Ankr is a token powering the eponymous cross-chain staking DeFi platform and a Web3 infrastructure whose goal is to increase efficiency in blockchain ecosystems by building dApps, hosting nodes, or staking.
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What Is Ankr?
The Ankr network is bringing the great advantages of the sharing economy into the crypto space, and it has experienced some outstanding performance so far. Just like today, it is possible to list a spare room online for guests to book and make some extra cash in the process, the Ankr project is doing exactly the same with cloud resources and computing power. Built on traditional blockchain architecture, it comes with a consensus mechanism and an incentive system that makes sure the networks are strong enough to support both retail and enterprise customers.
Their Proof of Useful Work (POUW) mechanism guarantees the potential of distributed cloud computing by giving Ankr tokens ($ANKR) to those who secure the network and promote block propagation. In a similar way, as reputation systems are widely common in sharing economy platforms, Ankr ensures the legitimacy of its actors by filtering them based on node contributions and performance tests. Despite promoting a decentralized network of cloud resources, the project uses the Intel Software Guard Extension technology to achieve a higher security level by processing specific executions within the hardware. This highly decreases the chance of malicious actors joining the network and limits the number of supported users to run a verification node.
Such an ambitious project requires a solid team of engineers and advisors that can help support the solutions it provides. It is no surprise that two of their founders had worked at Amazon developing Alexa Internet and Amazon Web Services, which gives them pioneering knowledge of cloud computing. Furthermore, other executives have worked for some of the best performing Silicon Valley companies and have all gathered at Ankr to merge their sound expertise and build a project that offers a very attractive on-demand solution able to help companies drastically reduce their costs.
Pros and Cons of Ankr
Advantages of Ankr
The Ankr’s approach to cloud services offers up to 80% cost savings for users, which is very attractive for businesses trying to optimize the expensive rates of other cloud service providers. Moreover, they have built very interesting partnerships with successful blockchains like Polkadot, Binance Smart Chain, and Harmony that will certainly bring more users on the board. In December 2020, they also launched Stkr, a decentralized ETH 2.0 staking solution that has staked nearly 50,000 ETH at the time of writing. These developments helped the impressive price run experienced by the Ankr token in March 2021, hitting an all-time high of $0.2135 and reaching an almost 10x increase in the span of a few weeks.
Disadvantages of Ankr
One of the main challenges of the project is the giant competitors it faces in global markets. With Amazon and Google having over 70% of the market share of cloud computing, Ankr needs advanced smart marketing campaigns to attract users to its network. At the time of writing, they have a total of over 8000 nodes deployed and their social media community just hit 100k followers on Twitter. These are impressive numbers for a project that has existed for just over 3 years, but to become a leading cloud service provider they will need higher user adoption, which will eventually test the actual reliability of their network and determine their future success.
Where to Buy Ankr?
Storing ANKR: Best Ankr Wallets
Ankr is a promising project that has achieved impressive milestones in a short span of time. Their native token has seen a huge price increase this year and it has attracted attention from users around the world. Their solution to expensive cloud services problems faced by multiple companies is very interesting and it is supported by a highly talented team of developers and executives. Despite facing giant competitors they have still managed to earn a reputable spot in the crypto space, and if they continue to build strategic partnerships and increase user adoption, they will begin a new era of success that could position them as the leading decentralized cloud service provider.
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