Remarkably, the crypto space has, despite its volatility, continued to witness increasing level of adoption. Today, millions of investors across all the continents of the world have embraced cryptocurrencies. This thus cements the place of the sphere as one of the leading industries across the globe. Occasioned by the increasing adoption rocking the space, more projects and innovations are emerging to avail users with numerous alternatives and provide healthy competition to existing projects. Today, there are thousands of crypto projects, with many of them possessing native cryptocurrencies. Worth noting, these assets, including Conun, Ether, and Ankr crypto serve multiple functions. Apart from serving as a medium to store wealth, indulge in trading and establish investments, they also serve as an instrument for paying transaction fees, particularly on their native protocols.
Notably, the Ankr crypto, for instance is the native crypto of the Ankr protocol, serving as an instrument through which users of the network pay fees for using the network. Just like others, the Ankr crypto remains one of the crypto assets available for investors to explore within the sphere. With this article, new and existing investors will learn about the rudiments of Ankr crypto, its protocol, background, and potential.
General Overview of Ankr crypto
Worth noting, Ankr crypto is the native token of Ankr protocol, a web3 infrastructure and staking DeFi network. It runs as an Ethereum token, powering and fueling the ecosystem of the protocol. Just like others, the Ankr crypto serves as an instrument through which users pay for the services on the platform. In simple time, it gives access to its native protocol. According to its whitepaper, “users spend Ankr to make request on numerous blockchains they need to communicate with.” Additionally, it serves as an insurance for various participants on the network.
Remarkably, the Ankr crypto facilitates the operations of users, node provider, and stakers on the network. Meanwhile, holders of the token enjoys governance right, thus giving them a say in the future of the platform and its products. Notably, holders of Ankr crypto are eligible to create new governance proposals, vote on topics that affect them, and directly steer the future of the platform. Further, the ankr crypto aid staking activities on the platform. Its holders are able to easily stake their holdings with the full nodes of the Ankr network. With this, they are able to earn a share of the accumulated rewards. Worth noting that the Ankr crypto runs as ERC-20 and BEP-20 tokens, with a fixed total supply of 10 billion ANKR. Meanwhile, the token can be traded on numerous crypto exchanges, including Binance, Coinbase, Crypto.com and many more.
Native protocol of Ankr crypto
As earlier noted, Ankr crypto has a native protocol. The native protocol, Ankr (ANKR) runs as decentralized infrastructure platform. As a Web3 blockchain-based platform, Ankr, as revealed in its whitepaper aims to develop a decentralized internet. According to the whitepaper, the major focus of the protocol is to “eliminate the need for intermediaries and central authorities.”
More so, the platform runs to avail users and network participants with ownership right and control over data and applications. In a bid to achieve this, its whitepaper says Ankr envelopes both Web3 and decentralized finance (DeFi) mechanisms. While its Web3 inclination “is about protocols and decentralized applications (DApps),” its DeFi inclination “provides a financial structure for Web3.”
Ankr in its whitepaper, highlighted three ways through which it intends to remove the restraints threatening users’ participation in the crypto economy. One of those ways is termed “Users and Community First by Design.” Here, the protocol aims to develop products that complement the needs of users and as well design ecosystem offerings that are easy to engage. Secondly, it wants to the simplify the complications incurred in blockchain by availing Web3 infrastructure. Also, the protocol focuses on providing a user-friendly solution so that users can earn rewards with their Ankr crypto.The third way is that Ankr aims and wants to empower developers with seamless tooling.
Founders of Ankr
The Ankr crypto and its native protocol emerged in 2017. The project was developed by the trio of Chandler Song, Stanley Wu, and Ryan Fang. According to findings, these trio understand the prospects associated with Cloud computing tech. These understanding inspired their decision to come up with Ankr.
Stanley Wu, as revealed, formerly served as a computer engineer with Amazon. Ryan Fang and Chandler are close friends, after attending the same college, UC Berkeley. As of today, Chandler Song is the CEO of Ankr. Fang is the COO and Wu is the CTO.
