ANKR NETWORK (ANK) review

An independent review of ANKR Network (ANK)

Distributed Cloud Computing Network on Trusted Hardware

Summary

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

Token Sale

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.