ANKR is a multi-cloud blockchain infrastructure provider and cross-chain staking DeFi platform designed to help users connect to Web 3.0. The platform simplifies building Dapps, hosting nodes, and staking across a wide variety of blockchain networks. ANKR serves a vital role as a valuable contributor to some of the top projects in the blockchain market.
ANKR is a multi-faceted platform that incorporates a variety of different protocols to drive blockchain adoption. Notably, the platform is geared towards developers, users, and enterprise clientele. The developers behind the project wanted to create a way for researchers, students, and startups to obtain affordable access to decentralized cloud computing services. Today, users can leverage ANKR to enjoy these services at a fraction of the cost of competitors such as Google and Amazon.
What Problems Does ANKR Attempt to Fix?
ANKR seeks to eliminate some serious issues faced by DeFi investors and Dapp developers. Primarily, the protocol helps to alleviate compartmentalization in the sector. ANKR provides developers and stakers access to +40 blockchains. These networks include the top-performing blockchains in the market such as Ethereum, Polkadot, Binance Smart Chain, and many more.
ANKR tackles centralization across multiple industries. The protocol directly competes against Amazon’s cloud services. In the past, users have complained that Amazon has used its corporate influence and market positioning to keep its cloud service pricing up. These high prices have made it difficult for less funded projects to access these services. ANKR provides users a way to escape Amazon’s fee structure and still enjoy secure and reliable cloud services.
ANKR also helps to reduce centralization within Blockchains. When a network incorporates the platform, they enjoy a boost in nodes. These nodes are located across the globe which helps to further decentralization. In turn, the influx in nodes helps strengthen the network’s security and responsiveness.
Benefits of ANKR
There is a multitude of benefits gained by ANKR users. For one, the protocol offers turnkey infrastructure solutions for businesses seeking to integrate blockchain systems. In the past, businesses seeking to integrate these services had an uphill battle. They would need to spend a considerable amount of time and resources integrating blockchain features. Sadly, these technical and financial barriers have slowed adoption.
ANKR eliminates these issues in multiple ways. The platform’s open nature helps drive the development of cryptocurrency exchanges, staking platforms, data analytics providers, and more. Currently, the network operates more than 8000 nodes across dozens of popular networks.
One of the main goals developers insisted on was providing lower costs than public cloud providers. Additionally, node operators save on hardware, setup, and operating costs compared to hosting a node in-house. All ANKR nodes are operated by blockchain professionals.
If you want to succeed in node operations, it’s vital that your node remains online and connected to the network. ANKR leverages idle computing resources across distributed data centers to help developers and enterprise clients to maintain their connectivity. Your connectivity plays a crucial role in determining your rewards. Nodes that don’t maintain the proper level of connectivity have their rewards slashed. If the problems persist, your node can be banned from the network forever.
How Does ANKR Work?
ANKR is an Ethereum-based protocol. It leverages the full technical capabilities of the network. Its safe, secure, and users enjoy a high level of interoperability throughout the market. Ethereum is currently the #1 blockchain for DeFi platforms in terms of volume globally.
One of the core protocols of ANKR is its staking features. The network simplifies the creation and deployment of staking nodes across its supported networks. There are one-click solutions for staking nodes that eliminate all the technical barriers of hosting a staking node. In this way, the protocol helps users to improve earning possibilities.
Another critical component of the network is its API services. Developers can build Web3 products with instant API access to major blockchain and DeFi protocols. The network’s API services provide an intuitive, secure, and cost-effective way for developers to access these systems. As such, it enables all wallet providers and exchanges to gain easy access to the interest rate protocols and other data crucial to their Dapps operations.
As an Ethereum-based system, ANKR utilizes a Proof-of-Work (PoW) consensus mechanism. In the coming months, Ethereum will complete its conversion to a Proof-of-Stake network. This upgrade will greatly reduce the gas fees for users and improve the scalability of the network.
ANKR is the native utility and governance token for the network. It’s used to pay for services within the ANKR ecosystem. There is a total supply of 10 billion tokens slated for issuance throughout the life of the project. According to company documentation, 7 billion tokens are currently in circulation. As an ERC-20 token, you can trade and store tokens on any Ethereum-based wallet or DEX.
Additionally, the token has seen considerable support from centralized exchanges since its launch. Coinbase listed the token on March 23, 2021. Every CEX listing has been followed by a boost in ANKR’s token value.
Keenly, ANKR holders can vote on upgrades and technical changes to the network. Your vote holds more weight depending on the amount of ANKR you hold. This strategy ensures that only those invested in the network get to decide its future development. Community governance mechanisms are the new standard for DeFi platforms seeking to provide a truly decentralized UX.
History of ANKR
ANKR first came to light in November 2017. The platform was co-founded by Chandler Song and Ryan Fang. Both of these developers are well-known in the sector. Since its launch, the DeFi community has supported ANKR. This support helped the project get listed quickly on CEXs which has helped drive the token higher. Notably, Song also founded a Non-Fungible Token (NFT) marketplace called Bounce in 2020.
ANKR – A Critical Gear in the DeFi Machine
The developers behind ANKR understand how important it is to decentralize the market, simplify Dapp development, and streamline onboarding for new node operators. Their protocol achieves these goals uniquely and transparently. As such, ANKR is well-positioned to remain a core component of the DeFi sector moving forward.