Curious whether Bitcoin or gold is the better bet? We break down the pros, cons, and what really sets them apart so you can decide what suits you best.
Keep reading
Bitcoin versus gold: it's like asking whether you prefer chocolate or vanilla ice cream, except the stakes feel a bit higher when we're talking about assets that people use to preserve wealth.
This comparison has become one of the most fascinating conversations in modern finance. You'll find everyone from your tech-savvy nephew to seasoned Wall Street veterans weighing in on this debate. The reason it captures so much attention? Both assets serve similar purposes for many people in that they're often viewed as alternatives to traditional currencies and ways to maintain value over time.
Media outlets regularly feature this matchup, and it's not hard to see why. We're essentially watching a clash between the old guard and the new kid on the block, between something you can hold in your hands and something that exists purely in the digital realm.
Similarities between Bitcoin and gold
Before we dive into their differences, let's talk about what these two have in common, and honestly, it's more than you might think.
Both Bitcoin and gold operate like that friend who marches to the beat of their own drum. They don't need permission from central banks or governments to exist. Gold has been doing its own thing for thousands of years, while Bitcoin has been independently chugging along since 2009, free from the control of any single authority.
Here's where it gets interesting: both are naturally scarce. There's only so much gold buried in the earth, and Bitcoin has a built-in limit of 21 million coins. It's like having a limited-edition collectible - the scarcity is part of what makes people pay attention.
This is where the "digital gold" nickname comes from. People started calling Bitcoin this because, like gold, it's rare, it's not controlled by governments, and many view it as a way to store value. It could be gold's tech-savvy cousin who traded in the physical form for a digital existence.
Both assets have also been described as stores of value, meaning people turn to them when they want to preserve their purchasing power over time. The idea is that what you put in today will still hold meaningful value tomorrow.
Differences in utility and form
Gold has been humanity's companion for millennia. You can touch it, wear it, and even use it in your smartphone (yes, there's actually gold in there!). Industries rely on gold for everything from electronics to medical equipment. Central banks stack it in their vaults like a financial security blanket, and jewellers craft it into pieces that mark life's special moments.
Bitcoin, on the other hand, exists purely in the digital world. You can't hold it, but you can send it across the globe faster than you can say "blockchain." It's supported by a network of computers that work together to verify transactions, creating a system that operates 24/7 without taking coffee breaks.
Think of gold as the sturdy oak tree: deeply rooted, physically present, and serving multiple purposes. Bitcoin is more like the wind: you can't see it, but you can feel its effects, and it moves with incredible speed and efficiency.
Historical trends and market behaviour
Let’s take a look at how these assets have behaved over time.
Gold has earned a reputation as the steady friend who shows up when times get tough. During economic uncertainty, gold often sees increased interest as people seek stability.
Bitcoin, meanwhile, is known for its dramatic personality. It can swing from exhilarating highs to stomach-dropping lows, sometimes within the same week. This volatility means Bitcoin can experience significant price movements: some days it feels like it's reaching for the stars, other days it seems to be taking a scenic route through the valleys.
These different personalities mean they each attract different types of attention and serve different roles in people's financial lives.
Reactions to global events
Nothing reveals character quite like a crisis, and both Bitcoin and gold have had their share of testing moments.
During the 2008 financial crisis, gold saw increased demand as people sought alternatives to traditional investments. When the COVID-19 pandemic hit in 2020, gold initially attracted attention as uncertainty gripped global markets.
Bitcoin has had its own unique responses to global events. During certain periods of economic uncertainty, some have turned to Bitcoin as an alternative. However, during market stress, Bitcoin has sometimes moved in unexpected directions, reminding everyone that this digital asset often writes its own rules.
Inflationary periods have also provided interesting case studies. Gold has historically been viewed as a hedge against inflation, while Bitcoin's response has been more varied and unpredictable. The Bitcoin vs gold debate is essentially watching two different strategies play out in real-time.
Adoption and access
The way people access these assets tells its own story about our changing world.
Bitcoin has recently been making headlines with the introduction of exchange-traded funds (ETFs), making it easier for traditional investors to gain exposure without having to figure out digital wallets and private keys.
