In a bid to offer a solution to the numerous challenges seen in the blockchain industry, different developers have come up with unique projects.
These blockchain-based crypto projects are introduced into the system, with each promising to solve a particular problem. Ankr project is one of these projects and forms the basis for this review.
However, the Ankr project truly believes in cloud computing as the future hope. It is a Web3 framework and a cross-chain staking DeFi platform. It is used to increase efficiency in the Ethereum blockchain ecosystem via staking, building dApps, and host.
The team sees it as necessary to have a decentralized option to the recent monopolies of Google, Azure, Alibaba Cloud, and AWS. The target is to leverage computing powers that are idle for secured data and cloud services.
This Ankr review gives more information regarding the Ankr project. It is a good piece for anyone who wishes to understand more about the ideology of the project. The Ankr review also contains information on the Ankr token and its uses.
What Is Ankr?
This is an Ethereum blockchain cloud web 3.0 infrastructure. A decentralized economy that aids the monetization of “idle” data center’s space capacity. It uses shared resources in providing affordable and accessible blockchain-based hosting alternatives.
With its unique functions, it seems more advantageous to be among the top traded Crypto. Ankr aims at creating a marketplace and an infrastructure platform for web 3.0 stack deployment. Hence, enabling end-users and resource providers a connection to the Defi applications and blockchain technologies.
It is good to note that Ankr cloud infrastructure is unshared and operates independently compared to other public cloud providers. It is powered via data centers that are distributed geographically to increase its resilience level and stability.
Ankr possesses the capacity to provide enterprise clients and developers with the potential of deploying 100+ types of blockchain nodes. Some of the key elements are Decentralized infrastructure, A-click node deployment, and automated management using cloud-native technology and Kubernetes.
The Ankr Team
The Ankr main team comprises sixteen strong members. Many of them are graduates from Californian University Berkeley with strong technical discipline and engineering backgrounds.
Few of them have ventured into other businesses before joining the Ankr team, while others have limited experience in marketing. The team founded the network in 2017 at the University as a shared computing platform that uses blockchain technology.
The founder Chandler Song is an Electrical Engineering & Computer Science graduate of the Californian university, Berkeley. He has many years of working experience as an engineer with AmazonWeb Serv. He is currently the CEO of Ankr.
Chandler adopted Bitcoin early and aided in developing CitySpade’s peer-to-peer real estate brokerage start-up, new York.
Ryan Fang, the co-founder, is also a Californian University graduate. He poses a degree in business Administration and Statistics. He was a banker and data scientist in a global investment and financial firm, Morgan Stanley and Credit Suisse.
Chandler Song initiated Ryan Fang into blockchain and Bitcoin in 2014 during their (freshman) year and convinced him to buy 22bitcoin.
They used these bitcoins in 2017 to fund the (Ankr) project. Chandler and Ryan both recognized the advantages of the cloud computing market as a tool to enhance global innovation. They decided to build an economical decentralized cloud based on this idea.
Another founding member Stanley Wu is one of the first engineers working with Amazon web Services around 2008. He gained a grounded knowledge about cloud computing there as the Technology Lead before joining Ankr.
In addition, he was part of the Alexa Intenet team. He poses a good knowledge of browser technologies, large-scale distributed systems, search-engine technologies, and full-stack development.
Song Liu is another notable member of the team. He studied Electrical Engineering at the University of Shanghai Jiao Tong and serves as the Ankr Chief Security Engineer. He took this position because of his experience working with Microsoft and others as ethical hacker uncovering flaws and bugs in software.
Before joining the Ankr team, Song Liu was a senior engineering staff of (Palo Alto) networks. He has also been a staff of Electronic Arts, where he worked as a senior service engineer. And has gained two years of experience at Gigamon, a distributed platform for security delivery.
He worked with General Electric as the Software Architect with over ten years of experience with Amazon as Technical Lead LV6.
The Ankr network model uses a traditional (blockchain) architecture, though it adds improvement to the incentive system and consensus mechanism. It provides continuous uptime for varieties of nodes, including going beyond and above individual 24hours support.
The team members accepted this pattern, ensuring that all incentives meant for the enterprise-level networks are strong enough. Their vision is to attract a particular group of actors into the platform via verification nodes in the blockchain.
