Ankr Coin Explained: How To Use and Buy It On Decentralised Ankr Platform?
19 October 2022
Web 3.0 is a term for the next generation of the internet. It is a vision for a new internet that is decentralised, open and no company or the government controls it. This makes Web 3.0 more secure and private. It also means that no one entity can censor information or charge high fees. One well-known project working on Web 3.0 is Ankr coin. This article provides a detailed overview of Ankr coin, how to use it, its features and how to buy it.
But first, check out the crypto terminologies to understand the topic better. Let’s begin!
Crypto Terminologies to Understand Ankr Coin Better
Consensus mechanism: In crypto, a consensus mechanism is used to validate transactions and build trust in the system.
Proof-of-stake (PoS): A consensus mechanism by which a crypto asset is used to validate transactions and build trust in the system. PoS is different from proof-of-work (PoW), the consensus mechanism used by Bitcoin.
Layer-1: The base layer of a blockchain. The base layer is responsible for validating transactions and adding blocks to the blockchain.
Layer-2: An extension of the base layer that adds additional features or functionality to the blockchain.
DApps: decentralised applications that run on a blockchain. Dapps are often open source and allow anyone to use or contribute to the application.
Nodes: In the context of crypto and blockchain, a node is a computer that is connected to the network and helps to validate transactions and add blocks to the blockchain.
ERC-20: A type of fixed code that runs on the Ethereum blockchain. ERC-20 tokens are digital assets that are used to represent a variety of items, including cryptocurrencies, loyalty points, and in-game items.
Staking: As a reward for validating transactions and maintaining the blockchain, users who deposit their tokens for a fixed period are rewarded with more tokens.
Now that you are equipped with a basic understanding of a few Crypto terminologies, let’s delve into the main topic – Ankr coin.
What is Ankr?
Infrastructure forms the backbone of all technologies; the founders of Ankur wanted to build the base foundation of crypto and Web 3.0.
Ankr is a distributed blockchain platform that uses idle and untapped computing power from data sources and devices to reduce centralisation risk. Generally speaking, if one critical data or power source fails, the entire system is usually taken down. Ankr hopes to eliminate this problem.
The company focuses on developing and deploying highly scalable DApps with existing decentralised frameworks, protocols and ecosystem communities. To do so, they’re relying on cloud computing and infrastructure services.
Anke uses this idle computing power to provide nodes and validate transactions for other blockchains. As a reward for providing this idle computing energy that powers the whole Ankr system, owners of this power can monetise their surplus and be rewarded with Ankr tokens which they can keep or exchange for other forms of currency.
Ankr’s native cryptocurrency, ANKR coin, serves as a payment method across the Ankr platform.
ANKR by the numbers (as of July 16, 2022):
Price in INR: Rs 12.14
Market Cap Rank: #150
Market Cap: $219,354,054
24-Hour Trading Vol: $9,452,278
Circulating Supply: 8,162,899,377
Total Supply: 10,000,000,000
Who Created Ankr?
Ankr was founded in 2017 by two former college roommates from UC Berkeley — Chandler Song and Ryan Fang — along with Stanley Wu, a former Amazon computer engineer. The Ankr team raised $18.7 million over six days from their first token sale.
Ankr has also raised millions of dollars from leading names in the blockchain investing space, including BlockVC, Pantera Capital, and NEO Global Capital.
To delve into this, we’ll have to sidetrack a little bit; since cryptocurrencies have no central controlling party, they need a mechanism so their users can trust the system. This is usually either the Proof-of-Work(PoW) or the Proof-of-Stake(PoS) system.
With the PoS system, Ankr allows you to stake your coins in specific systems.
Firstly, ANKR is the native governance token of the Ankr platform. Those who hold the token can participate in governing and making decisions about the platform.
It is used as payment by entities using the Ankr network and as payment to idle computing power providers. As an end user or organisation, you can use Ankr for instant token exchange, brand-new consensus mechanisms, cross-chain adaptors and more.
What are the Features of Ankr?
It provides instant token exchange, brand new consensus mechanisms, cross-blockchain adaptors, multi-task scheduling and more. This will lead to the faster identification of innovative use cases for blockchain technology in different industries.
According to Ankr’s product releases, their core 4 product suites or features can be grouped into:
Staking nodes: With Ankr, users can run nodes for other blockchains and earn rewards in the native token of that chain for doing so. (Eg: ETH as a reward for running nodes on Ethereum).
API services and developer nodes: Ankr provides blockchain developers with instant APIs to major chains.
Ankr Staking DeFi: Users can use Ankr to stake coins in other blockchains.
Layer-2 services for Ethereum: Ankr is creating layer-2 solutions for the Layer-1 Ethereum blockchain. These solutions will make Ethereum faster and cheaper.
How to Buy ANKR Coin?
Ankr tokens (ANKR) can be bought and sold on various cryptocurrency exchanges. After creating an account with an exchange and depositing INR to the account, you can purchase ANKR.
Once purchased, your ANKR tokens can be stored in the exchange itself or be taken out and stored in a cryptocurrency wallet.
ANKR Price Prediction
Due to inflationary shock, most DeFi assets have been trading well below their highs, and Ankr is no exception. It’s currently at a fraction of its all-time high of $0.21. Though the market has been slightly bullish recently, the monthly Ankr candle closed green.
Crypto Analysts predict Ankr value might trade towards the $0.05 mark by the end of 2022, the expected maximum price is $0.11.
Why Invest in Ankr (ANKR) Coin?
Since Ankr helps form the backbone infrastructure of the Web 3.0 world, an investment in Ankr is really an investment in the Web 3.0 world. That is, if you believe the future will be decentralised.
Web 3.0 is set to power a new generation of decentralized applications (dApps). These are applications that run on a decentralized network, which makes them more secure and private.
Some examples of dApps that could be built on Web 3.0 include:
A decentralised social network that cannot be censored or shut down
A decentralised marketplace that doesn’t charge high fees
A decentralised bank that is not controlled by any one government
The possibilities are endless!
Even though the cryptocurrency market has been volatile as of late, Ankr is one of the few projects going as strong as ever in terms of developer activity and upgrades. The edge that Ankr has over other coins is that the Ankr platform is poised to provide the infrastructure for Web 3.0 – the truly decentralized internet envisioned as the internet of tomorrow. This presents the tremendous scope and potential for Ankr coin. It’s a good project to consider if you wish to make an investment in the crypto space.
Ans: The team at Ankr recently unveiled Ankr Network 2.0. The update will allow multiple blockchains to work on a single network with various infrastructure providers. This means there will be a greater demand for the ANKR token as well. Once the update has been made, the developers at Ankr are gearing up to transition the company towards a decentralised autonomous organisation (DAO) structure, wherein holders of ANKR will get voting rights and a say in the path of the organisation.
Q2. How is Ankr related to the Binance Blockchain (BNB)?
Ans:The Ankr team is working with BNB to make the blockchain more efficient with storage and speed. Ankr is tasked with bringing newer protocols and updates to BNB and will be upgrading the BNB ecosystem in the near future.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.
Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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