Blog Crypto Ankr Coin Review: The New Era Of Cloud Storage

Ankr Coin Review: The New Era Of Cloud Storage

date March 3, 2021 time 6 min read 2392 views

Ankr connects providers of idle computer power to end users and rewards resource providers with its native coin, the Ankr coin. While the Ankr coin has been quite volatile, the future of the coin looks bright. Ankr’s latest developments including its support for ETH-2.O and Polkadot nodes and aggressive marketing strategies like partnering with listings, exchanges, and data centers worldwide could signal better performance of the Ankr coin in future.

Cloud computing is a gigantic business largely owned by a couple major players.

Giant centralized Cloud Service Providers (CSPs) like Amazon, Google, and Microsoft control over 70% of the market. With most of the world’s data hosted in a few centralized storages, issues like data breaches and inaccessibility in the case of a total system failure become much larger. Not to mention the high cost of renewing these centralized services.

The Amazon Web Services (AWS) breakdown in 2017 that resulted in over 150,000 website owners being unable to access their sites is proof of the problem at hand.

In response, there has been a rise in decentralized cloud computing platforms running on blockchain technology attempting to solve the challenges of centralized CSPs.

Ankr Network is a  decentralized cloud computing that solves most challenges posed by centralized cloud computing service providers
Ankr Network is a  decentralized cloud computing that solves most challenges posed by centralized cloud computing service providers (source: pixabay.com)

The Ankr network hopes to decentralize cloud computing with the blockchain. It promises security, up to 80% cost savings compared to public providers, and 100% reliability for users. 

As a crypto investor looking for the next big opportunity, you may wonder if Ankr’s governance token, the Ankr coin (ANKR), is a worthy investment opportunity.

In this Ankr coin review, we’ll answer most of your questions about the Ankr network to help you make an informed decision.

What is Ankr?

Ankr is a blockchain-based platform aiming to decentralize cloud computing and lower its cost; solving some of the problems posed by CSP giants like Amazon and Google. 

The Ankr network makes it possible for people and organizations worldwide to offer their idle cloud computing power on their own servers to consumers for purchase. The providers of idle power, (resource providers), in turn, get rewards in the form of Ankr’s governance token, ANKR. 

While there are many new competitors in the cloud computing space, Ankr is the first to run on a combination of blockchain technology and hardware. They also support Software Guard Extension (SGX) from Intel. The SGX-hardware adds a layer of security, protecting data from disclosure or modification while the blockchain technology enables cheaper and more-distributed cloud computing.

Ankr also provides other services including:

  • Staking solutions allowing you to deploy a validator node and manage it on your favorite blockchain to earn passive returns.  
  • Blockchain node hosting as a service.

Ankr’s native token, ANKR

The Ankr blockchain network’s native token, ANKR, facilitates payments to resource providers and can be used when voting on-chain governance. 
Ankr also uses the ANKR coin to incentivize stakeholders. The more nodes they own, the more ANKR they earn, and the more valuable ANKR becomes.

Ankr history 

Founded in December, 2017 Ankr protocol is just about 3 years old .

Ankr was created by Chandler Song, a 2017 UC Berkeley graduate who envisioned an affordable, safe, and private marketplace for cloud computing.

Initial Coin Offering

Ankr’s Initial Coin Offering (ICO) in September 2018 raised a total of $18.7 million in just 6 days. At the time, tokens sold at $0.0066 for public sales and half the price for private sales. 

Release of Ankr’s native token

Ankr didn’t release its native token, ANKR, on its mainnet until July 2019.  

Until then, it had been running on ERC-20 and BEP-2 ANKR tokens which were used for trading and liquidity. The platform decided to retain the two tokens rather than migrate them to the new ANKR token. The ERC20 and BEP2 versions are now used exclusively for exchange liquidity.

