Technology

Ankr Network Raises $15 Million For Cloud Computing Project

Eight companies have teamed up to raise $15 Million towards a Cloud computing project called the Anker Network. The project is a one of its kind technology based on a blockchain distributed cloud computing. The project is a recent discovery of blending blockchain technology with cloud computing to improve the efficiency of international public ledgers. The five companies comprise of LinkVc, NEO global Capital, OK Block chain capital, Pantera capital and Danhua Capital. Proceeds of the company will be drawn into marketing and product development. The initial project tokens will be given away in an Initial Public offering though the amount will be minimal. The two company co-founders believe cloud computing-blockchain niches are very valuable and could one day translate into a trillion-dollar company. “The biggest challenge” says Chandler Song, “The industry has been monopolized by the most significant technology conglomerates in the world, the existing models also lack elasticity and therefore cannot accommodate everyone’s contribution.”

How Ankr works?

Through a user friendly structure, Ankr distributes cloud computing services that are enabled by blockchain technology. The key agenda of the technology was to create a resource efficient blockchain infrastructure that will enable distributed cloud computing, decentralized computing framework and a transparent user friendly platform for business applications. The company makes use of super powerful 6th generation CPUs mounted with Intel SGX. The SGX is used to create privacy barriers that protect sensitive information and prevent malware while an app developer is developing an application this maintains Data confidentiality. Instead of the proof of work verification protocol, Ankr uses a proof of useful work protocol that really helps conserve electricity. Data feeds will be authenticated through leveraging while using smart contracts to leverage other chains. This will allow for more decentralization of the business.

Conclusion

The first prototype will be released in July 2018, but the full platform will be completed by the end of 2019. The company is expected to offer its initial coin offering immediately after the ongoing initial public offer for investors. Current changes in the technology brings scope for companies like Ankr. Cloud computing and blockchain will be the talk of the day, and such ideas as this project are vital given their value in the future.