UK based startup Ankr Network has introduced an innovative process called Stable Chain Technology (SCT) that will help stabilize cryptocurrencies on the Ethereum network. This new technology introduces autonomous stability mechanisms using off-chain markets to generate price feed signals to keep cryptocurrencies independent of external market factors like crypto exchanges by leveraging artificial intelligence, algorithmic trading systems, and machine learning techniques under its slogan Stable Coins Done Right.
Ankr Network is built upon 3 components: Solana, Legion, and Skywire. Each component is designed to work in tandem with one another, combining distributed ledger technology (DLT) with the most advanced machine learning models in existence.
Ankr is an ERC20 utility token that will be used for ecosystem governance and offers discounts when using the network. The ANKR token allows developers to unlock new revenue generating opportunities by allowing them to create their own stable coins. With Ankr’s Stable Chain Technology (SCT), anyone can instantly create a new Ethereum-based currency or upgrade existing systems.
The developer will need to deposit 200k ANKR tokens for each smart contract created on the platform, which pays for the computational power required for Proof of Work algorithms. Once deployed, transactions are processed by miners through heavy rounds of computing, which confirms the transactions on the platform. This will generate revenue for smart contract developers from each successful transaction made, with a total of 5% going to support network upgrades and future development.
The regulatory risk of cryptocurrencies is one of the most prominent issues surrounding them currently, with governments around the world working on ways to either ban or regulate cryptocurrencies in order to control their usage and adoption rate. Since most users store their digital currency using an application or online service that manages their private key, it’s highly likely that a change in regulation could lead to a catastrophic event for most distributed ledger networks.
Ankr has created a system called Skywire which is designed specifically to prevent these from happening by giving users complete control over their assets at all times. The Skywire software will be able to scan exchanges in real-time finding all transactions that have been sent by a user and then relaying the information back to the blockchain, increasing transparency for both parties involved.
We are being transparent about its release as we believe it is pertinent to provide our community with relevant information from different sources around the crypto space so you can get multiple viewpoints on projects in emerging industries. This is also the spirit of blockchain, information transparency and community-driven development in order to build value for everyone around this emerging technology space.