Ankr’s partnerships and milestones

Ankr’s business development team has secured a couple partnerships to bolster the usage of its cloud computing services. They also have debuted their ANKR token on a couple major exchanges. Some milestones include:

  • Getting listed on Binance.com, in July 2019 with ANKR pairs including ANKR/BNB, ANKR/USDT, ANKR/USDC, and others. 
  • On 21st January, 2021, ANKR also started trading on Coinbase, triggering a price increase of 38%.
  • Carrying out node hosting campaigns with several partners including LTO, Pchain, and Vite. 
  • Ankr also partnered with blockchain platforms like Oasis and IOST to bring node hosting solutions to their respective communities.

Ankr coin price

In March 2019, the price of Ankr coin doubled to $0.013561. This may possibly have been due to the release of Ankr’s first demo of its working product. The demo included:

  • A functionality that recommends to users the best computing platform for running their apps.
  • A mobile app on major app stores
  • A newly-launched Ankr Wallet

In July 2019, the price of ANKR went down sharply to a low of $0.006157.

The highest price that Ankr has registered since its inception was $ 0.01805371 on 10th August, according to Coingecko. 

The current Ankr coin price 2021 is  $0.01270158.

Is ANKR Coin a good investment?

Since the ANKR coin has been quite volatile with slow growth, is it a good investment?

Since the Ankr coin is relatively cheap, you may make decent returns by buying and holding it for the long term (source: cw-nn.com)

While initial progress has been slow, Ankr has marketed hard to get its products in front of as many eyeballs as possible. This could be good news for the protocol’s growth.

Some of the efforts that the Ankr network has been making include:

  1. Getting listed on exchanges like Coinbase, Binance, Gate.io (China)and WazirX (India), Crypto.com, and Huobi for more liquidity.
  2. Providing support for ETH-2.O and Polkadot nodes as well as Polkadot ecosystem integrations.
  3. Introducing Stkr, a decentralized ETH 2.0 staking solution which launched on the mainnet in December 2020. SO far, there’s over 30,000 ETH staked.
  4. Developing dozens of partnerships to bring node hosting solutions to communities and increase their visibility. These include SKALE, Waves, Blockstack,  PlotX, among others.

How to buy ANKR coin

1. Trading your BTC and ETH for ANKR on trusted platforms 

The most reputable platforms where you can exchange your crypto for ANKR are Binance, Upbit, Bitmax, Hotbit, Bittrex, Bitinka, Kucoin, and Coinbase.

2. Buy ANKR coin using FIAT currency

Some platforms allow for fiat transactions directly into ANKR.

At Coinbase, for instance, you can buy BTC and ETH and then exchange it with ANKR.

Binance also supports purchase with credit and debit cards in over 46 FIAT currencies including USD, AUD, and EUR among others.

3. Get ANKR without selling your crypto on MyConstant

If you’re short on cash, you can take an easy and affordable loan against your crypto to buy ANKR on MyConstant.

One of the top platforms for crypto-backed USD loans, MyConstant supports over 70 types of cryptos. Loan periods range from 1-3 months at an interest rate of between 6.5% and 7% APR

Your crypto stays safe in a non-custodial wallet until you repay your loan in full and you can even repay early for lower rates. We also provide 24/7 customer service online or on the phone. Try to find THAT on other crypto platforms.

Sign ups are free. Head over to myconstant.com to find out more.

How to store Ankr coin

The native ANKR token that’s used for most functions on the platform must be held in a native ANKR wallet.

You can, of course, also store ANKR on an exchange or a platform like MyConstant if you are okay with sacrificing some custodial control.

You can only store ANKR coin in an ANKR wallet
You can only store ANKR coin in an ANKR wallet (source: pixabay.com)

The future of ANKR coin 

Some developments in the pipeline for Ankr include:

  • Making the network even more user-friendly through a website redesign.
  • Integrating more Polkadot and Ethereum-based solutions to boost the investment rate for ANKR coin.
  • The promise to keep up with market trends and DeFi innovations, among others.   

You should, however, tread cautiously because no investment is without risk. Do your analysis before betting your money on ANKR coin.

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George Schooling

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Tags: what is ankr ankr history ankr coin ankr coin price is ankr coin a good investment ankr coin investing future of ankr coin ankr coin review

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