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What Is Ankr (ANKR) Coin?

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by John Caroline · 8 min read
What Is Ankr (ANKR) Coin?
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As the next era of the web continues to emerge, a lot of platforms are deploying suitable Web3 infrastructures to encourage further participation in the industry. Ankr is one of such platforms, and here is all you need to know about it.

Ankr (ANKR) is a Web3 blockchain cloud infrastructure platform that is designed to minimize the participatory barriers for individuals, enterprises, and developers in the blockchain ecosystem. Ankr is the first Node-as-a-Service platform for the deployment of blockchain nodes. With Ankr (ANKR) coin, infrastructure for deploying any blockchain node is made easy, affordable, affordable, and swiftly distributed globally. Ankr cloud platform is driven by enterprise-grade data centers around the globe, monetizing compute resources with the platform.

A real use case with a pragmatic solution is provided by Ankr for the utilization of idle cloud resources by node operators from high-specification data centers to run blockchain nodes, with ease of access and deployment in just a few clicks, while owners of data centers monetize their idle resources via the Ankr cloud platform. This makes it possible for computing power to be provided much closer, and at a much cheaper price to users with some essential benefits or advantages to the end-users.

Ankr Web 3.0: Decentralized Infrastructure to Build and Earn in Web3

Considering the functionalities of the platform, Ankr is a blockchain protocol that helps provide necessary mechanisms for developers suitable for the Web3 as makes the process of deploying any node easy, affordable, affordable, and swiftly distributed globally.

The protocol has the potential to expand and keep growing as the DeFi and Web3 ecosystem continues to expand. It basically helps to easily and efficiently build and earn in Web3 while allowing users to use its network to view data in real-time.

It is important to note that Ankr is one of the platforms that is primarily aimed at facilitating the development of Web3. The protocol combines the web3 and DeFi capabilities.

Ankr provides users with services that are geared towards helping blockchain nodes host more cost-effectively by using shared resources in an easy and affordable way. In particular, the platform allows the deployment of blockchain nodes by developers and enterprise clients at a very low cost compared to the providers of the public cloud. In addition, blockchain applications can be developed and tested on it.

Ankr’s History and Founders

Initially, Ankr launched as a Distributed Cloud Computing Network. Its goal then was to utilize excess capacity from a network of idle machines for cloud computing instead of relying on a single provider of cloud computing. The team has since expanded its push to making participation, building on, and use of blockchains much easier for all.

Two former college roommates from UC Berkeley, Chandler Song and Ryan Fang, along with Stanley Wu, a former Amazon.com, Inc (NYSE: AMZN) computer engineer, founded Ankr in 2017.

Song had served as an intern at Amazon Web Services, with Wu as his manager. At night after work, Song, Fang, and Wu had a discussion about a paper on Proof of Useful Work. That discussion eventually resulted in the birth of Ankr, where Song became CEO, Fang became COO, and Wu became CTO.

As much as $18.7 million was raised by the Ankr team over six days from their first token sale. A presale that raised $15.9 million was conducted by the team, and their sale open to the general public raised $2.75 million. As many as 3.5 billion of the 10 billion total tokens offered were distributed in total.

Ankr was designed and developed with a vision of a new internet based on distributed ledger technology with decentralized, much more private, and secure systems, applications, and protocols for users. The primary idea is to remove the need for central authorities and intermediaries, giving users and network participants ownership and control over data.

After releasing the Ankr mainnet in 2019, a staking protocol dubbed, Stkr was launched by the development team behind the ANKR project. Stkr allows users to stake Ethereum (ETH) with aETH in return, representing the future gains on the deposited staking balance. That is how network participants are rewarded for staking via the Stkr protocol.

Ankr’s Principles of Work

Ankr (ANKR) coin is operating based on several principles:

  • Node Infrastructure. Ankr acknowledges that not every user is equipped with the resources or technical capacity to launch a node from scratch or take part in the process of validation on a Proof of Stake (PoS) blockchain. Ankr makes the process simplified for individuals or developers over a host of blockchains including Tron, Bifrost, and Kusama, whether they desire to launch a full node storing the chain’s complete information or to launch a validator node storing just the current state of the chain.Besides addressing the issue of complexity in the setup of a node, Ankr ensures that the funds staked by users are not penalized for downtime or dishonesty. Ankr has also tried to foster the adoption of Web3 by providing ease of deployment of decentralized applications (dApps) with the use of its application programming interface (API). Developers are allowed access by the Ankr infrastructure to a lot of renowned blockchain platforms, including Polygon, Ethereum, and Polkadot without having to study complex documentation. The platform’s API solutions should hasten timelines for implementation, while also providing timely and accurate data for dApps.
  • StakeFi. Ankr also makes the onboarding process simplified for individuals who are looking to stake tokens on different blockchains, and also helps to validate transactions. Staking 32 ETH, for instance, is needed in becoming a validator for the Ethereum 2.0 blockchain, in addition to requiring technical proficiency in setting up and maintaining a node. With the use of Ankr’s StakeFi, as little as 0.5 ETH can be staked by individuals, which automatically is routed to the pools having the highest yield. The Ankr platform is non-custodial. What this means is that users can have their assets kept in their wallets without being required to lock up their funds on a different platform. In return, aETH (a synthetic token on the Ankr platform which reflects the value of ETH), with additional rewards is received by users which they can use to access decentralized finance applications and protocols.

