Building successful decentralized applications (dApps) in the Web3 ecosystem requires a deep understanding of various supporting elements, such as nodes, smart contracts, data integration, and other factors. Ankr Network (ANKR) is an important Web3 infrastructure provider in this case, as it helps developers to overcome the challenges of realizing reliable and efficient dApps. But what exactly is Ankr Network, and how does it contribute to creating efficient Web3 infrastructure? Let’s read the following article!
Article Summary
- 🌏 Ankr Network is a Web3 infrastructure provider platform that connects its projects with decentralized nodes.
- 💻 Ankr Network focuses on providing multi-chain tools and infrastructure nodes on the blockchain needed in the development of the Web3 ecosystem
- 🪄 Originally, Ankr Network was intended to utilize idle cloud computing power to support Bitcoin mining and internet-of-things (IoT) technologies. However, with the development of the PoS blockchain, Ankr pivoted its focus to providing infrastructure for developers and staking activities through full nodes and validator nodes.
- 😎 Ankr Network provides various products and services such as RPC Services, Advanced API, Appchains, Liquid Staking, and Mirage Gaming.
- 🪙 ANKR is Ankr Network’s platform token with several important roles in the Ankr Network ecosystem.
What is Ankr Network (ANKR)?
Ankr Network is a Web3 infrastructure provider platform that allows projects to connect to decentralized nodes. Ankr is not a blockchain but a decentralized node network built for Web3 developers to provide flexible and cost-effective connections to various blockchains.
This platform focuses on providing multi-chain tools and infrastructure of nodes on the blockchain needed in developing the Web3 ecosystem. It makes it easy for people to participate in the blockchain node network and get rewarded for their participation.
Initially, the network aimed to utilize ‘idle’ cloud computing power worldwide to support Bitcoin mining and internet-of-things (IoT) technologies.
However, as the PoS blockchain developed with smart contract capabilities, Ankr’s focus shifted. Ankr focuses on providing infrastructure for developers and staking activities by running full nodes and node validators.
Who are the Founders of Ankr Network?
Ankr Network was founded in 2017 by Chandler Song and Ryan Fang (30 under 30 – Enterprise Technology – Asia 2019). Before founding Ankr Network, Chandler Song was an engineer at Amazon Web Services.
Ryan Fang was an investment banker at Morgan Stanley. He quit his job and joined Chandler Song to build Ankr Network.
How Ankr Network Works?
Anyone can run as a node, but the time and expertise required to set up and manage nodes makes it impractical. Ankr seeks to address this issue with its blockchain infrastructure tools.
Although its main focus is on infrastructure, Ankr provides five different products, each with unique functions and benefits.
RPC (Remote Procedure Call) Service
RPC is an Application Programming Interface (API) that allows dApps to communicate with the blockchain. For example, RPC requests can be used to retrieve wallet balances or interact with liquidity pools.
RPC allows developers to connect to the globally distributed infrastructure through full nodes. It will enable developers to interact with 38 different blockchains, facilitating seamless connection and communication with these networks.
Ankr Network uses Load Balancer technology. The Load Balancer determines which nodes best handle dApps' RPC requests.
Advanced API
This product serves as a central reference point for cross-chain requests. Advanced API is a collection of JSON-RPC API endpoints that support EVM (Ethereum Virtual Machine) compatible blockchains. It allows developers to easily access data and functions from various blockchain networks through a uniform interface.
In short, Advanced API is a collection of RPC methods to make it easier for developers to retrieve data from various blockchains quickly and efficiently.
Appchains
This solution empowers developers to quickly launch a blockchain dedicated to the dApp they are building. With this, developers can set up and manage blockchains that suit their application needs, enabling better scalability.
By running an Appchain, developers can offer their users low gas fees and fast transactions. With Ankr, developers receive support for six key technical features for any blockchain: Validator Nodes, RPC Endpoints, Block Explorer, Testnet Token Faucet, Cross-chain Bridge, and Staking UI.
Liquid Staking
This product allows users to utilize their assets in a proof-of-stake (PoS) mechanism and earn rewards while maintaining access to liquidity. Users can stake assets such as ETH, BNB, MATIC, KSM, DOT, AVAX, and FTM. In this case, Ankr acts as a cross-chain staking bridge that connects the staked assets with potential rewards.
