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DeFi Decrypted: ANKR explained

Ankr originates as a solution that utilizes shared resources in order to provide easy and affordable blockchain node hosting solutions. The project taps into the immense potential of decentralized finance and Web3, aiming to enable easy access to these worlds and increase efficiencies across blockchain infrastructures. The project was started in 2017 by Chandler Song, who early on believed in the vision of a new and improved internet architecture based on blockchain technology with applications and systems completely decentralized making it more private and secure for all users.

The idea behind the Web3 movement is to restore ownership and control to individuals that create and consume content, and limit the power of centralized parties, middlemen, and gatekeepers. Ankr is designed to make that reality easier to achieve with a blockchain-based interchain infrastructure to enable easier staking abilities and dApp development. Ankr currently hosts over 40 different protocols for development and staking and continues to expand its network.

In 2019, the dev team launched the mainnet followed by a staking protocol named Stkr in 2020, allowing users to stake Ethereum in return for aETH which represents the future gains on the deposited staking balance. ​​Users can likewise deploy development nodes and build dApps on the network, or deploy staking nodes and enjoy the perks of becoming stakers on the ANKR Web3 platform. To make the development of decentralized apps easier and more affordable, Ankr has built a marketplace for container-based cloud services through the usage of shared resources.

As such, hosting blockchain nodes on Ankr takes away any centralization issues and single point of failure. Public blockchains are also able to engage in communities and provide further assistance to their networks. To guarantee the quality of the network, verification nodes are used in the block validation process to ensure bad actors are removed from the system. Employing a reputation-based system, Ankr further secures the network by making sure only good actors are picked, filtering candidates on node contributions. Ankr also uses the intel SGX as its main component, allowing for a high level of security against certain hardware and software attacks due to the fact that it processes executions inside of the hardware itself.

What is ANKR?

The native token of the Ankr ecosystem is ANKR, used for payments, access to applications, staking, and participating in governance. As a company that is globally distributed to fulfil its mission of creating and developing a better internet, decentralized governance is a vital component of the project’s roadmap.

The token was first launched on the Ethereum blockchain as an ERC-20 token, but has since been integrated with additional protocol standards including BEP-2 on the Binance Smart Chain. ANKR has a total supply capped at 10 billion tokens, with a circulating supply of 6.5 billion. The value of ANKR is largely driven by its utility, connected to the technology of the Ankr protocol, use cases and real adoption rates.

Holding ANKR gives users the ability to participate in the network in one of three ways: running their own nodes and staking, developing and deploying applications, or accessing enterprise solutions. Network participants can easily deploy their nodes and earn a passive income for powering the network with idle computer power, earning more ANKR using the Stkr protocol developed by Ankr.

Ankr aweigh

The Ankr network is created to provide a new blockchain solution that leverages idle computing power from devices and data centers as a whole. The project aims to further enable the sharing economy, where any customer can access resources at a more affordable rate, while also providing enterprises with the ability to monetize on their spare computing power. 

While there are other players that offer a similar solution, Ankr uniquely uses trusted hardware to ensure a high level of security, placing it in a strategic position as the Web3 movement gathers momentum.

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