The digital nature of Bitcoin means you can access it from anywhere with an internet connection. No need to worry about storage space or security guards - just remember your password (and any other safeguards you have in place).
Gold, meanwhile, has the advantage of thousands of years of infrastructure. Banks have vaults, dealers have established networks, and there's a whole industry built around buying, selling, and storing the precious metal.
Risks and transparency
Every asset comes with its own set of considerations, and both Bitcoin and gold have their unique profiles.
Bitcoin operates in a world where regulations are still being written. There are also cybersecurity considerations, as digital assets exist in a realm where hackers and technical glitches can pose risks.
Gold has more traditional concerns. Storage and insurance can be costly, and there's always the physical risk of theft or damage. You need to think about where to keep it safe and how to protect it.
Both assets have their own transparency characteristics. Bitcoin transactions are recorded on a public ledger that anyone can view, while gold transactions often happen through traditional channels with varying levels of public visibility.
Perspectives from experts
The financial world is full of smart people with different opinions, and this topic certainly brings out diverse viewpoints.
Institutions like BlackRock have entered the Bitcoin space with ETF offerings, suggesting growing institutional interest. While the CME Group, which offers futures contracts for both assets, has observed how institutional trading has evolved for each.
These expert perspectives form part of a broader ongoing conversation about how these assets might fit into the modern financial landscape.
What's fascinating is how these viewpoints continue to evolve as both assets mature and as global economic conditions change.
Framing the question: what role might each play?
Rather than asking which is "better," perhaps the more interesting question is: what role might each play in different contexts?
Consider what qualities matter most to you in a store of value. Are you drawn to the tangible nature of physical assets, or does the digital convenience appeal to you? How do you feel about volatility: is it something you can live with, or do you prefer steadier movements?
The answer often depends on individual circumstances, goals, and comfort levels. Some people find comfort in gold's long history, while others are excited by Bitcoin's technological innovation. Some appreciate gold's physical nature, while others value Bitcoin's portability and accessibility.
These aren't questions with universal answers, they're personal considerations that vary from person to person.
Final thoughts
The Bitcoin versus gold discussion continues to evolve as both assets mature and as our understanding of their roles in modern finance deepens. Rather than viewing this as a winner-take-all scenario, perhaps the most interesting approach is to understand how each asset's unique characteristics might serve different purposes in our increasingly complex financial world.
What matters most is understanding your own needs, risk tolerance, and goals before making any financial decisions. After all, the best asset is the one that aligns with your personal circumstances and financial objectives.
NEWS AND UPDATES
LATEST ARTICLE
In this article, we're covering what transaction fees are, and taking a look at which cryptocurrencies offer the lowest transaction fees.
While long-term traders are unlikely to get affected by transaction fees, short-term traders and people actively using cryptocurrencies are often plagued with excessive fee structures.
This complaint has led to layer 2 solutions, where transactions can most quickly and cost-effectively be executed, as well as new blockchain platforms entirely (as was the case when developers migrated away from Ethereum due to high transaction costs).
What are transaction fees?
Transaction fees are fees paid to the miner of the network to execute the transaction. While some networks differ in how they operate, transaction fees are consistent across the board. Looking at Bitcoin as an example, when a user sends BTC the transaction is entered into a pool of pending transactions known as a mempool.
The miner will then pick up a batch of transactions and validate them, checking to see whether the original wallet does in fact have the funds to send and if the wallet addresses are valid. Once the transaction is executed, the data relevant to the transaction is added to a block, which is added to the blockchain chronologically.
As compensation to the miner for their time and electricity, they earn a small crypto transaction fee from each transaction as well as a reward for adding the block, known as a miner's reward. This process also ensures the safety and integrity of the network.
When the networks are very busy, the cost of sending a transaction is increased. Users can then choose to add in a higher crypto transaction fee in order to prioritise their transaction in the mempool.
Transaction fees for smart contracts are based on how much electricity will be needed to complete the task. Typically, transaction fees on smart contracts are much higher.
Generally, the terms transaction fee and network fee can be used interchangeably. They both refer to the transaction fee necessary by the network for the transaction to get processed.
Exchange fees refer to something else entirely. Exchange fees are fees charged by the exchange in order to conduct the service. Be sure to check before conducting a transaction on an exchange as you might be required to pay a transaction fee (or network fees) as well as exchange fees.