Ankr has a compound API that is secure, intuitive, and cost-effective. It allows all exchanges and wallet providers to access the interest rate protocol easily.
And maintains the network quality, removing bad actors from their node contribution using a reputation-based system. This is to ensure the existence of a system with only good actors as the verification nodes.
However, a performance test is initiated for a fair distribution of the different computational resources between the actors. Ankr also uses the Intel SGX as its major technological component to aid the execution of applications within the hardware itself.
This technology process some executions in the hardware and secures against some software and hardware attacks.
For the off-chain data & processing, there is a NOS Native Oracle System that aids transfers between itself and the on-chain smart contracts. This NOS is safe and needs authentication to boost security.
It also handles the data sourced security in an elastic manner. Because the Ankr platform allows security levels originating from NO encryption down to (perfect forward secrecy) PFS and TLS 1.2/1.3.
The team knows it is their launch into a niche market and adopted the Intel SGX technology and based the Ankr network on a reliable hardware solution. However, the hardware price will undoubtedly reduce the traffic for users supporting a verification node.
The network’s team members choose this path with the hope of increasing the network security and the level of the node owner’s commitment. This certainly will reduce the opportunity for actors that joins with malicious intent. The team considers this step as a necessity for the long-term evolution of having a cloud computing ecosystem that is decentralized.
The Ankr Community
The Ankr network is lacking a community of vibrant participants to support the project. It has an incredibly small Ankr sub-Reddit with only 4 posts and 17 readers since its creation about a year ago. A private sub-Reddit that can only be accessed by invitation exists also.
The sub-Reddit seems like not being managed by the official Ankr team. Ankr private sub-Reddit is possibly the main official Reddit. The question now is, what is the usefulness of a private sub-Reddit for its community.
The Ankr team, in addition to the Ankr network, has a Kakao talk channel and Wechat. But no one can determine the size of these communities. It seems users develop less interest as the hardware requires them to become a node and benefit from safeguarding the network.
What Makes Ankr Unique?
Ankr Network is the first network to make use of trusted hardware and guarantees a leading level of security.
It is designed to offer the latest blockchain solution that supports idle computing power generally from data centers and devices.
Ankr platform supports the sharing economy. Customers access resources at an affordable rate while giving enterprises the ability to make money from their unutilized computing power.
Ankr helps enterprise clients and developers to deploy blockchain nodes easily at an affordable rate compared to other public cloud providers. It uses smart connections and has a peculiar, unique selling point. Anyone can create a blockchain, use the technology, assemble a development team and lead the way.
The ANKR Token
This is a native token attached to the Ankr network. It is an Ethereum blockchain-based token that supports or adds value to the Ankr network. It is helps in payments like node deployment and can serve as a reward for the members of the platform.
The Ankr team launched the token(ICO) on 16-22nd of September 2018 during the period of the “crypto-winter.” The project was able to raise a total of USD 18.7 million within six days. The majority of this amount came during the private sale section, while the public sale gave USD 2.75 million.
During the initial coin offering, these tokens were given out at a unit price of USD 0.0066 and USD 0.0033 for the public and private sale, respectively. Only about 3.5 billion out of a total token of 10 billion were made available for sale.
Before March 2019, the Ankr token increased to twice the ICO price at USD 0.013561. This recorded increase continued hitting a higher price of USD 0.016989 on April 1st, 2019.
Within a week from this date, the token fell to USD 0.10 and has remained volatile since then. From May to July of 2019, the token traded between USD 0.06 and USD 0.013.
The team, during their Mainnet launch on 10th July 2019, released a native token in addition to the BEP-2 and ERC-20 Ankr tokens already in existence.
Instead of looking for a token to swap with the native token, they decided to leave the 3 tokens active so that holders can easily initiate a token swap.
Members use the Ankr token to access various blockchain functions like payment for computer tasks and hosting, incentivizing stakeholders, and rewarding computer resource providers.
This is unlike the BEP-2 and ERC-20 tokens that provide trading and liquidity on exchanges. The tokens are interchangeable across bridges with a maximum supply of 10billion across the three (token) types.
Buying And Storing ANKR
The ANKR tokens trade on a lot of different exchanges like Binance, Upbit, BitMax, Hotbit, Bittrex, and Bitinka. Binance has the largest volume of trade, followed by Upbit and then BitMax.
