but enhances the consensus mechanism used. It is also the first to blend Blockchain with specialized Intel SGX hardware. As the idle computing power is sourced from devices and data centers spread across the world, the decentralization concept is maintained. It promotes the concept of sharing economy as well. The enterprises earn by sharing their unutilized computing resources and users can access these at low rates.
What about the Ankr working mechanism and PoUW consensus method?
The Ankr network is meant for unleashing the potential hidden in distributed cloud computing. This will be achieved by equipping the Blockchain with computing power through the Proof of Useful Work consensus system. The PoUW consensus mechanism relies on nodes securing the network and it promotes block propagation. The system allows only good actors to work as Verification Nodes. A unique Performance test is used to distribute computational resources among the actors in a fairway.
The Ankr network also deploys a Native Oracle System. Users are allowed to run their staking nodes on its platform. So, users can get rewards easily. It offers single-click API services. With it, users can organize DApps.
What about the Ankr token?
The native ANKR token was not unveiled until the Middle of 2019. While you cannot mine Ankr tokens, they can be staked. Staking opens up a lot of means to earn rewards for its users. The overall supply is capped at 10 billion. The ANKR Token is based on the Ethereum Blockchain and it is used for payments and rewarding the members. The network also has ERC-20 and BEP-2 tokens along with the native token. The older tokens have been retained by the team.
One notable thing about using Ankr tokens is that it requires thirty-five network confirmations for a transaction. The lowest amount allowed for withdrawal is 520 tokens while the maximum limit for sending is 7,500,000.
The price of Ankr coin has been on rising throughout 2021 and crypto sector experts think it will continue to be bullish in 2022 as well. In fact, its price has grown as much as 11,000% since its inception. It was added by Coinbase, an exchange known for its stringent regulatory stance and compliance. This signifies the importance of Ankr as a digital token. You can buy ANKR using popular crypto coins like ETH and BTC and it can also be bought using fiat money, though not in a direct way.
Should you purchase Ankr token?
Ankr did not exactly have a stellar beginning but with time, it has managed to gain traction, in a gradual manner. It is now listed on the top crypto exchanges. The network supports Ethereum 2.0 and the Polkadot ecosystem. The launch of Stkr, a unique Ethereum 2.0 staking solution also made headlines. The project has also been enriched by the addition of several partnerships. It comes across as a safe bet for users with an interest in emerging technologies including the cloud computing realm. If the roadmap developed is executed properly, it can very well become a suitable alternative to cloud services monopolized by the tech behemoths like Google, Apple, and Microsoft.