How to pay less for transaction fees
A transaction fee is imperative to your transaction getting executed so it cannot be avoided entirely, however, there are ways to reduce the amount you need to pay.
Transaction fees increase when the network is busy, so sending your transaction while the network is quieter is a great way to reduce the transaction fee. Typically the busier periods are during business hours in the United States.
Look out for the Lightning Network for Bitcoin and layer-2 scaling solutions for Ethereum as these will provide a cost-effective solution to high transaction costs on those networks.
Which cryptocurrency has the lowest average transaction fee?
Let's take a look at some of the most popular cryptocurrencies and the average transaction fee associated with their platforms.
XRP - $0.0002 per transaction
Developed by Ripple Labs, XRP is optimised for fast, affordable cross-border payments, with a focus on serving financial institutions and remittance providers. Thanks to its unique architecture, XRP has cemented its status as a key player in the payment processing space.
XRP's minimal costs and 4-second transaction times make it a preferred choice for users and institutions alike.
Solana (SOL) - $0.00025 per transaction
Solana’s transaction fees cost just fractions of a cent ($0.00025), with complex transactions also coming in incredibly cheap. The network stands out for its lightning-fast transactions, typically wrapping up in about 2.5 seconds. Thanks to its scalable design, Solana can handle many transactions simultaneously, making it a hit for dapps and big blockchain projects.
This efficiency, coupled with its rapid speed, has made Solana a favourite among both developers and users, and a permanent feature in the top 10 biggest cryptocurrencies based on market cap (currently number 5).
Litecoin (LCH) - $0.0025 per transaction
Litecoin stands out as one of the cheapest crypto options out there, costing around $0.0025 per transfer. As an early pioneer in the space, Litecoin was designed with fast, affordable payments in mind, borrowing and refining Bitcoin's underlying technology. Litecoin's speedy 2.5-minute transaction times add to this appeal.
The minimal fees on Litecoin are a huge plus, with its efficiency and speed making Litecoin an attractive choice for those seeking a cost-effective crypto.
Bitcoin Cash (BCH) - $0.01 per transaction
Bitcoin Cash makes it onto the list with an attractive $0.01 average transaction fee. As a Bitcoin offshoot, BCH was engineered for faster, more affordable transfers via larger block sizes.
The cost-effective fees on Bitcoin Cash have made BCH a viable option for those looking for a low-cost market entry and equally impressive low-cost transaction fees.
Dogecoin (DOGE) - $0.04 per transaction
Dogecoin, born in 2013 as a playful take on crypto, has surprisingly become a significant player in the crypto space. Despite its lighthearted meme-inspired origins, Dogecoin's enthusiastic community and celebrity endorsements have propelled it into the mainstream.
Its low $0.04 average transaction fees and fast 1-minute transaction times make it practical for frequent micro-transactions like tipping and donations, blending fun and function.
Trade smart, trade with Tap
Users can trade all the tokens mentioned above with equally low exchange fees directly on the Tap app. Adding to the cost-effective nature of the platform, it also offers heightened security and added convenience. It's time to trade smarter, download the Tap app and get started today.
We're thrilled to share that our fintech company has just celebrated its third anniversary! It's been an incredible journey so far, and we're so grateful for the opportunity to serve our users every day.
When we first launched our platform three years ago, we had a clear mission in mind: to provide an innovative, user-friendly, and accessible way for people to manage their money, trade cryptocurrencies, and access financial services. It was a big goal, and we knew that we had a lot of hard work ahead of us.
But we were determined to succeed. Our small team of passionate and dedicated individuals worked tirelessly, day in and day out, to bring our vision to life. We poured our hearts and souls into this project, and we knew that we were onto something special.
Fast forward three years, and we're proud to say that we've come a long way. We've built a platform that we believe in, and we're constantly striving to improve it. We've listened to feedback from our users, and we've added new features and services that meet their needs. And we've built a community of passionate and engaged users who share our vision for a better way to manage their finance everyday.
One of the things that sets our company apart is our commitment to transparency and user experience. We believe that managing your finances should be easy, intuitive, and stress-free. That's why we've built our platform to be as user-friendly as possible, with clear and straightforward interfaces that make it easy to manage your money and digital assets.
