What is Ankr? A Cryptocurrency Guide for Investors

What is Ankr? A Cryptocurrency Guide for Investors

What Is Ankr? The Blockchain-Based Cloud Infrastructure For Web 3.0

ANKR is the one-stop solution to all of the above bottlenecks, Ankr is a decentralized blockchain-based cloud computing platform for Web 3.0 applications. Founded by Chandler Song and Ryan Fang in Nov 2017, Ankr is a cryptocurrency based cloud computing platform that utilizes the idle compute-resources available in the data centers to drive the network by connecting the providers with the end-users at a smashing price of $39/month when compared to AWS’s $100/month with the unfair advantage of Blockchain.

Unique Selling Propositions (USPs) of Ankr Network

  • One-click node deployment
  • Decentralized eco-friendly infrastructure
  • Automated management with the use of cloud-native technology and Kubernetes.

While the origin protocol is busy disrupting the sharing economy marketplaces where Unicorns like UBER and AIRBNB exist, ANKR is all in the process to disrupt the cloud computing industry. Cloud computing giants like Amazon Web Services (AWS) and Microsoft’s Azure have to transform to survive this technological wave.

What is Cloud Computing?

Let’s try and understand the cloud computing industry first!

 Where do we store our data? We have the habit of storing in hard drives inbuilt in our computers, pen drives and other peripheral devices connected to our PC’s. Now, as we all know the internet is ruling the world in every aspect, why not store our data over the internet! Cloud computing does the exact same thing. “Cloud” is a metaphor for the internet. THE DATA STORED, ACCESSED AND, SHARED OVER THE INTERNET IS CALLED CLOUD COMPUTING.

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Types of Cloud Computing
Image credit: https://it.toolbox.com/tech-101/what-is-cloud-computing-private-public-and-hybrid-cloud-basics

The above image indicates the types of cloud computing based on the service model and deployment model. For instance, the cloud computing tech giants like Amazon Web Services, Microsoft’s Azure, Google Cloud provide software as a Service (SaaS) such as Microsoft 365, Google Drive, Gmail, etc. wherein you can use their software in return for a fee.

Now, this is where ANKR comes in! ANKR is the new solution to these centralized giants companies.

Disadvantages of Centralized Cloud Computing

Let’s analyze the “WHY” before the “WHAT” as always.

  1. The prices offered by AWS, Digital Ocean, are humongous for users to utilize their products and services.
  2. These are centralized cloud platforms where data is stored in their data centers leading to a risk of network downtime and global outage, which can be the unfortunate possibility.
  3. The deletion of the client’s data on violation of terms of service without recourse to the aggrieved party is a definite possibility.
  4. These are not a solution to MSME’s in contrast to the large enterprises which might enjoy the economies of scale.

A research report from McKinsey and Stanford claims that 70% of the server assets are non-performing and 30% of data centers have neither the experienced network nor user activity for a period of more than six months. Data centers are nothing but a specialized room/ building dedicated to housing computing and networking devices to collect, process, store and access vast amounts of Data for corporations, unlike Personal computers and Laptops.

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Ankr Features
Image Credit: https://www.ankr.com/

Ankr’s Blockchain Network

The Ankr blockchain features a smart contract system, which supports multiple programming languages such as C/C++, JavaScript, Rust, Python, etc. The blockchain architecture is broadly divided into four layers.

  1. Core Layer: This is the consensus layer of the Ankr network. The consensus uses Proof of Useful Work (PoUW) by Block Producers (BP) or Validator Nodes which defines the service quality of bandwidth, computation, and storage in the Decentralized Cloud Computing Network (DCCN).
  1. Relay Layer: The relay layer acts as a medium for fast network routing. End-Users can add a better network by Proof of Network Contribution (“PNC”) to earn rewards in Ankr tokens. The PNC calculation is based on the node’s relayed packet number, network steadiness, network bandwidth, and the node’s quality of service.
  1. Access Layer: The access layer includes data center nodes, mining nodes, and edge computing nodes. All of these act as a firewall to prevent illegal access to the nodes.
  1. Micro-Node Layer: The micro-node layer contains device nodes and a few transaction hashes. If a micro-node has to retrieve network proof, it will redirect to the access-layer node. If the access-layer node is unable to provide a proof, the request will pass through the relay layer to the core layer.

