Token Symbol: ANKR
Crowdsale Token Price: $0.0066
Hard Cap: $18,700,000
Maximum market cap at ICO: $53,428,571.43
Total Tokens for Sale: 10,000,000,000 (35% of Total Supply)
Token Sale Date: Early Feb
Ankr Network is a 3rd generation blockchain with multi-chain features. It adopts a consensus algorithm called Proof of Useful Work (PoUW). Ankr’s efficient mining mechanism within a shared computing environment which enables Distributed Cloud Computing (DCC).
In addition, they are one of the first to leverage the use of trusted hardware (Intel SGX).
Ankr is based in San Francisco with a goal to create a revolutionary multi-chain and useful work based blockchain. With a user-friendly infrastructure, Ankr seeks to tap into idle computing resources using trusted hardware, enabling decentralised cloud computing (DCC). Some of the issues they seek to resolve includes:
The Proof of Useful Work (PoUW) consensus enables a self-sustainable blockchain framework. Instead of wasting electricity and computing power on hashes like Bitcoin does, PoUW uses these resources towards useful work tasks provided by enterprises and consumers.
The protocol runs on SGX-enabled CPUs with remote attestation to ensure security and confidentiality. The novel PoUW approach unlocks the massive potential of idle computing power around the world by providing enough incentives: in this scheme, every computation contributor gets compensated, and some will get the extra reward for generating the blocks.
PoW is great to prove that something happened, it proves that someone took at least that amount (difficulty) of time guessing to get to the answer, so we know they had a financial (electricity) detriment.
So how does Proof-of-Useful-Work challenge that? According to their own description, by doing some useful bit of computing. For example, we have massive server farms all trying to solve N = NP problems, so why not give computing power to this? The problem comes in with Proof. How do you prove that they did the correct bit of work? PoW is intensive to do, but very easy to prove. However, if this was a non-deterministic computation, then I would have to redo the computation to prove that you did it.
So to replay that you did it (and thus prove) would take the same amount of time. Not very efficient is it?
So instead, in comes Verifiable Computing. This is the idea of outsourcing functional work while being sure that the right work has been computed,in the other token it would give the same bit of work to be completed to 3+ workers, when at least 2 results have been returned then compare the results, if they match, the work has been verified, so instead this can be seen as a consensus on the work done, and each worker is rewarded for the correct work done. But now we start seeing an interesting statement here, each worker is rewarded for the correct work done. Quite different than PoW, where only the first to arrive at the answer is rewarded.
The above was just one example of Verifiable Computing however, another is trusted hardware, the most known example being Intel SGX (Software Guard Extensions), by including the execution into the SGX chips themselves, you can be assured that the computing is verified and thus not tampered with.Ankr is expanding the list of ever-growing Distributed Cloud Computing projects, as it faces significant competition from both established and emerging projects and also tackles with traditional competitors which have dominated this trillion-dollar industry.
While there is significant competition, we feel Ankr has a chance to succeed, given the fact that many projects in the decentralized cloud computing industry have been well received and currently retain market caps around:
- Golem, valued at $160 million
- iExec RLC, valued at $27 million
- SONM, valued at $23 million
While there is an increasing number of projects that take an approach to distributed computing and the market is getting saturated with projects, there is still a gap that needs to be filled as the production of information is growing fast and needs to be covered by a data processing and storing entity.
The main feature that makes Ankr an unique project, is the novel approach to the traditional problem of distributed cloud computing. The team stated in the whitepaper that other projects only focus on Distributed Smart Contracts, and External Computing Containers, and they ignore the aspect of a plagued network, therefore keeping them from obtaining notable performances. Ankr creates an efficient consensus dedicated to decentralized computing, therefore we feel that their proposition can seriously disrupt the network and create a new array of applications.
Ankr has its own blockchain and native token that will be used to exchange equivalent computing power, to help secure the network and propagate blocks on the chain structure by producing computational resources. While there are many similarities between the Ethereum network and the architecture that Ankr is proposing, the token model in the latter offers a useful functionality to the consensus mechanism beyond the security concerns.
The whitepaper is presented as a 28 pages document, which is primarily focused on detailing the technological aspects of the Ankr Network. The document gives a well explained overview of the Ankr Ecosystem, and goes on to explain features such as Proof of Useful Work consensus coupled with the development of an SGX-enabled TEE (Trusted execution environment), the Native Oracle System for smart contracts, the Plasma side-chain implementation, grid computing, and parallelization of the node system and token model economy.
Ankr has three founding members all sharing similar educational backgrounds in University of California, Berkeley, where some of them were involved with the ambitious blockchain R&D team, Blockchain at Berkeley. They also share similar experience in terms of workspaces, as they were previously employed at companies like Amazon, SAP, and Morgan Stanley.
Chandler Song – He graduated from the University of California, Berkeley with a Bachelor of Science in Electrical Engineering & Computer Science. He is the CEO of Ankr and has 2.5+ years work experience as a Researcher, Software Engineer in development and business areas of expertise, as he served in multiple notable companies and teams such as Blockchain at Berkley, Amazon, and SAP, and also worked as the CTO of CitySpade, a professional housing consultancy based in New York.
Ryan Fang – He graduated from University of California, Berkeley with a Bachelor degree in Business Administration and Statistics. He is the COO of Ankr and gained significant knowledge in the business field, with internships at notable companies as Credit Suisse, State Street, and Morgan Stanley.
Song Liu – He graduated from Shanghai Jiao Tong University with a Bachelor of Science in Electrical Engineering. He is the Chief Security Engineer of the Ankr, qualifying for this position by virtue of 7+ years of experience in software engineering and network security. Before joining Ankr Network, he was the Principal Engineer at Gigamon, a distributed security delivery platform, where he worked for 2 years. His prior positions including being the senior staff engineer at Palo Alto Networks, software architect at General Electric, a senior server engineer at Electronic Arts and has 10+ years experience as Senior Software Engineer and Tech Lead (LV6) at Amazon.
The team has a good amount of business-oriented team members, especially among the founding members, from which the most notables are Ryan Fang with his experience in notable companies as Risk management and Investment Banking areas of expertise.
Ankr hype levels are considerably high, as the marketing campaign of the project unfolds. Due to the fact that the project has been covered by almost every important social media influencer, the weekly AMAs with the founders on the Telegram channel and the fact that Ankr has a world tour with incentives for the community faithful to the project, it has managed to amass an large number of followers, 56,000 on the official Telegram channel. This project is one of the most anticipated projects of 2018 among a high number of investors, both private and public.
While a vast majority of competitors focus on complex technical solutions to improve the distributed cloud computing industry by using blockchain technology as an under frame for the architecture the project proposes, Ankr brings a new blockchain framework which plans to be efficient in resource usage and will bring a user friendly interface for business applications.
Ankr has a big shot at disrupting the cloud computing industry, its biggest asset being the youthfulness, ambition and cohesion of the team as they come from the same development environment, Berkeley, which is an incubator for powerful minds. In order to be successful, the Ankr team must build an ecosystem of users, and incorporate marketing strategies to draw in users and foster a significant amount of adoption.