Ankr ICO Review – Distributed Cloud Computing on Trusted Hardware - Crush Crypto

Ankr ICO Review – Distributed Cloud Computing on Trusted Hardware

Summary

  • Project name: Ankr
  • Token symbol: ANK
  • Website: https://www.ankr.network/
  • White paper: TBA
  • Hard cap: $15.95 million
  • Conversion rate: TBA
  • Maximum market cap at ICO on a fully diluted basis: TBA 
  • Bonus structure: 20% discount during presale
  • Private sale / white list: TBA
  • ERC20 token: Yes
  • Countries excluded: Residents of U.S / Canada / China / South Korean /Barbados & other FATF countries like Ethiopia, Iraq, Serbia, Syria, Trinidad and Tobago, Tunisia, Vanuatu, Yemen, Iran, North Korea are not able to participate
  • Timeline: TBA (Please refer to Ankr’s website for the most up-to-date information)
  • Token distribution date: TBA
Video summary (video is 6:24 long):

Project Overview

What does the company/project do?

Ankr aims to build a resource efficient blockchain framework that enables distributed cloud computing and provides user-friendly infrastructure for business applications. Its blockchain infrastructure will be based on Proof-of-Useful-Work (PoUW) consensus on an SGX-enabled trusted execution environment (TEE).

Below are the main features of Ankr:

Proof of Useful Work (PoUW) Consensus Protocol

PoUW consensus allows a blockchain to achieve security without wasting energy. A SGX-protected hardware enclave provides a TEE to testify miners’ useful computations and providing proof for mining rewards.

The use of SGX CPU mining also reduces the threshold of entry for miners and ensures security and confidentiality.

Unlike other popular proof-of-work blockchains like Bitcoin and Ethereum, Ankr rewards every user for contributing his computing resources, not just the one that first solves the block.

Distributed Cloud Computing (DCC) Platform

DCC platform allows transacting for computing power between users in a peer-to-peer fashion.

With the PoUW consensus mechanism, miners will use their idle computing resources to secure the network while performing useful computation, for example, machine learning, artificial intelligence, and so on.

The miners create the supply for the DCC platform. Individuals/companies that need extra computing resources would form the demand side of the DCC. DCC lowers the barrier of entry to cloud computing comparing to the existing cloud computing services.

Oracle Service

Ankr introduces an authenticated data feed system using trusted hardware. The system is comprised of 3 components – smart contact, enclave, and the relay.

Multi-Chain Structure

Ankr aims to scale the blockchain by implementing Plasma and sharding. The network consists of a tree structure of blockchains where various application chains (Child Chains) are connected to a single root chain (Main Chain).

The Main Chain is used for child chain indexing, useful work mining and smart contract executions. Each child chain is tailored to the needs of a specific application. For example, real estate transactions are of high value but low volume, whereas e-commerce transactions are the other way around.

How advanced is the project?

The idea of the project was conceived in Q4 2017.

On the roadmap, it says that the proof-of-concept was developed during April 2018. However, information on the MVP is not released and will be announced soon.

Here is a review on the code that the project has so far: https://cryptobriefing.com/ankr-code-review-distributed-cloud-computing/

What are the tokens used for and how can token value appreciate?

ANK tokens serve as a storage of value and as a means to transfer value. They also serve as the computation fees of PoUW for miners.

The more demand for computing power and more activities happen on the Ankr platform and create a more active platform, the more valuable ANK tokens should be.

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Team

Ankr Network is based in California, USA and currently has a team of at least 12 people. The biographies of the key team members are summarized below:

Chandler Song, Co-founder & CEO – A serial entrepreneur who previously worked at companies such as Amazon and SAP as a software engineer. He was also the CTO of CitySpade, a professional housing consultancy based in New York. He graduated with a Bachelor of Science in Electrical Engineering & Computer Science from the University of California, Berkeley in 2017.

Stanley Wu, Co-founder & CTO – Prior to co-founding Ankr Network, he worked at Amazon for 10 years as a senior software engineer and team lead and has experience in large-scale cloud services. He graduated with a Bachelor of Science in Electrical Engineering from Shanghai Jiao Tong University in 2006 and obtained his Master of Science in Electrical and Computer Engineering from the University of Rochester in 2008.

Ryan Fang, Co-founder & COO – A serial entrepreneur who previously interned at companies such as Credit Suisse, State Street, and Morgan Stanley. He graduated with a Bachelor degree from the University of California, Berkeley in 2018 with a focus in Business Administration and Statistics.

Song Liu, Chief Security Engineer – 7+ years of experience in software engineering and network security. Before joining Ankr Network, he was the Principal Engineer at Gigamon, a distributed security delivery platform, where he worked for 2 years. His prior positions including being the senior staff engineer at Palo Alto Networks, a software architect at General Electric, and a senior server engineer at Electronic Arts.

The project has 3 advisors – Ramsey Hanna at Reed Smith, Jiangang Zhang, Founder of PDX, and Christel Quek, Founder of BOLT.

Investors of the project include JLab, NEO Global Capital, DHVC, OK Blockchain Capital, LinkVC, GBIC, BlockVC, and Kosmos.

Research partners include Blockchain at Berkeley, Dorahacks, and CPC.


Opportunities

  • The project is very ambitious that is trying to tackle multiple big problems facing blockchain including consensus protocol (PoUW), trusted hardware, data feed (Oracle), distributed computing, and sidechain structure. If successful, the upside can be substantial.
  • PoUW is a novel idea that can potentially unlock a massive amount of computing power and put into productive means.
  • The project has received strong backings from various reputable institutional investors.

Concerns

  • The project needs a robust number of suppliers and providers of distributed computing to create a strong network effect. However, there is no business partnership/go-to-market strategy disclosed to ensure adoption of the platform.
  • The roadmap doesn’t go beyond July 2018, which makes it difficult to gauge the level of planning the team has regarding major milestones.
  • Certain key members of the team, including the CEO and COO, are fresh out of college and have limited working experience. 

Conclusion

Our thoughts of the tokens for short term and long term are as follows:

For short-term holding: A

The project has a high market awareness with a low hard cap (for a blockchain project). Most of the hard cap is contributed by funds and no syndicates are allowed. We believe there should be plenty of unmet demand following trading of the tokens.

For long-term holding: B

Ankr is a very ambitious project that is trying to solve many problems at once. Given the early stage of the project in both the technical and business development side, we have a neutral view on the project’s long-term viability. However, if the team successfully pulls it off, the potential can be substantial.

Disclosure: We have a position in this project.


For more information about the ICO, please visit the following links:

* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.

Our rating system is based on 5 tiers: S/A/B/C/D, with S being the highest and D being the lowest rating.

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