Summary: Ankr is a blockchain project that aims to create a decentralised cloud computing platform by leveraging idle computing power. In this breakdown, we take a closer look at Ankr and highlight its potential benefits, challenges and it's unique technology!
The history of the Ankr project dates back to 2017 when it was founded by Chandler Song and Ryan Fang.
Ankr is a blockchain infrastructure company that provides a variety of services to the blockchain community.
These services include node hosting, staking, API, and more. Ankr is committed to making blockchain technology more accessible and affordable for everyone.
The team saw the potential in leverage idle computing resources and decided to develop a platform that could tap into this vast network of untapped power.
The project successfully launched its mainnet in 2019 which marked a big milestone in the development of its distributed computing infrastructure.
The project has raised a total of $10 million in funding from various investors such as Binance Labs, NGC Ventures, HashKey Capital and DHVC.
In 2018, Ankr began to expand its offerings to include staking, API, and node services. Since then Ankr has partnered with a number of projects such as Binance, Polygon, Hedera Hashgraph, The Graph, Theta Network, Avalanche, and Cosmos.
Ankr is a decentralized cloud computing platform that aims to take advantage of idle computing resources to provide affordable cloud infrastructure services.
It leverages blockchain technology and a distributed network of trusted nodes to create a secure and scalable ecosystem for decentralised cloud computing.
At its core, Ankr works by connecting users who require computing resources with providers who have unused computing power.
This is achieved through the use of a marketplace, where users can request specific computing tasks and providers can offer their computing resources.
The platform uses smart contracts to facilitate automated matchmaking and ensure trustless and transparent transactions.
The platform uses blockchain technology to secure and validate transactions, enhance transparency, and enable decentralised decision making.
Ankr's virtual machine (VM) is designed to run these containerised applications efficiently and securely. It supports a wide range of programming languages and frameworks, making it compatible with a diverse set of applications.
To achieve consensus within the network, Ankr relies on a proof-of-useful-work (PoUW) consensus mechanism. This mechanism combines elements of proof-of-stake (PoS) and proof-of-work (PoW) to incentivise providers to contribute their resources honestly and reliably.
Providers are required to prove that they have executed the requested computing tasks correctly, and they are rewarded based on the accuracy and timeliness of their results.
Ankr offers a range of services aimed at simplifying the process of building and deploying applications on blockchains such as:
Node hosting: Ankr provides node hosting services to users who want to run nodes but don't have the technical expertise or infrastructure.
Staking: Ankr provides staking services to users who want to stake their crypto and earn rewards.
APIs: Ankr provides APIs that allow developers to interact with blockchain networks.
Wallets: Ankr provides wallets that allow users to store and manage their cryptocurrency.
Developer tools: Ankr provides developer tools that help developers build and deploy applications on top of blockchain networks.
RPC services: RPC services are a valuable tool for developers who want to interact with blockchain networks
One of the main use cases of ANKR is to pay for cloud computing services provided by the Ankr platform.
Users can use the token to access computational resources, such as virtual machines, storage, and computing power, which is necessary to run decentralised applications.
The Ankr token is also provides a number of benefits to users including:
- Staking: ANKR holders can stake their tokens to earn rewards.
- Governance: ANKR holders can vote on proposals that affect the future of the Ankr Network.
- Payments: ANKR can be used to pay for services on the Ankr Network.
- Liquidity: ANKR can be traded on cryptocurrency exchanges.
The Ankr token has a maximum supply of 10 billion tokens. The fixed supply is designed to create scarcity in order to drive up the token's value over time, assuming increased adoption and demand.
Ankr has also established a token burning mechanism which involves permanently removing tokens from circulation. Every quarter a certain percentage of the tokens collected as fees is burned.
At the time of writing, the circulating supply of Ankr is 10 billion and with a price of $0.022 per token, the fully diluted market cap of Ankr is $233 million.