What is Ankr (ANKR) and how does it work? An in-depth look at cryptocurrency Ankr (ANKR)

What is Ankr (ANKR)?

Ankr, established in 2017 by CEO Chandler Song, was conceived to offer a user-friendly platform for Web3 development, emphasizing decentralized internet. It functions as a blockchain cross-chain infrastructure with a DeFi platform for staking and dApp creation, hosting various protocols for these sectors.

The core concept of Ankr is to create a new internet based on distributed ledger technology, with decentralized applications, protocols, and systems for increased user privacy and security. This aims to eliminate the need for central authorities and intermediaries, giving users and network participants ownership and control over their data and applications.

Following the launch of the Ankr mainnet in 2019, the ANKR project's development team introduced Stkr, a staking protocol. Stkr enables users to stake Ethereum (ETH) and receive aETH in return, representing future gains on the staked balance. This serves as a reward mechanism for staking through the Stkr protocol. Users can also deploy development nodes for dApp creation or staking nodes to participate in the ANKR Web3 platform as stakers.

How does Ankr work?

Ankr operates as a globally distributed company with a mission to advance the decentralized internet. It leverages distributed ledger technology (DLT) to decentralize applications and staking nodes, supporting Web3 infrastructure. This approach involves utilizing computing power from data resources collected via DLT, deployed to stakers and developers through cost-effective data centers. This facilitates the easy creation and deployment of decentralized applications (dApps) and staking activities.

Ankr's staking functionality is enabled by the Stkr protocol, launched in 2020, which allows users to stake Ethereum (ETH) and receive aETH in return. aETH represents the staked ETH value and expected returns, ensuring liquidity for future Ethereum 2.0 stakers.

The ANKR token, native to the network, serves various purposes, including payments, access to network applications, staking, and participation in governance decisions. Ankr's goal is to expand its support to more blockchain protocols, contributing to the development of Web3 as a more private and secure decentralized internet.

Who founded Ankr? (Ankr history)

Ankr was founded in 2017 by its Co-founder and CEO, Chandler Song. Since its establishment, the ANKR team has expanded into a global network of professionals dedicated to building a functional Web3 infrastructure.

Comprising individuals from 16 different countries worldwide, the team is focused on decentralizing the web and facilitating easy access to Web3 applications and staking protocols. Ankr currently hosts over 40 protocols for development and staking, continually expanding as a global decentralized network that simplifies access to Web3. Initially built on the Ethereum blockchain, ANKR was launched as an ERC-20 token, although BEP-2 and native token versions are now also available. In 2019, Ankr introduced its mainnet, followed by the launch of the Stkr staking protocol in 2020. Ankr continues to evolve alongside the exponential growth of Web3 infrastructure.

What makes Ankr unique?

Ankr is among the leading projects in the DeFi sector working to decentralize the internet and advance Web3, although it's not the only one. It stands out for its commitment to developing a more secure and private decentralized internet. Ankr's use of Intel SGX technology is a key feature, enabling dApps to run securely on the hardware system, providing cost-effective solutions for developers and enterprises.

What gives Ankr value?

Ankr operates within a highly volatile market, leading to rapid fluctuations in the value of ANKR based on trends and various influential factors. The cryptocurrency market, known for its volatility compared to traditional financial markets, often experiences significant price changes due to its relatively immature nature.

The price of ANKR is influenced by several factors, including its limited supply of 10 billion tokens, serving as an anti-inflation mechanism. External economic conditions, such as the significant market rebound observed across most cryptocurrencies in the first quarter of 2021, can also impact ANKR's price. Additionally, developments like the release of the Stkr staking protocol and the ANKR mainnet contribute to defining the market price of ANKR tokens. Ultimately, the intrinsic value of Ankr is primarily determined by its technology, technical capabilities, and use cases.

How many ANKR coins are currently in circulation?

Ankr's total supply is capped at 10 billion ANKR tokens, implying that once this limit is reached, no new coins will be created unless proposed changes are approved by network participants. This finite supply acts as an anti-inflationary measure, suggesting that ANKR could serve as a reliable store of value over time.

Of the total supply of 10 billion tokens, 10,000,000,000 tokens are currently in circulation. The Ankr market capitalization is calculated by multiplying the price of ANKR by the number of tokens in circulation. This metric helps rank Ankr relative to other cryptocurrencies and determines its market share.

