What is happening? , a decentralised infrastructure platform announced the addition of token staking to its infrastructure layer, enabling Web3 users to profit from the fees paid to node operators. Node operators on the Ankr network now offer their customers the staking service after the successful implementation of the staking functionality. Ankr https://twitter.com/ankr/status/1557269846370533377?cxt=HHwWgoC-xZWrxJwrAAAA : Vested Interest Disclosure The author is an independent contributor publishing via our . Be it through direct compensation, media partnerships, or networking, the author has a vested interest in the company/ies mentioned in this story. HackerNoon has reviewed the story for quality, but the claims hereon belong to the author. #DYOR brand-as-author program What Is Ankr Network? Ankr is an Ethereum token that drives the Ankr network, a Web3 infrastructure and cross-chain staking DeFi platform that seeks to make it simple and inexpensive for anybody to participate in blockchain ecosystems by developing Dapps, hosting nodes or staking. In order to provide the greatest Web3 experience possible, blockchain firms employ Ankr to operate their blockchains more efficiently. The Ankr Protocol was launched in 2021 and supported 200 billion RPC queries a month over 50 blockchains. Web3 gaming SDK and multi-chain liquid staking capabilities were introduced to the Ankr developer product portfolio in 2022. Ankr's nodes are located in a variety of data centres throughout the globe. It's been a long time since Ankr has set up physical hardware servers in 24 different cloud regions across 24 different continents and oceans: North and South America; Europe; the Middle East; Asia; Oceania; Africa. How Is Ankr Staking Going To Work? As an alternative to Proof of Work, which needs you to execute intensive calculations using the power of your graphics card and generates high energy and hardware expenses as well as quicker wear out of your computer, Staking, also known as Proof of Stake Consensus, is a more efficient alternative. Sunny King and Scott Nadal were the first to create Proof of Stake in 2012. The overall market capitalization of staked coins has risen from $1.2 billion to over $13 billion in only the previous two years, to . according Investing.com A growing number of people are turning to staking businesses for their necessities. There are firms that handle the verification and maintenance of cryptocurrency networks in exchange for a share in investors' profits. On the other hand, investors will have to put their confidence in them. The personnel and reputation of the organisation, as well as the PoS consensus, should be thoroughly investigated before deciding to stake with a staking service. If users have any doubts about the service's security or integrity, users should not put their money into it. Why Is Implementation of the Staking Feature Important for Ankr? Web3 users will now be able to stake supported tokens to both full and archive nodes on blockchains to receive a portion of the fees paid to node operators for providing users with access to distributed ledger technology networks via Ankr. With the launch of ANKR token staking, node providers and people who own ANKR tokens can use staking to help Web3 systems grow. Ankr says that it gets more than seven billion requests for traffic every day. It's important to note that the Ankr team has explicitly stated that node providers must self-stake a minimum of 100,000 $ANKR tokens (as an insurance deposit) on their node in order to be granted permission to service RPC traffic arriving at the Ankr platform. Additionally, by staking ANKR tokens to support the preferred node, token holders will be able to promote certain Ankr node providers publicly. Specifically, the Ankr Network presently handles over 80 percent of blockchain traffic on Polygon, Fantom (FTM)and BNB Chain. It aims to become the market leader on Ethereum as well, as the network continues to make substantial proof-of-stake (PoS) advancements. Final Thoughts on New Ankr Staking Mechanism Ankr staking participants will also have voting power in the new Ankr DAO governance mechanism, which will determine allocations of treasury money, pricing and income for nodes, and choose which blockchains to integrate. In my opinion, DAO governance aims to achieve very low latency as Ankr nodes are spread across the globe. It allows the free market to influence the nodes' locations, thus increasing the democratization of the network, a primary goal of web3 implementation. Don’t forget to like and share the story! Image credits: Shubham Dhage, and Salvatore Andrea Santacroce. Milad Fakurian

Polygon

Fantom

Chain

fees

Twitter

Astar Network and Acala Partner to Launch DeFi Rising for Unlocking New Opportunities for Developers

Is Blockchain-Based Watch-to-Earn Monetization the Future of Video Streaming?

Read My Stories

Too Long; Didn't Read

Web3 Service Provider Ankr Integrates Staking with its Infrastructure Layer 

Web3 Service Provider Ankr Integrates Staking with its Infrastructure Layer

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

$2M Backing and a Vision: How GAM3S.GG is Reshaping Web3 Gaming

(1/100) Crypto Countdown: Golem

A Research Report on the Trader $JOE DeFi Platform

07/03/2018: Biggest Stories in the Cryptosphere

05/02/2018: Biggest Stories in the Cryptosphere

01/06/2018: Biggest Stories in the Cryptosphere

$2M Backing and a Vision: How GAM3S.GG is Reshaping Web3 Gaming

(1/100) Crypto Countdown: Golem

A Research Report on the Trader $JOE DeFi Platform

07/03/2018: Biggest Stories in the Cryptosphere

05/02/2018: Biggest Stories in the Cryptosphere

01/06/2018: Biggest Stories in the Cryptosphere

Light-Mode

Classic

Newspaper

Minty

Dark-Mode

Neon Noir

Minty

HN StartUps