Features of the project
The blockchain of Ankr crypto is specially deployed as a node infrastructure and decentralized web services provider. The project aids Decentralized Applications and blockchains to run and communicate with one another seamlessly. Also, it aids users to accumulate attractive rewards through their assets by assigning them swiftly to validator nodes.
Therefore, making the blockchain of Ankr crypto far different form its centralized counterparts. However, overtimes, Ankr crypto claims to be the best Web 3.0 infrastructure, provider. While some of these traits have some pinch of truth in them, it will be unfair to subscribe to this self-acclaimed position with analysis if truly, Ankr deserves the accolade.
Users within the ecosystem are mandated to pay for on-blockchain transactions using Ankr crypto. As the native crypto token of ANKR network, the developers have adopted the token as a means of payment for some of its services. Likewise, another utility case for Ankr crypto is its use for the Decentralized Autonomous Organization of the project. Ankr crypto is vital to the the functionalities within the ecosystem of the project.
Undoubtedly, the native token plays a prominent role in ensuring institutional and independent node providers to make money from the excess capacity of their nodes. Ankr crypto enables node consumers to gain from the pay-as-you-go system. This system has effectively disrupted traditional blockchain API providers compelling users into a paid plan that sometimes comes with over-billing.
Possible Investors of Ankr Crypto
It’s imperative that the central idea of the Ankr project focuses on Web 3.0. The project doesn’t focus on this alone, it seeks to offer fast services regarding Web 3.0 projects. Obviously, investors that recognize the project as a prominent provider of important Web 3.0 infrastructure can exhaustively dive into the opportunities in the Ankr crypto and it’s project. This implies that Ankr will enjoy relevance to developers that see value in setting up efficient nodes on PoS blockchains. Therefore convincing them to commit their investment to the project.
Additionally, another segment of investors is those that aim to swiftly build applications that uses multiple Proof of Stake blockchains. The group of people mentioned above would never hesitate to commit their investment into Ankr crypto and its network. Similarly, investors that are convinced about the future of Web 3.0 and believe Ankr is integral to it can as well invest in it.
Without a doubt, the pace at which the popularity of Web 3.0 could influence the market value of Ankr crypto. With the project trying to keep up with the evolution of the industry, things could turn positive for the token soon. With the look of things, the global adoption of Web 3.0 is gradually growing daily. Thus, indicating a possible growth and advancement for Ankr as a project.
How Ankr crypto gains value?
The market performance of the token has been poor to some extent, owing to the current downturn in the market. Like every other digital collectible, Ankr crypto has proven to be reactive to the general market situation in the crypto space, either positive or Negative.
However, Ankr crypto has some backing that supports it to grow in value. The token has numerous utility cases that are helping it grow in value and relevance. Most notable of them is the use of Ankr crypto by subscribers of its network to pay for monthly fees to run a node or to access its API service.
Additionally, the Ankr crypto rewards users and it plays an important role in the governance process of its network. Members of the Ankr DAO can vote on network upgrades because they own and stake the native token of the network. Each vote is proportional to the value of Ankr crypto they stake.
How Ankr works with StakeFi
A notable feature of Ankr is that it simplifies the onboarding process for investors that are aiming to stake tokens on numerous blockchains and help confirm transactions. Through Ankr StakeFi, investors stake at a cheaper rate and still automatically routed to the pools with the largest yield. This StakeFi feature of the project is non-custodial, helping investors to retain their funds within their wallets. Therefore, saving them the stress of locking their funds in numerous platforms. In return for their stakes, investors earn aETH; a synthetic coin that reflects the value of ETH. Also, the stakes come with extra rewards that provide access to DeFi applications and protocols.
Conclusions
The Ankr project is attracting a host of Web 3.0 projects and developers lately. With the growing adoption of Web 3.0 Ankr crypto and its projects are bound to enjoy healthy attention. However, for the project must be open to innovations due to the dynamism of the virtual asset sector. With that, the future is bright for the project.
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