Other technical data

ANKR offers users three main avenues of participation: running nodes and staking, developing and deploying applications, and accessing enterprise solutions. By deploying nodes, users can earn passive income while supporting network operations, which in turn facilitates smooth experiences for developers and enterprises seeking cost-effective access to Web3.

Developer APIs provided by Ankr enable the use and deployment of various blockchain applications in a cost-efficient manner, essentially acting as a cloud computing network. This benefits enterprises and developers aiming to leverage the decentralized internet. Ankr also facilitates ETH 2.0 staking through its Stkr protocol, allowing stakers to earn profits based on their staked balances. The Ankr network comprises mining nodes, data center nodes, and computing nodes.

The distribution of computational power among clients ensures cost-effective operations within the development and staking protocol. Ankr's contributions to the DeFi sector and the advancement of the decentralized web are noteworthy.

How is the Ankr network secured?

Ankr ensures security through the distribution of computational power, which facilitates block distribution across the network and supports the deployment of developer APIs, enterprise solutions, and staking protocols.

Security in Ankr is maintained through validator nodes, selected randomly from a pool of nodes. This selection process ensures that all stakers, regardless of their stake size, have an equal chance of being chosen. Nodes are selected based on their level of service and positive contributions to the network, rather than the amount they have staked.

How to use Ankr?

ANKR is a versatile utility token with multiple functionalities. It is utilized for staking, voting on governance matters, and as a means of payment for accessing services within the ANKR network, including dApp and protocol deployment.

Additionally, ANKR acts as a reward for stakers and other network participants. While the token is tradable in the cryptocurrency market, its primary function lies in fueling the ANKR ecosystem.

How to choose an ANKR wallet?

The ERC-20 ANKR token can be stored in any Ethereum-compatible wallet, with the choice of wallet depending on your specific needs and the amount of ANKR you plan to store.

Hardware wallets, such as Ledger or Trezor, offer the highest level of security with offline storage and backup. However, they require more technical expertise and are more expensive, making them ideal for storing larger amounts of ANKR for experienced users.

Software wallets, like Atomic, are another option, being free and easy to use. They come as smartphone or desktop apps and can be custodial (where the service provider manages and backs up your private keys) or non-custodial (using secure elements on your device to store the keys). While convenient, they are considered less secure than hardware wallets and are suitable for smaller ANKR holdings or less experienced users.

Online wallets, or web wallets, are also free and easy to use, accessible from any device with a web browser. However, being hot wallets, they are less secure than hardware or software wallets, requiring trust in the platform to manage your ANKR. It's essential to choose a reputable service with a strong security track record. Online wallets are best for holding smaller amounts of ANKR or for frequent traders.

Kriptomat provides a secure storage solution for ANKR, allowing you to store and trade your tokens conveniently. Storing your ANKR with Kriptomat ensures enterprise-grade security and user-friendly functionality, enabling quick buying, selling, or trading of ANKR or other cryptocurrencies.

Ankr proof of stake

Ankr does not operate as a mineable coin in the traditional sense, though it currently utilizes the Proof of Work protocol from the Ethereum network. Ankr supports Ethereum through staking, which aligns with Ethereum's development of Ethereum 2.0 and its transition to the more cost-effective Proof of Stake protocol.

Users can stake ANKR tokens on the network, and the Stkr protocol allows for the staking of Ethereum (ETH) in exchange for aETH, as previously mentioned. Stkr operates on the Proof of Stake mechanism and serves as the market for computing power and storage. By staking ETH and ANKR on the Stkr protocol, users can earn profits based on the validity of their staking activities.

In conclusion, Ankr stands out as a significant project in the DeFi and cloud storage sectors, enhancing the staking of ETH 2.0 and ANKR tokens. With its goal of decentralizing the internet and providing simple access to Web3 and its features, Ankr facilitates enterprise solutions, developer APIs, and staking nodes.

ANKR is positioned as a leading project in its field. As the Ankr network continues to expand and evolve, ANKR tokens are gaining popularity, potentially leading to future price increases.

Embrace the cryptocurrency revolution and embark on your Ankr journey today.