But our success wouldn't be possible without our amazing users. We're so grateful for your continued support, feedback, and encouragement. You've helped us to shape our platform into something truly special, and we're committed to continuing to serve you and improve our platform to meet your needs.
As we celebrate our third anniversary, we're excited to look back on how far we've come and to look forward to all the exciting things that the future holds. We're proud of what we've accomplished, but we know that there's always more work to be done. We're committed to continuing to innovate and improve, and we're grateful to have you along for the ride.
Thank you for being part of our journey. Here's to many more years of growth, success, and innovation!
1inch is a cryptocurrency trading tool for traders, allowing them to quickly find and access competitive prices on decentralized exchanges (DEXs) using its innovative 1INCH token, which provides both utility and governance functionalities to token holders.
What is the 1inch network?
The 1inch network is a decentralized exchange aggregator that assists crypto traders in finding the best prices and lowest fees for their transactions within the DeFi (decentralized finance) sector of the cryptocurrency market.
Decentralized exchanges use self-operating smart contracts to enable trades between buyers and sellers, utilizing a non-custodial infrastructure. This allows for seamless transactions while maintaining the utmost security of funds.
While these exchanges offer heightened security, this does not always lead to heightened liquidity, which can result in what is called slippage. This is where there is a discrepancy between the expected price of a trade and the actual price once executed. The 1inch protocol helps to avoid this problem and other market inefficiencies by joining together trading activity from multiple markets and combining liquidity.
In essence, the DeFi space is notorious for fast-changing prices and transaction fees for crypto assets, and 1inch solves this problem. Instead of traders having to manually resource and compare prices across DEXs, the 1inch network gathers real-time pricing data, including gas fees, from several top exchanges and presents this information to the trader. These exchanges include the likes of 0x, SushiSwap, Uniswap, and Kyber Network.
The network is fueled by the 1INCH token and ERC-20 token that provides governance rights and participation in the network's expansion. The token serves as both a utility token and a governance token on the network allowing holders to vote on key protocol parameters.
Who created the 1inch platform?
1inch was founded by Surjey Kunz and Anton Bukov during the ETHGlobal New York hackathon in May 2019, built on the Ethereum blockchain. The pair had previously entered hackathons together, winning awards along the way.
Prior to this endeavor, Sergej Kunz had a wealth of experience in programming and development. He was a senior developer at Commerce Connector, coded for Herzog agency, directed projects with Mimacom consultancy, and worked in both DevOps and cybersecurity roles at Porsche.
With nearly two decades of experience in software development and five years specialized in decentralized finance (DeFi), Anton Bukov has become a seasoned expert, contributing to projects like gDAI.io and NEAR Protocol.
In August 2020, 1inch received $2.8 million in funding from Binance Labs, Galaxy Digital, and several other firms before raising a further $12 million in December from prominent firms including ParaFi Capital and Pantera Capital. A year later, 1inch received $175 million in another funding round led by Amber Group.
How does the 1inch Protocol work?
In its most basic form, 1inch operates in a similar way to prevalent travel booking sites in that the protocol collects and compares crypto prices and transaction fees from several decentralized exchanges. The platform uses three prominent protocols: the aggregation protocol, the liquidity protocol, and the limit order protocol.
The aggregation protocol that factors in gas fees
By utilizing 1inch, traders have the convenience of trading from a single platform while being exposed to the lowest trading fees and best prices across several DEXs. Their Pathfinder product not only finds the top trading routes across several markets but also considers gas fees. The aggregation protocol will automatically factor in the gas fees when establishing the best price routes.
For instance, the complex protocol can break down single trades across multiple DEXs in order to provide the best market price. Finding the most efficient swapping routes might include converting a cryptocurrency to a stablecoin and then finding the best crypto prices across multiple exchanges (factoring in low trading fees) before executing the original trade. 1inch takes care of the complex backend routing processes while the trade effectively executes one trade at the best price.
The liquidity protocol for liquidity providers
The platform's liquidity protocol incorporates a next-generation automated market maker (AMM) that not only provides impressive opportunities for liquidity providers but also protects users from front-running attacks typically associated with liquidity pool trading.
