[ICO REVIEW] Ankr Network - in the battle with Amazon, Microsoft and Google

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Is Ankr Network able to survive on cloud service market and resolve the problem of concentration originated from big boys like Amazon, Google, and Microsoft?

Cloud service market and competitor

Cloud service is a highly competitive market and is becoming “concentrated” with the domination of several big corporations like Amazon, Google, Microsoft, IBM and Alibaba. They are accounting for 65% of the market share in total as of Q4/2017.

Ankr, Proof of Useful Work, oracle service, amazon, Microsoft, Google, IBM, cloud service, siacoin, genaro network, file coin, plasma, sharding

Amazon Web Service is leading the game with 34% of the market market share, followed by Microsoft Azure (13%), IBM Cloud (8%), Google Cloud (6%), and Alibaba Cloud (4%). In the meantime, they all have stepped on the blockchain sector with significant achievements.

On May 7th, 2018, Microsoft Azure  released Azure Blockchain Workbench - an app service built on blockchain which facilitates businesses with infrastructure for dApp construction.

According to cointelegraph, “Amazon are already in a battle with IBM and Oracle with its own “blockchain-as-a-service” offering. The blockchain framework for Ethereum and Hyperledger Fabric, which is allowing users to build and manage their own Blockchain-powered decentralized applications, is being developed in different forms by all three.”

Ankr, Proof of Useful Work, oracle service, amazon, Microsoft, Google, IBM, cloud service, siacoin, genaro network, file coin, plasma, sharding

So how can Ankr compete with these tech giants who have everything from money to excellent IT developers? Ankr may have interesting technical ideas but no MVP so far. In the meantime, Azure has working products adopted in real life. If they can succeed at reducing operating cost and service price with blockchain applications, a cheap price will be  no longer an advantage for other ICOs, including Ankr. Therefore, Ankr needs to reposition their brand on the market and define clearer its target market, instead of aiming at mass population.

Additionally, Ankr will have to find their competitive advantages over other successful ICOs in the market like Siacoin, Filecoin or Genaro Network. Siacoin is now No 39 on coinmarketcap with 24 trading volume of $13 million. Siacoin offers low-cost data cloud service with only $2 for 1 TB per month. It is the cheapest price on the market right now.(for your reference: Amazon is charging $23 per month for a similar service). Currently, we have no basis to make assumption that Ankr can provide better service at a cheaper price.

In conclusion, Ankr has to make many efforts to catch up with above-mentioned competitors.

Tokenomy

  • Token: ANKR - ERC 20 on its own blockchain
  • Price: 1 ANKR = $0.0066
  • ICO time: to be announced later after KYC closes on September 9th, 2018
  • Funds Raised in Private Pre-Sale: $14.5 Million
  • Total supply: 10,000,000,000 tokens and 3,500,000,000 tokens for sale

Ankr, Proof of Useful Work, oracle service, amazon, Microsoft, Google, IBM, cloud service, siacoin, genaro network, file coin, plasma, sharding

ANKR will be rewarded for miners as a transaction fee. In addition, users will use ANKR as a payment method for cloud data services provided by Ankr and other businesses on the platform. Therefore, ANKR price will depend on the development of Ankr Network. Token price is quite cheap compared to Quadrant ($0.5) or Genaro ($0.6 – $1.0) and Siacoin ($0.01 – $1.0). Investors can try their luck with certain amount of ANKR and hope for their wide adoption and future success.

Team

Ankr, Proof of Useful Work, oracle service, amazon, Microsoft, Google, IBM, cloud service, siacoin, genaro network, file coin, plasma, sharding

Two of three co-founders who used to worked for Amazon are Chandler Song and Stanley Wu. CTO Stanley used to be the tech lead at Amazon which has proved his competence and experience with both cloud computing and computer science. Additionally, four blockchain engineers who come from Oracle, Uber and IBM plays very important roles in the project.

Conclusion

  • Old business idea to solve old problems of cloud market
  • Interesting solutions and technology; however, except for the PoUW, plasma and sharding are still giving rise to suspicions
  • Low competitiveness compared with tech giants and other ICOs in the same field
  • Ankr project is backed by several blockchain investment funds like Torchlight venture, Neo Global Capital, Pantera, DHVC. So we can bet on their potential of success.
  • You can consider ANKR as a diversification for your portfolio

For our previous review about Ankr technology, visit here!

Written by nami.today

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