The following steps make up the process of buying Ankr tokens.
- Identify an exchange that can support crypto and fiat to make buying of Ankr easy.
- Register with the exchange opening an account. To complete this stage, one needs details like phone number, email address, and proof of valid ID.
- Deposit or fund the account via a bank transfer. You can pay using a debit or credit card or cryptocurrencies from a wallet.
- Complete the purchase by buying Ankr with the fund transferred and
- store in a suitable offline wallet.
Store your Ankr ERC-20 tokens in any wallet compatible with ERC to avoid the normal risk that follows large centralized exchanges. The same principle goes with BEP-2 tokens though you can use a native Ankr wallet as an alternative. This wallet is displayed on the dashboard and is available for Windows only.
Note, Ankr needs thirty-five network confirmations during the transaction. The minimum amount of Ankr token one can withdraw 520 Ankr. Moreover, the maximum a user can send to an external address is 7,500,000.
Is ANKR a Good Investment?
Ankr has a total market capitalization of $23 million, which places it at the number 98 amongst cryptocurrencies. The token ANKR provides military-grade security and efficiency to the blockchain node.
ANKR exists in 3 forms. There is the ANKR coin which bases on its blockchain. There’s also another form that forms a part of ERC-20 and the third one as BEP-2. These other forms of ANKR enable investors to buy crypto in a familiar form.
Many people believe in the viability of ANKR as a worthy investment because it has a fixed supply. According to ANKR design, the supply of its token will never surpass 10,000,000,000.
The implication is that once the token reaches this supply max, it will become rare and priceless. Since there won’t be new ANKR tokens, those who have the token will make more returns as the price will become bullish.
As of press time, the number of ANKR tokens in circulation is 10 billion showing that it has achieved the supply cap already.
ANKR Price Predictions
ANKR recently joined the top one hundred cryptos by Market Cap. But the movement of the coin was also bullish during the recent bull run in the crypto market. It gained 10X higher than its price before the March bullish run.
ANKR hit its all-time highs in March and was selling at $0.2135. Also, many people have taken an interest in the token resulting in a surge in its demand. However, many crypto enthusiasts are still hoping to see some growth in ANKR prices.
For now, there hasn’t been a solid prediction on how the price of the token will move. Many investors opine that the token will not move above $0.50, while others argue that the token might surpass $1.
Many crypto experts have supported the $1 expectation. Some crypto analysts believe that the token will get to $1 before 2021 runs out. People like Fliptroniks, a blockchain researcher, opines that ANKR operates on strong technical fundamentals. As such, many crypto enthusiasts appreciate the project, and that’s why the price is increasing.
As we’ve seen in this ANKR review, the protocol solves a problem that has been dragging the cryptocurrency ecosystem down.
By reducing the cost that users incur for running nodes on the blockchain, ANKR might soon become a part of the leaders in crypto projects.
Also, other people supporting the $1 predictions include a Youtube channel, “Selected Stock.” According to the group, ANKR is valuable and able to reach the price level because it simplifies the processes of crypto earnings. People don’t need to be crypto-savvy individuals to earn profits on the platform.
Another YouTuber “CryptoXan” also believes that ANKR will reach the $1 mark. According to the Youtuber, ANKR will become popular once many crypto exchanges add the token to their lists of tradable cryptos.
CryptoXan believes that for now, the market is undervaluing ANKR’s market capitalization. But once the exchanges pick an interest, the token price will rise.
With all the predictions and supports for a possible ANKR at $1, it’s worth noting that the crypto is speedily garnering recognition.
Conclusion of Ankr Review
Ankr is a solution that simplifies many processes in the crypto space. It offers cost-effective cloud computing services and offers a user-friendly interface for investors to earn rewards through trading.
It is not easy to predict how the price of any crypto will move. However, ANKR is solving a major problem in the crypto space. It is reducing the cost of running nodes on the blockchain by putting idle computing power to use.
The team has great plans for the project, and many experts are enthusiastic about its future. ANKR may be selling below $1, but many experts support the $1 mark prediction. As we have seen in this ANKR review, crypto is on its way to being amongst the leading projects in the industry.