Ankr aims to build a resource efficient blockchain framework that enables distributed cloud computing.
Learn more: https://crushcrypto.com/ankr-ico-review/
Project website: https://www.ankr.network/
Download the PDF version of the presentation: https://crushcrypto.com/wp-content/uploads/2018/06/CrushCrypto-ICO-Review-Ankr-ANK.pdf
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Note: This is not a paid review. We do not offer promotional or advertising services. Our content is based on our own research, analysis and personal opinion.
What does the company/project do?
Ankr aims to build a resource efficient blockchain framework that enables distributed cloud computing and provides user-friendly infrastructure for business applications. Its blockchain infrastructure will be based on Proof-of-Useful-Work (PoUW) consensus on an SGX-enabled trusted execution environment (TEE).
Below are the main features of Ankr:
Proof of Useful Work (PoUW) Consensus Protocol
PoUW consensus allows a blockchain to achieve security without wasting energy. A SGX-protected hardware enclave provides a TEE to testify miners’ useful computations and providing proof for mining rewards.
Distributed Cloud Computing (DCC) Platform
DCC platform allows transacting for computing power between users in a peer-to-peer fashion.
With the PoUW consensus mechanism, miners will use their idle computing resources to secure the network while performing useful computation, for example, machine learning, artificial intelligence, and so on.
The miners create the supply for the DCC platform. Individuals/companies that need extra computing resources would form the demand side of the DCC. DCC lowers the barrier of entry to cloud computing comparing to the existing cloud computing services.
Ankr introduces an authenticated data feed system using trusted hardware. The system is comprised of 3 components – smart contact, enclave, and the relay.
Ankr aims to scale the blockchain by implementing Plasma and sharding. The network consists of a tree structure of blockchains where various application chains (Child Chains) are connected to a single root chain (Main Chain).
The Main Chain is used for child chain indexing, useful work mining and smart contract executions. Each child chain is tailored to the needs of a specific application. For example, real estate transactions are of high value but low volume, whereas e-commerce transactions are the other way around.
What are the tokens used for and how can token holders make money?
ANK tokens serve as a storage of value and as a means to transfer value. They also serve as the computation fees of PoUW for miners.
The more demand for computing power and more activities happen on the Ankr platform and create a more active platform, the more valuable ANK tokens should be.
– The project is very ambitious that is trying to tackle multiple big problems facing blockchain including consensus protocol (PoUW), trusted hardware, data feed (Oracle), distributed computing, and sidechain structure. If successful, the upside can be substantial.
– PoUW is a novel idea that can potentially unlock a massive amount of computing power and put into productive means.
– The project has received strong backings from various reputable institutional investors.
– The project needs a robust number of suppliers and providers of distributed computing to create a strong network effect. However, there is no business partnership/go-to-market strategy disclosed to ensure adoption of the platform.
– The roadmap doesn’t go beyond July 2018, which makes it difficult to gauge the level of planning the team has regarding major milestones.
– Certain key members of the team, including the CEO and COO, are fresh out of college and have limited working experience.
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