The liquidity protocol allows users to earn passive income from depositing their cryptocurrencies into the relevant liquidity pools and earning LP tokens in return. LP tokens can be staked or exchanged, while the cryptocurrencies in the liquidity pools can be used for transactions made by liquidity providers utilizing the 1inch exchange, a decentralized exchange.
To engage in the liquidity protocol or the 1inch exchange, users simply need to connect their wallet and select the liquidity pool (trading pair) they wish to provide liquidity. Additionally, as the decentralized exchange aggregator does not store any crypto assets on its server, users are never required to pay a withdrawal or deposit fee when using the 1inch exchange services.
The limit order protocol for decentralized exchanges
Considered one of the "most innovative and flexible limit order swap opportunities in DeFi" 1inch’s limit order protocol allows traders to place more advanced, conditioned orders to automatically guarantee their profits at certain prices or avoid losses.
Alongside the flexible limit order functionality, the protocol also offers features such as dynamic pricing, extra RFQ support, and powers various implementations.
What is the 1INCH token?
The 1INCH token is an ERC-20 token that serves as a utility and governance token for the platform. On top of functions like spending, sending, holding, and staking, the 1inch token also provides voting rights to token holders on any proposed updates to the protocol.
How can I buy the 1INCH token?
Users can easily incorporate the 1INCH token into their portfolio through the Tap app's secure platform. The easy method allows anyone with an account to engage in an effortless trading experience using both cryptocurrencies and fiat currency.
Tap into the 1inch ecosystem by opening an account and loading your preferred wallet, then simply execute the trade to buy the 1INCH token. The tokens can then be held in the integrated wallet or used on the 1inch exchange platform or liquidity pools by completing a simple transaction. All you need to do to get started is download the app and create an account.
.svg)
Playing an important role in the adoption of Web3, Enjin provides a platform of software products designed to allow anyone to harness the power of NFTs (non-fungible tokens) through the development, trade, monetization, and marketing of blockchain assets.
What is the Enjin platform?
The Enjin platform is an ecosystem of interconnected, blockchain-based gaming products designed for individuals, game developers and businesses to create, manage and trade virtual goods such as digital art, games, or virtual marketplaces using the Ethereum blockchain. Enjin aims to provide users with the tools to implement smart digital solutions for blockchain games within the gaming environment.
Through the platform's software development kits (SDKs) and APIs, users can build digital assets as well as seamlessly integrate them into their games and applications.
Under the Enjin umbrella is the Enjin Network, a community gaming platform that allows users to create websites, chat, and host virtual stores. Over the course of a decade, the Enjin platform has accumulated over 20 million users.
Powering the ecosystem is the Enjin Coin (ENJ), a token used to back the value of NFTs and other assets minted on the platform. When an asset is minted it locks ENJ tokens into a smart contract and effectively removes the tokens from circulation.
It’s also worth noting that Witek Radomski, Enjin's co-founder and the brainchild behind the ERC-1155 Ethereum token standard, wrote the code for the first non-fungible token (NFT). By utilizing its cutting-edge technology, Enjin is revolutionizing the future of gaming and digital assets.
Who created Enjin?
Enjin was originally founded in 2009 as a gaming community platform by Maxim Blagov and Witek Radomski. Blagov took on the responsibility of being CEO and in charge of the platform's creative direction while Radomski took on the role of CTO, leading the technical development of the platform's products.
Following Radomski's interest in Bitcoin in 2012, the platform explored incorporating blockchain technology into its business model and embraced the world of tokenized digital assets.
Radomski went on to write the ERC-1155 token standard in June 2018, a token standard used for minting both fungible, semi-fungible and non-fungible tokens using the Ethereum network. This token standard is a critical building block in the platform’s design.
In 2017, the Enjin platform launched an initial coin offering (ICO), raising $18.9 million through ENJ token sales. A year later the project went live and in September 2019, the Enjin Marketplace was launched.
How does Enjin work?
The primary goal of the Enjin network is to facilitate the management and storage of virtual goods for games, anything from in-game currencies to unique in-game items. So, how does Enjin work? The process of creating and destroying these tokens involves five steps, as outlined below.