ANKR’S Tokenomics Model

ANKR initially used BEP2 and ERC-20 tokens but later incorporated its native tokens called the “ANKR” which is currently being traded in over 24 exchanges with a fixed supply of 10 billion tokens.

The mainstream uses of these ANKR tokens are,

  • To pay for providers who offer under-utilized compute resources which ultimately forms the Ankr Cloud.
  • Consumers have to pay in Ankr tokens to utilize the cloud.
  • To stake in the platform for a continual ROI by investors.
  • To reward the miners and the community who add value to the platform.
  • To donate to BOINC’s scientific projects by the supporters.

It had a total of 3 rounds of Private Sale comprising 20% of the overall token supply raising a whooping sum of 14.52million USD at the end of JULY 2018.

It further carried out an Initial Coin Offering (like an IPO in case of stocks) from 16th to 22nd September 2018 for a 5% supply successfully raising 3.3 million USD with Lead investors such as NEO Global Capital and Pantera Capital.

The Ankr’s infamous community

Ankr is infamous for its non-active social media platforms including Youtube, Reddit, Telegram, and Twitter when compared to other cryptocurrencies. It can be supported by pointing out that the organization is growing and in the initial stage, yet numerous organizations have achieved its success within the first two years in the crypto world itself.

Current growth strategies include,

  • Conducting various global meet-ups.
  • Bi-weekly technical updates on its blog and the Medium.
  • Holding Co-marketing campaigns with blockchain protocol brands to attract more users.
  • Roadmap has indicated to initiate referral programs to scale up the word of mouth and C2C onboarding.
  • Local ambassador programs would boost the business locally.

Partnerships – Ankr Cloud Computing

Ankr has partnered with the various commercial business based on and off-blockchain for business development including,

  • BOINC The Berkeley Open Infrastructure for Network Computing which has projects like Search for Extraterrestrial Intelligence (SETI@home), Einstein@Home project, etc. has served one of the main reasons for Ankr’s existence. Ankr supports COVID-19 research through the BOINC Rosetta project.
  • Zilliqa – This high performance, the high-security blockchain platform will use Ankr to run its staking-based seed nodes.
  • Digital Ocean – Cloud infrastructure giant is using Ankr to channelize their idle computing capacity from its data centers worldwide and save up to 15% latency.
  • Linux Foundation – Ankr is a silver member which of Linux to get the project up-to-date to the best Kubernetes Security practices.
  • SAP – SAP will offer Ankr’s cloud computing platform in the SAP App Centre to be utilized on the platform.

Amongst others. Ankr has a huge responsibility to sustain the cut-throat competition put up by

  • Dfininty – The Dfinity project is a decentralized cloud solution that aims to provide a world supercomputer with “infinite” capacity and computational power. It pioneers the concept of “The AI is law” that combines crowd wisdom and AI technologies.
  • Solana – The Solana project creates a new blockchain architecture based on Proof of History (PoH). Transaction processing on Solana is handled by GPUs, an approach that scales with Moore’s law.

Conclusions

With the ever-growing industry of IoT, there will be new organizations providing new solutions to the problems but Ankr, using an eco-friendly approach of utilizing the idle computing power is undoubtedly an evident success in the long run but how long? Time will answer.

References

  1. https://www.ankr.com/
  2. https://zencc.net/blog/what-is-cloud-computing
  3. https://research.binance.com/projects/ankr-network
  4. https://www.coinbureau.com/review/ankr-network/
  5. https://medium.com/@eternacapital/blockchain-based-decentralised-cloud-computing-277f307611e1
  6. https://medium.com/ankr-network/what-is-ankr-ab4c3e984162

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