This article was last updated on June 10, 2022
Ankr is a project that has been flying under the radar for quite some time now, but it is definitely one to watch in the coming months and years. What makes Ankr unique is its focus on scalability and sustainability. The team has put a lot of thought into how blockchains can be used not just for today’s applications but for future ones as well. This forward-thinking approach has attracted attention from both investors and users alike. But what exactly is Ankr, and what does it aim to do.
Table of contents
- What is Ankr?
- How Does Ankr Work?
- Ankr Key Features
- What Is The ANKR Cryptocurrency?
- How To Buy ANKR – Step By Step
- How To Earn ANKR By Staking
What is Ankr?
Ankr is a distributed computing platform that aims to make it easy for anyone to access blockchain applications. The team behind Ankr believes that the current infrastructure for blockchain is not scalable and is not able to meet the demands of future applications. They want to change that by making it easier for developers to build and deploy decentralized applications. In order to do this, they are building a platform that will allow developers to use existing cloud services providers such as Amazon Web Services, Microsoft Azure, and Google Cloud Platform. This will allow them to focus on their application development without having to worry about setting up their own infrastructure.
How Does Ankr Work?
The Ankr platform consists of two parts: the application layer and the compute layer. The application layer is where developers will build their decentralized applications. The compute layer is a network of nodes that will power the applications. This network will be used to process transactions and store data. It is also responsible for ensuring that the applications are running smoothly.
One of the key features of Ankr is its use of sharding. Sharding is a way of horizontal scaling which means that it can scale more efficiently than traditional vertical scaling methods. With sharding, each node in the network only needs to process a small portion of transactions which makes it much more efficient than current blockchain solutions.
Another key feature is its sustainable mining model, which incentivizes users to keep the network running. The Ankr platform has its own cryptocurrency called ANKR. Users can earn ANKR by staking their tokens and running a node. The more nodes that are running, the more secure and decentralized the network becomes.
The Ankr team is composed of experienced professionals from a variety of backgrounds, including blockchain, cryptography, artificial intelligence, and distributed systems. The team is led by CEO Chandler Song and CTO Stanley Wu, both of who have attended Berkley and have extensive experience in computer science and engineering. With such a capable team, it is no wonder that Ankr is one of the most ambitious projects in the crypto space.
Ankr Key Features
If you’re looking for a project to invest in that has a vision for the future, then Ankr is definitely one to keep an eye on. With its focus on scalability and sustainability, it is sure to make waves in the crypto space in the years to come. Here are some of the project’s main features and strengths.
Decentralized Infrastructure Based On Independent Nodes
Ankr’s decentralized infrastructure is based on a network of nodes that are run by users. This makes it more secure and scalable than current blockchain solutions.
Its decentralized nature benefits DeFi platforms, NFT projects, blockchain games, and DApps of all kinds. Having so many high-performance independent nodes all around the world serving requests means all of these applications can receive faster, more scalable, and more affordable access to blockchains.
Setting up a blockchain node requires technical knowledge, time, and effort. Not everyone has the skills to manage node deployment themselves. If you need a dedicated node, Ankr can launch one for you to access remotely. Ankr Protocol is comprised of independently run nodes all around the world that you can request data from at any time.
Web 3.0 Integration And Optimization
Ankr offers Web 3.0 optimization on an Infrastructure-as-a-Service model for businesses that need customized solutions. Businesses with multiple blockchain networks can use Ankr’s API and RPC services that are accessible through a monitoring platform. Since business needs usually differ from those of smaller projects, DApps, and users, this enterprise solution caters more specifically to commercial organizations.
Multiple APIs And SDKs For Quick And Easy Blockchain App Deployment
Developers who want to use smart contracts and DApps on a blockchain need to work with specific APIs. However, this can be difficult because it often requires running your own node and synchronizing it with the blockchain’s current state. Ankr Protocol makes this process easier by providing instant API services and RPC access through their network of decentralized node providers.
Ankr’s blockchain has dedicated Application Programming Interfaces (APIs) and Remote Procedure Calls (RPCs). This means that your project and DApp can interact with the blockchain without competing for traffic with other users on shared servers. You can access the whole chain’s data using an API endpoint, so you don’t have to do the setup.
The project has also launched two game development SDKs in partnership with Unity and Epic Games. The former enables game developers to easily build and launch blockchain games using the popular Unity engine. This makes the development process much more streamlined and accessible. Meanwhile, the Epic Games partnership allows developers to more easily use the powerful Unreal Engine, which has been used to create some of the largest blockbusters in the industry.
Ankr offers tools to streamline access to Web 3.0 and is compatible with multiple other crypto networks. The Ankr blockchain is based on a decentralized network of nodes. A node is a computer that helps keep track of the blockchain by storing data and verifying transactions.
Active full nodes are always synchronized with the blockchain. This means that they are always up-to-date and have the latest information about new blocks. For example, an Ethereum full node currently has a size of 180 GB. The more active full nodes there are on a network, the more decentralized and trustless it becomes.