- Purchase
Developers purchase Enjin Coin. - Minting
In-game items are designed and effectively minted with the appropriate amount of ENJ locked into a smart contract. - Utilization
Players use these tokens within the game. - Trading
Players trade the tokens between fellow players or on the internal or external marketplace. - Melting
Players sell the tokens for Enjin Coin, referred to as melting. The token is destroyed and Enjin Coin is released from the smart contract.
SDKs (software development kits) come into play here, with kits designed to fulfill certain functions, such as facilitating a payment platform or being wallet-focused. These kits are designed to minimize costs and simplify the process of creating these virtual goods. APIs (application programming interfaces) work alongside the SDKs to integrate these virtual goods (digital assets) into the game.
The Enjin platform utilizes JumpNet which is integrated with other products in the ecosystem, such as the Marketplace, Enjin Beam, and the Enjin Wallet to allow for gas-free transactions for ENJ and NFTs.
The Enjin ecosystem encompasses the Enjin smart wallet that allows players to store and trade their in-game items with ease. The Enjin wallet is designed to connect all the features, from managing inventory to conducting transactions and selling these tokenized digital assets for ENJ.
What is the Enjin Coin (ENJ)?
Enjin Coin (ENJ) is the native token of the Enjin ecosystem. Built on the Ethereum blockchain and compatible with multiple gaming platforms, the Enjin Coin is an ERC-20 token that allows the in-game items created on the platform to be traded with real-world value. The ENJ token has a maximum supply of 1 billion coins.
The token also allows developers to mint these digital goods. The process requires the users to lock Enjin Coin (ENJ) into a smart contract that automatically assigns value to the in-game item. Players that later use these items can use them in the game, trade them or sell them for ENJ, equivalent to the original minting cost. Once sold, the item is destroyed (known as melting) and the ENJ that was locked in the smart contract is released to the seller.
How can I buy Enjin Coin?
Anyone can tap into the Enjin ecosystem by acquiring ENJ tokens through the Tap mobile app. Simply create an account and complete the verification process in order to gain access to your unique Enjin wallet, from where you can buy, trade and sell Enjin Coin.
Fully licensed and regulated, Tap provides a secure and convenient means of managing your funds, allowing users to manage and store both crypto and fiat currencies in one location. With a wide range of supported currencies and services, Tap is revolutionizing the financial space.
Take advantage of the power of Enjin Coin on the Tap app - the ultimate platform to buy, sell or hold ENJ. With seamless integration and an intuitive interface, trading Enjin tokens has never been easier. Stay up-to-date with the latest market trends and keep your portfolio on track by monitoring the Enjin Coin price in real-time.
We are delighted to announce the listing and support of Ankr (ANKR) on Tap!
ANKR is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold ANKR for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.
We believe supporting ANKR will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.
Ankr is playing an integral role in the adoption of Web3, providing growth and development opportunities for network stakers, app developers, and other participants in the DeFi space.
Ankr is a decentralized Web3 infrastructure provider that facilitates the swift and effortless connection between developers, dapps, stakers, and blockchains. With Ankr's APIs & RPCs you can quickly build blockchain-based applications with confidence, stake on Ankr Earn as well as access custom solutions for any blockchain enterprise needs.
ANKR is Ankr's native cryptocurrency fueling the platform and is used as a payment method within the ecosystem.
Get to know more about Ankr (ANKR) in our dedicated article here.
Ankr is playing an integral role in the adoption of Web3, providing growth and development opportunities for network stakers, app developers, and other participants in the DeFi space.
Ankr is leading the way in making it easier for users to interact with multiple blockchains. Streamlined and simple, Ankr simplifies complex tasks so that you can access multi-blockchain technologies quickly and securely.
What is Ankr (ANKR)?
Ankr is a decentralized Web3 infrastructure provider that facilitates the swift and effortless connection between developers, dapps, stakers, and blockchains. With Ankr's APIs & RPCs you can quickly build blockchain-based applications with confidence, stake on Ankr Earn as well as access custom solutions for any blockchain enterprise needs.