Other features of Ankr include incentivizing network participants and playing a role in the governance process of the network. By owning and staking ANKR coins, users are equipped with the ability to vote on network upgrades, with each vote proportionally related to the amount of ANKR cryptocurrency they stake.

ANKR Token

Ankr (ANKR) coin has its own native token. It possesses varying functions and is available on several exchanges including Binance, Mandala Exchange, and CoinTiger.

Providers of cloud computing are first compensated for renting out their underused hardware in ANKR. ANKR can be used for payment for some products with node deployment and Application Programming Interface (API) services. It also allows users to participate in governance and have a voice in the ecosystem’s future.

Ankr, like many other cryptocurrencies, is limited to a maximum supply of 10 billion ANKR coins with a current circulating supply of 8.16 billion coins.

Why Invest In Ankr (ANKR) Coin?

Ankr (ANKR) token is listed on Coinbase Inc (NYSE: COIN), the largest cryptocurrency exchange in the US known for its strict rules and regulation.

For ANKR token, Coinbase listing is like a rather compelling proof of acceptance. It proves the strength of ANKR as a digital token and gives credibility to the ANKR token, making it more reliable in the crypto market.

With respect to the future, different predictions have been made about the ANKR token, and after judging from the overall predictions of major ANKR price prediction sites like  Walletinvestors, Capital, and DigitalCoin it could be said that it has quite a promising prospect.

As to whether or not Ankr is a good investment, the risk is always a factor in the cryptocurrency market. However, a number of members of the community believe that ANKR is a good investment and that it is certain to benefit in the future.

The major strength of the ANKR is a decentralized cloud-based network. Initially, it was not possible for normal people to set up a node and operate a cryptocurrency node, but  ANKR provides such leverage for anyone to benefit without doing any hard work.

Conclusion

Regardless of what kind of blockchain user you are, there is likely to be an Ankr service you will find interest in. Users can stake their funds with different blockchains in a suite that can manage all funds in one place. Builders can get access to decentralized multi-chain development tools with the ability to expand quickly to other networks. And enterprises can get any custom solutions they need to integrate staking products, infrastructure, and more with their platforms. Thus, Ankr has placed itself among the fastest growing providers of decentralized infrastructure, and it continues to add more services for Web3 developers and users.

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FAQ

What is Ankr protocol?

The Ankr protocol is a blockchain project that gives developers the ability to utilize the power of remote procedure calls (RPC). The RPC enables developers to access data from multiple blockchains like Ethereum, Binance Smart Chain, and Avalanche.

Who founded Ankr?

Ankr was founded in 2017 by two experts who were formerly college roommates from UC Berkeley. Their names are Chandler Song and Ryan Fang. Meanwhile, at some point, they joined hands to build the platform with Stanley Wu, a former Amazon computer engineer.

What issues does Ankr solve?

Ankr supports the development of decentralized, much more private, and secure systems, applications and protocols for users which eliminates the need for central authorities and intermediaries, giving users and network participants the ownership and control over data.

How does Ankr work?

Ankr provides improved decentralization of applications and staking nodes and support of the Web3 infrastructure, by computing power supported by DLT to collect data resources that are deployed to stakers and developers via data centers at lower costs, which is how developers and stakers can develop and deploy dApps with ease, as well as stake their balances. Ankr staking is supported by the Stkr protocol which was launched in 2020. The Stkr protocol supports the staking of ETH in return for aETH which represents the value of staked ETH in addition to the expected returns on the staking balance, creating a system with high liquidity for the future stakers of Ethereum 2.0.

What makes Ankr unique?

Although Ankr is not the only DLT project that aims at decentralizing the internet and contributing to the development of Web3, it is one of the most prominent in the DeFi sector. This makes Ankr a unique project that supports the development of the decentralized, more secure, and more private internet. Ankr is unique in its employment of the Intel SGX. This technology is the main component of the system and it allows dApps to be executed with the hardware system. That way, ANKR can offer cost-efficient solutions for developers and enterprises. Ankr as a unique project hosts functional options for developers, stakers, and other network participants.

How to buy ANKR?

ANKR is the native token for this ecosystem. To buy the coin, the user should first purchase Bitcoin or Ethereum from a crypto exchange. Afterward, the users should find a crypto exchange that supports Ankr currency and exchange Ethereum or Bitcoin with Ankr.

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