The unique selling point of the blockchain technology is its decentralization. The hype around the technology can be attributed to the fact that centralized service providers usually exploit consumers – especially in the financial ecosystem. However, cryptocurrencies suffer from problems of centralization themselves. Cryptocurrencies employ blockchains which are essentially a digitized version of an accounting ledger and to ensure decentralizations blockchains work through node hosting. Nodes are individual computers which performs specific tasks for the blockchain – like validating transactions.
However, node hosting has become an issue for the cryptocurrency market as many public node hosting service providers can compromise on decentralization which violates the essential fundamental of the blockchain technology. Ankr is a cryptocurrency which tries to solve this problem.
What is Ankr?
Ankr is a direct competitor to cloud service providers like Google Cloud and the likes. The platform utilizes excess cloud computing power on its network towards networks those are in need. It makes use of shared resources to provide node hosting that is cheaper and easier. With the technology of Ankr, developers and enterprises can deploy blockchain nodes much easier. This helps boost the blockchain technology by lowering the entrance requirements into the market. Ankr’s node hosting is also completely decentralized so developers don’t have to worry about compromising on decentralization while hosting their blockchain nodes.
Moreover, Ankr also aims to build infrastructure and a marketplace for Web3-Stack deployment. This will ensure that service providers and end-users have easy access to the blockchain technology and decentralized applications. The platform has ambitious goals for Web3.
The future of the token
Ankr was recently launched on Coinbase Earn which will allow users to learn about the cryptocurrency while earning. Ankr has also joined the Nervos Hackathon as a partnered and has joined hands with Lydia Finance AMA for developments. The development team is also working hard on the network. Up-to-date technical documentations were recently published to ensure users know the ins and outs of the network.
The strong fundamentals of the cryptocurrency and some of the major developments are set to help the cryptocurrency increase in its value. Although the market has been overtaken by bearish momentum, the future outlook is positive. At the time of writing, Ankr stands at a price level of $0.093 with a 7% decline in the past twenty-four hours.
According to the estimates of Wallet Investor, the cryptocurrency is expected to reach a price level of $0.20 in a year’s time while the five-year projection places Ankr at $0.62. Digital Coin Price shows a similar price trajectory. Per their estimates, the cryptocurrency will end the year at $0.25 and reach towards $0.60 by 2026.