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ANKR bringing sharing economy to blockchain

If you thought back just a few years ago, the idea of the sharing economy was huge. It gave birth to startups like Uber and Airbnb, who were doing fairly well if you look at the numbers of users they signed up for and the amount of investment poured in. Unfortunately, once you look into the rights of Uber drivers, things didn’t quite look as rosy, and the fact that they’ve now been forced by the court to give them employee status hasn’t done much to the Uber valuation.

Nevertheless, the idea of the sharing economy remains intriguing and has been brought into the world of blockchain and computing resources by the team behind ANKR.

ANKR is a distributed computing platform that leverages idle computing resources in data centers and edge devices. Put in simple terms, ANKR allows companies to monetize their spare computing resources and gives developers access to those resources at a better price than centralized services. If you ever have seen an AWS bill, you know that cloud hosting is expensive.

The network is aiming to provide valuable computing power to Web 3.0. Web 3.0 is following its predecessors' web 1.0 and 2.0 but puts more focus on decentralization. The idea is to enable a web that is trustless, decentralized, and permissionless. Another focus of Web 3.0 is open-source code, meaning that apps are developed by a community of accessible developers and aren’t limited to big-tech.

It’s especially these developers that could benefit nicely from using a platform like ANKR. It enables them to access computing resources on-demand and pay for them as they use them rather than create an account with a cloud computing platform and pay a monthly fee.

What differentiates ANKR from other cloud computing blockchain platforms is that security is implemented on the hardware level. The team relies on Intel SGX as their main tech. This allows for the execution of Apps within the hardware directly, making it a more secure choice. However, it does create a higher hurdle of entry to anyone looking to participate in the network. It’s a calculated bet by the ANKR team, who believe that this will be a major benefit while decreasing the possibility of malicious actors in the long run.

The cloud-native platform allows nearly all kinds of infrastructure providers to connect with the ANKR network regardless if it’s an on-prem data center, a private cloud, a public cloud, or someone’s PC. ANKR uses side-chains that take the workload off the main-chain to increase throughput and only report final results on the main-chain.

The team behind ANKR spans vast experience in networking, cloud computing, and development with members that worked in companies such as Amazon, EOS, and Oracle. Together they built a one-of-a-kind platform that hosts 4 network layers:

  • Core layer: on this layer, full nodes are running and verifying transactions. This layer defines bandwidth quality and computation.
  • Relay layer: all nodes are full nodes on this layer, but they don’t participate in consensus building. Instead, they add another layer to relay packets and provide additional bandwidth.
  • Access layer: here are light nodes hosted sitting in data centers, edge computing nodes, and mining nodes that control access to the rest of the network.
  • Micro-node layer: device nodes and transaction hashes are stored in this layer. Whenever a micro node needs to retrieve network proof, they’ll receive it from an access-layer node.

The ANKR token complements the ecosystem. ANKR is used to pay for transaction fees, access computing resources, and serve governance purposes, allowing holders to vote for and decline proposals for change.

Don’t be fooled by all the buzzwords that ANKR is putting out there on their website. Their platform ultimately comes down to a unique approach to bringing the sharing economy into blockchain by allowing developers to use idly sitting resources of businesses.

ANKR will be trading on the Bitcoin.com Exchange with USDT and BTC pairs. To read more about the platform, check out their website.

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Naomi Oba

Naomi Oba

Social Media Manager @Minima — passionate about financial education, blockchain, books and food.

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