ANKR NETWORK (ANK) review
An independent review of ANKR Network (ANK)
Distributed Cloud Computing Network on Trusted Hardware
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 will enable 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:
•Waste of power consumption using PoW consensus
•Lack of trusted oracle services that connect existing business to the blockchain
•Scalability issues such as low Transaction per Second (TPS) and overcrowded blockchains
The team has not released any information on the deal structure or token metrics publicly. The company indicates the hard cap will be $16m. However, we are unable to verify this information with the team. More details will be released soon.
Commercial & Technical Strategy
Ankr will develop a resource efficient blockchain with a native oracle service. They will be utilising a trusted hardware to initiate the mass adoption of their network. The core features of Ankr blockchain includes:
Proof of Useful Work (PoUW) consensus – A consensus that utilises energy efficiently to solve complex hashing problems as compared to Proof of Work (PoW). This mechanism will also reward miners equivalent to the amount of correct work that they put in.
Intel SGX enclave – Using a trusted CPU hardware that provides the computation power, and act as trusted proctor to validate miners’ useful computation and provide proofs for miner rewards.
Native Oracle System (NOS) – Ankr’s native data feed system to execute smart contracts
Plasma Sidechains – A protocol for building unlimited side chains to improve the efficiency of the main chain. It also has the flexibility to integrate new cryptographic methods (e.g. ring signatures of ZkSNARKs)
Below depicts a graphical representation of Ankr’s consensus protocol.