When you stake ETH on Ankr, you will receive the liquid token ankrETH. You can use these tokens to seek other benefits on various DeFi platforms such as Curve, Uniswap, Yearn, and others.
Read also: What is LSDFI?
Mirage Gaming SDK
To support the gaming industry, Ankr provides Web3’s Software Development Kit (SDK) for two popular game engines, Unity and Unreal Engine. Developers can use this SDK to integrate Web3 features into their games, such as interaction with crypto wallets, blockchain, and smart contracts.
Combined with Appchain, Web3 game developers can have all the necessary tools to build engaging games.
Advantages of Ankr Network
- Ultra-Sound Infrastructure’s Latest Innovation
In providing decentralized Web3 infrastructure, Ankr made an innovation with Ultra-Sound Infrastructure. Ultra-Sound Infrastructure will provide high performance by implementing archive nodes. These nodes are designed to handle high traffic volumes and ensure users can access a fast and reliable infrastructure.
With this innovation, Ankr will enhance its core RPC services by including Ankr’s cloud provider partners, such as Microsoft and Tencent Cloud. These entities serve as cloud service providers that provide nodes for blockchain infrastructure.
- Staking and DeFi
Ankr Network brings innovation in the staking and DeFi mechanism with liquid staking. It allows more people to earn staking rewards for using their funds on various Ethereum DeFi platforms. The benefits of liquid staking are significant, including increased flexibility and liquidity for investors, enhanced network security, and improved DeFi protocol efficiency.
- Product and Service Diversification:
Ankr Network offers various products and services, including RPC Services, Advanced API, Appchains, Liquid Staking, and Mirage Gaming. These create a rich ecosystem and fulfill various needs for blockchain developers, service providers, and end-users.
ANKR Token
Source: Confidence Paulinus Twitter
ANKR is Ankr Network’s platform token that serves several important functions within the Ankr ecosystem.
The ANKR token enables users to deposit their tokens as collateral and take an active role in upholding the network’s security and operations as validators or delegators (staking).
In addition, ANKR facilitates access to various services, allows users to use and manage blockchain nodes, and offers other infrastructure within the ecosystem.
The ANKR token also functions to incentivize users’ participation and contributions to the network to foster community development.
Conclusion
Ankr Network is a Web3 infrastructure platform that connects projects with decentralized nodes, providing flexible and cost-effective connections to various blockchains. With a focus on multi-chain tools and infrastructure nodes, Ankr facilitates individual participation in the blockchain node network and the evolution of activities such as staking.
With products and services such as RPC Services, Advanced API, Appchains, Liquid Staking, and Mirage Gaming, as well as the important role of ANKR tokens in the ecosystem, Ankr Network acts as an innovator in the Web3 ecosystem delivering necessary infrastructure solutions to developers, service providers, and end users.
How to Buy ANKR Token on Pintu?
You can start investing in ANKR by buying it on the Pintu app. Here’s how to buy crypto on the Pintu application:
- Create a Pintu account and follow the process of verifying your identity to start trading.
- On the homepage, click the deposit button and top up the Pintu balance using your preferred payment method.
- Go to the market page and look for ANKR.
- Click buy and fill in the amount you want.
- Now you have ANKR as an asset!
In addition, the Pintu application is compatible with various popular digital wallets such as Metamask to facilitate your transactions. Go and download the Pintu cryptocurrency app on Play Store and App Store! Pintu is regulated and supervised by CoFTRA and Kominfo.
You can also learn more crypto through the various Door Academy articles which are updated every week! All Pintu Academy articles are for educational purposes, not financial advice.
References
- Ankr Team, Ankr 2.0: A Decentralized Node Marketplace, Whitepaper, accessed 15 Agustus 2023.
- Ryan Celaj, ANKRing in Web3 Waters, Messari, accessed 15 Agustus 2023.
- Sammi Kassab, Do Ankr and Pocket Solve Web3’s Node Centralization Problems? Messari, accessed 15 Agustus 2023.
- Cryptopedia Staff, Ankr Network (ANKR): Infrastructure Tools for Web3, Cryptopedia, accessed 16 Agustus 2023.
- @Confipaul09, The Ankr token (ANKR) plays a multifunctional role at the heart of the Ankr ecosystem, Twitter, accessed 16 Agustus 2023.