ICO Reviews

Ankr Network ICO review

  • 13.07.2018
  • 264

Many leading developers are currently working on cloud computing projects. This technology allows customers and companies to use third-party computing power. This reduces the costs of maintaining servers, carrying out complex computational operations, data and file hosting, etc. Ankr Network (https://ankr.network) is a decentralised service of cloud computing, which should make the user interaction with the system more advantageous and transparent.

Principle of operation and features of Ankr Network

Ankr Network is a decentralized analogue of cloud computing services like Microsoft Azure and AWS. The main goal of the platform is to create an efficient infrastructure with the possibility of renting computing resources and reliable data channels. To achieve this, developers are creating their own blockchain, which will be able to provide sufficient network performance and reliability.

The platform will be based on several technical concepts:

  • PoUW algorithm (proof of useful work). Unlike the PoW algorithm, which is Bitcoin and a number of other cryptocurrencies use, PoUW will spend computing power and energy not on the calculation of hashes, but on the solution of tasks that are truly useful for users and companies. For example calculations for research centers or statistical institutes. It is worth noting that the protocol will only work with processors that support Intel SGX. This restriction is in place to improve the security and privacy of transactions.
  • Plasma Sidechains. By using the Plasma protocol, the platform will be able to create sidechains that will process smart contracts of applications. This will reduce the load on the main blockchain, ensuring high speed and bandwidth. The sidechains will be using PbFT algorithm.
  • Internal Ankr token and Native Oracle service will be used as the primary payment method. Using this method customers will be able to pay for rented computing power and users who are renting out their computing power will receive rewards in accordance with the PoUW algorithm. The interaction between the participants will be carried out through smart contracts, and the NOS service will be responsible for the authenticated data transfer.

Ankr Network can be considered a more efficient analog of the existing cloud computing services. It will allow to decentralize the technology making it beneficial for customers and people that wish to rent out their available computing power.

Ankr Network ICO project team

The Ankr Network ICO project team has quite diverse specialists including 3 co-founders, 3 scientists, 3 engineers, interface designer, mechanical engineer and business development specialist. Let’s review the portfolios of co-founders of the project:

  • Chandler Song, Co-founder and CEO. Graduated UC Berkeley in 2017 with the bachelor’s degree. He worked for several famous companies – DiDi, SAP, Amazon, CitySpade. In the project he holds the position of General Director.
  • Stanley Wu, Co-founder and CTO. He has the master’s degree in computer technology (Rochester University) and a bachelor’s degree from Shanghai Jiao Tong University. He worked for Amazon in the cloud technology department for about 10 years. In the project he holds the position of Technical Director.
  • Ryan Fang, Co-founder and COO. He has a business administration degree from UC Berkeley. Worked for several large companies including Morgan Stanley, State Street, and Credit Suisse. In the project he holds the position of Operations Director.

You can find information about other team members on the Ankr Network ICO official website. The team consists of blockchain specialists and people who have directly worked with cloud technologies.

It is worth highlighting project adviser Christel Quek who is the creator of the BOLT and prior to that acted as advisor in projects Zilliqa and Switcheo. The second interesting person is Jiangang Zhang, who worked at Yahoo, Microsoft, Blackberry, worked as chief engineer at Cisco and is the founder of PDX.

Ankr Network ICO plans and details

Unfortunately, the creators of Ankr Network do not want to reveal their plans for the future. Project’s roadmap ends with the development of a prototype. According to the website prototype will be ready in July 2018.

The exact date of the Ankr Network ICO is also not disclosed. Most likely, the token sale will be held in August. We know that Hardcap will be $16,000,000, which is a very realistic amount of money to implement this kind of project.

Conclusion on Ankr Network ICO

Ankr Network is a platform that will be interesting not only for companies, research centers and institutions that need fast cloud computing but also for users who are ready to provide computing power for rent. The project is interesting and very promising. Even at early stages it was highly appreciated by experts, and supported by the OK Group. So you can confidently expect a quick listing on the OKEX exchange.

Even in the market with high competition from large centralized cloud computing services Ankr Network looks very promising due to decentralization and the use of its own technological developments in the structure of the platform.

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