Running a full node is often a way to support the network. It is also necessary for people who are building software on a blockchain, so they can get access to the network.
A validator node, on the other hand, is a type of full node that helps the network by verifying transactions and doing other tasks. A validator participates in the network by locking up tokens in a wallet. This is called staking, and it is rewarded with tokens, thus generating a passive income.
What Is The ANKR Cryptocurrency?
ANKR is the native cryptocurrency of the Ankr network. It is used to pay for services on the Ankr platform and is also used to incentivize users to run nodes. They can earn ANKR by staking their tokens and running a node. The more nodes that are running, the more secure and decentralized the network becomes.
The ANKR token has a max supply of 10,000,000,000 ANKR and a circulating supply of 600,000,000 ANKR. The token is currently trading at less than a dollar and has a market cap of over $600 million. ANKR is also an ERC-20 token which means it can be stored in any Ethereum-compatible wallet such as MetaMask or MyEtherWallet.
Ankr’s sustainable mining model is one of its key features. It incentivizes users to keep the network running by providing them with a way to earn ANKR. With so many benefits, it’s no wonder that the token is one of the most popular cryptocurrencies in the world. In fact, ANKR’s price has skyrocketed on several occasions, prompting numerous investment runs.
How To Buy ANKR – Step By Step
In this section, we will go through all the information that you need to purchase ANKR from an online trading platform or exchange. If you feel confident in the project and think it’s worth investing in, then this is how you can do so today.
1. Find a crypto exchange (CEX) that has ANKR listed
In order to buy ANKR, you will first need to find an exchange or marketplace that has listed the crypto. Luckily, Ankr is pretty popular and can be found on most major platforms. These include eToro, Binance, KuCoin, Coinbase, and many others.
2. Create an account with the CEX
Once you’ve chosen your marketplace, it is time to create an account. The initial process of registering an account is quite straightforward on most platforms and doesn’t take much time. However, you will need to verify your identity by providing photos of your ID, proof of residency, or others documents. The team that verifies your information can take up to 5 business days to process the request.
3. Fund your account
Now that your account’s been approved, you can move on to the next step – funding your account. This is not a necessary step on all platforms, as some allow you to directly purchase assets using a linked bank card. However, most will require a deposit. Payment through a bank card can also be a bit slower, which results in greater slippage. Unexpected issues with payment processing can also result in missing opportune times to purchase.
4. Buy ANKR
Once your account has sufficient funds, you are ready to buy ANKR. You can now either select how much you want to spend or how many tokens you want to purchase. Although the result will be the same, the two options allow you to manage your finances better. Once you are done, confirm the transaction, and your ANKR will be added to your account balance.
5. (Optional) Transfer ANKR to a third-party crypto wallet
Most trading platforms have integrated crypto wallets. This makes it easy to purchase tokens and keep them on hand. However, if for any reason the platform wants to freeze your account, you’ve got no way of transferring your crypto assets. Additionally, they are not as secure as dedicated third-party wallets. For this reason, many investors use CEXs to buy crypto but then immediately transfer them to an outside crypto wallet like MetaMask. This gives you full ownership of your cryptos, and you can be assured that no one else will have access.
How To Earn ANKR By Staking
Ankr’s decentralized platform allows users to earn rewards for staking ANKR tokens. ANKR tokens can be staked through the project’s official website and wallet or through select third-party platforms. The amount earned depends on the number of staked coins and the length of time they are locked for. For example, ANKR tokens that are staked for a period of one month will earn a higher reward than the same amount of tokens that are staked for one week. In order to withdraw rewards, users must have a minimum balance in their account. Withdrawals can be made at any time and are typically processed within 24 hours.
The process of staking ANKR tokens is relatively simple and consists of the following steps:
- First, choose the platform you would like to stake your ANKR tokens on. You can currently do so on the Ankr Earn website, Binance, OnX, Bancor, and several others.
- Once you have chosen your platform, head on over to their website and create an account if you do not have one already.
- Next, link your account to your crypto wallet, which holds your ANKR. Some exchanges, like Binance, allow you to purchase ANKR for fiat money and start staking all on the same platform.
- After you have successfully linked your wallet, you can go to the stake section of your respective platform and search for the ANKR crypto.
- Once you have found the staking option for ANKR, you can set how much you would like to stake and for how long. However, do make sure that you have enough Ethereum to cover the process gas fees.
Note: These steps will not be exactly the same for every platform. While the individual steps might vary slightly, the general process should be the same across platforms.
Ankr is a unique project that has a lot of potential. The company has a clear vision for the future and is already making progress toward its goals. Many large companies and notable experts across multiple industries have shown support for the project. Its bold vision of making blockchain integration more accessible shows great promise as more and more applications for the technology are found. With a strong team in place and a well-thought-out roadmap, Ankr is definitely one to watch out for.