Is Ankr Crypto a Good Investment? A Comprehensive Analysis

Is Ankr crypto a good investment? Ankr crypto has garnered significant attention as it embarks on constructing a cloud computing platform aimed at distributing dormant computing resources.

Ankr’s vision is firmly grounded in the belief that cloud computing represents the future, recognizing a necessity for a decentralized alternative amidst the dominance of AWS, Azure, and Google.

Yet, Ankr finds itself amidst a plethora of akin blockchain initiatives, underscoring the competitive landscape it faces.

Thus arises the question: can Ankr effectively vie in this fiercely contested arena?

Within this evaluation of Ankr, I’ll furnish you with comprehensive insights into the project, encompassing its objectives, potential applications, and the enduring viability of its ANKR tokens.

Is ANKR crypto a good investment
Image source (Forbes)

What is the Ankr Network?

The Ankr Network taps into idle computing power from edge devices and data centers.

Its distributed platform fosters a sharing economy, making cloud resources more affordable for consumers and enabling enterprises to monetize spare computing power.

It stands out as the first network of its kind utilizing trusted hardware for enterprise-level security and implementing plasma side-chains to enhance throughput and power.

Ankr aims to unlock distributed cloud computing potential through Proof of Useful Work (PoUW) consensus, rewarding those securing the network with substantial computing resources.

With its mainnet launched on July 10, 2019, Ankr positions itself as a unique player in the Distributed Cloud Computing blockchain space, competing well despite a lower market cap than Golem (GNT) but surpassing SONM.

While the distributed cloud computing field is competitive, Ankr’s distinctive approach fills a crucial role in secure data processing and storage amid the expanding volume of available data.

ANKR Details

Ankr’s network model enhances traditional blockchain architecture with a refined consensus mechanism and incentive system.

The team’s approach prioritizes strong incentives for enterprise networks and attracts a unique set of actors by employing Verification Nodes for block validation.

Ankr employs a reputation-based system and Performance tests to select only good actors as Verification Nodes, ensuring network quality and removing bad actors.

Utilizing Intel SGX technology, Ankr executes applications within hardware for enhanced security against certain attacks.

Ankr Native Oracle System Architecture
Ankr Native Oracle System Architecture: Image source (ANKR Whitepaper)

Off-chain data processing is facilitated by a secure Native Oracle System (NOS) that transfers between on-chain smart contracts and off-chain data with authentication.

Data source security ranges from no encryption to TLS 1.2/1.3 and Perfect Forward Secrecy (PFS), offering flexible handling.

Despite the niche market and hardware expenses associated with Intel SGX, Ankr believes it increases network security and commitment from Node owners, crucial for the decentralized cloud computing ecosystem’s long-term evolution.

The ANKR Team

The Ankr core team comprises 16 members, many University of California, Berkeley graduates, with a strong engineering and technical background.

Some possess limited marketing experience, and a few have successfully created and sold businesses before joining Ankr.

The project also benefits from various partners and advisors contributing commercial and entrepreneurial expertise.

The ANKR Team
Some of the Ankr team members: Image source Ankr Website

Founder Chandler Song, a UC Berkeley graduate in Electrical Engineering and Computer Science, serves as Ankr’s CEO.

With prior experience at Amazon, he was an early Bitcoin adopter and led development at CitySpade in New York.

Stanley Wu, another UC Berkeley alum and an Amazon veteran with ten years of experience, co-founded Ankr.

His expertise spans Amazon Web Services, Alexa Internet, full-stack development, browser technologies, search engines, and large-scale distributed systems.

Ryan Fang, a UC Berkeley graduate in Statistics and Business Administration, is Ankr’s COO. His background includes data scientist roles at Credit Suisse and Morgan Stanley.

Song Liu, Ankr’s Chief Security Engineer, graduated from Shanghai Jiao Tong University.

Known for ethical hacking, he worked with Microsoft and gained experience at Gigamon, Palo Alto Networks, General Electric, Electronic Arts, and Amazon.

The diverse skills and experiences of the Ankr core team contribute to the project’s strength and potential for success.

The ANKR Community

Ankr lacks a strong community. The sub-Reddit is tiny with 17 readers and 4 posts in a year, likely not run by the official team.

There’s a private sub-Reddit, but its exclusivity makes it unclear how useful it is for the community.

Social media numbers are small: 10,000 Twitter followers, less than 100 YouTube subscribers. Telegram is popular with over 23,000 members.

WeChat and KaKaoTalk channels exist, but community size is unknown. Likely, the hardware requirements for node operation deter widespread interest.

The ANKR Token

Ankr conducted an ICO for ANKR in September 2018, raising $18.7 million in six days during the crypto-winter.

Most funds came from the private sale, fetching $2.75 million in the public sale. Token prices were $0.0066 publicly and $0.0033 privately, offering only 3.5 billion of the 10 billion total tokens.

By March 2019, ANKR had doubled to $0.013561. It peaked at $0.016989 on April 1, 2019, but swiftly dropped to $0.10 a week later.

The ANKR Token
Ankr Price Performance.

Trading between $0.06 and $0.013 in May-July 2019, it stood at $0.006157 on July 31, 2019.

The mainnet launch in July 2019 introduced the native ANKR token alongside ERC-20 and BEP-2 versions.

The team chose to keep all three active, eliminating the need for a token swap.

ERC-20 and BEP-2 tokens support liquidity, while the native token facilitates blockchain functions and will never exceed 10 billion tokens across types.

Buying & Storing ANKR

ANKR tokens trade on over two dozen exchanges. The largest volume is on Binance, but Upbit and BitMax also see significant trading. Other options include Hotbit, Bitinka, and Bittrex.

Exchange books show healthy and strong turnover, ensuring decent liquidity for ANKR tokens and minimizing slippage on large orders.

After purchasing ANKR tokens, it’s advisable to transfer them to an offline wallet to mitigate risks associated with centralized exchange hacks.

ERC-20 tokens can be stored in any ERC-compatible wallet, while BEP-2 tokens require a BEP-2 compatible wallet.

Alternatively, you can use the native ANKR wallet, available on the dashboard and currently exclusive to Windows.

Read more: How do crypto exchanges make money?

Ankr Development & Roadmap

Is Ankr crypto a good investment
Code Commits on Select Repos over past 12 months: Photo source (Reddit)

Teams often exaggerate project progress, making it challenging to assess development. Checking coding activity on the public GitHub provides a clearer picture.

To understand Ankr’s project status, I explored their GitHub. The top three pinned repositories showcase significant code commits in the last 12 months. Additionally, there are 21 other repositories with varying activity levels.

Is Ankr crypto a good investment
Ankr Roadmap for 2019. Image via Anke

This development aligns with similar projects at this stage and aligns with their roadmap milestones. Looking forward, Ankr’s roadmap extends only until the end of 2019. An updated roadmap for 2020 would be insightful.

For the latest development updates, visit the Ankr official blog.

Conclusion

Ankr brings a new framework to the blockchain solution for distributed cloud computing. Its hardware-based solution does provide security benefits, but makes it expensive to become a node operator. Long-term this is expected to be good for the network.

Users of the cloud computing resources can take advantage of the cost-effective, secure solution through a user-friendly dashboard and investors can easily trade ANKR tokens without worrying about the liquidity of platform, thanks to the inclusion of three different token types.

The team is taking a very unique and interesting approach to cloud computing, and it seems promising, but very much a business-to-business offering.

Ankr definitely has a shot at disrupting the current cloud computing industry, however, they will need to find a way to market their product and draw in a large user base.

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