Ankr simplifies the process of setting up and participating in Proof of Stake (PoS) blockchains. It provides various tools and services to help users deploy nodes, stake their PoS tokens, and access decentralized finance (DeFi) applications. The Ankr platform was first launched as a Distributed Cloud Computing Network that leverages idle computing resources. This allowed users to access cloud computing services without relying on a single provider's infrastructure.
Ankr provides a variety of features and tools, such as node hosting, staking pools, analytics, and automated notifications. These services work together to make participating in Web3 easier by providing simple solutions.
The node creation process is supported across multiple blockchains and in return for the services provided, node operators pay a monthly fee to Ankr.
ANKR is Ankr's native cryptocurrency fueling the platform and is used as a payment method within the ecosystem.
Who created the Ankr platform?
Ankr was founded in 2017 by Chandler Song, Ryan Fang and Stanley Wu and officially launched in 2019. Song and Fang were former college roommates while Song worked under Wu, a computer engineer at Amazon Web services, while interning. Together the three founders created Ankr, with a mission to build the most decentralized and scalable Web3 infrastructure possible. Song is currently serving as CEO, Fang as COO, and Wu as CTO.
Following several successful rounds of funding, the team has amassed tens of millions of dollars from big blockchain investors such as Pantera Capital and NEO Global Capital (NGC) as well as several funding rounds. The first token presale raised $15.9 million followed by another token sale which raised $18.7 million in just six days. Once opened to the general public, the platform raised a further $2.75 million.
How does the Ankr Protocol work?
It is important to note that Ankr is not a blockchain. Instead, it provides specialized tools which are beneficial for builders, stakers, and businesses alike. Its main features can be broken down into these four categories below:
Node infrastructure services
With Ankr's decentralized infrastructure, DeFi platforms, NFT projects, blockchain games and dapps of all kind can receive faster access to blockchains at a more scalable and cost-efficient rate. Hosted by numerous high-performing nodes across the world simultaneously serving requests, these applications are guaranteed optimal performance.
However, setting up a blockchain node requires technical know-how, time, and effort, skills not everyone possesses. Ankr provides a service where it can launch one which can be accessed remotely. This provides the opportunity for users of all skill levels to participate in the validation process on a Proof of Stake blockchain. Additionally, the platform overlooks the performance of the node to ensure that users' funds staked are not punished due to any downtime or dishonesty.
Instant API and RCP access for developers
Developers who are launching smart contracts and dapps to a blockchain are required to use designated APIs (Application Programming Interfaces). This process typically involves running a node alongside these and spending time synchronizing it to the data on the blockchain.
To solve this issue, Ankr provides instant API services and RPC (Remote Procedure Call) access to developers. This allows for uninterrupted access to blockchains without having to worry about vying traffic. It also provides access to the whole chain's data, supplying the dapp with all the information it might require and an overall better user experience.
Custom Blockchain Enterprise Tools
For enterprises in need of custom-made, streamlined solutions for handling multiple blockchain networks, Ankr provides a Web3 Infrastructure-as-a-Service model. Accessible through an easy-to-use monitoring platform, businesses can utilize the platform's API and RPC services making their operations more efficient and cost-effective.
Liquid staking
Ankr provides staking capabilities across multiple chains, offering reward-earning tokens to represent these staked funds. The tokens can then be used to trade or for various DeFi activities such as lending, yield farming, liquidity mining, etc. This allows users to maximize their earning potential while still engaging in staking activities.
For example, instead of staking the minimum required amount of 32 ETH on Ethereum 2.0, users can stake 0.5 ETH through the Ankr protocol, with these funds automatically being routed to the pools with the highest yield. In return, users will receive aETHb or aETHc tokens, which provide a liquid way in which users can access their staked tokens.
What is the ANKR token
ANKR is an ERC-20 and BEP-20 token that operates across both the Ethereum and BNB Smart Chain networks. The utility token has a number of functions, as outlined below, and a maximum supply of 10,000,000,000.
ANKR is primarily a form of payment on the platform but also offers staking functionalities and governance rights.
How can I buy the Ankr token?
Tap's mobile app makes it effortless for users to acquire ANKR and store it in the integrated wallet with assurance. Not only can you benefit from a convenient place to acquire and store your ANKR token, but also withdraw coins immediately for use on the linked DeFi platform. Tap provides you with not just an easy way to trade digital assets, but also a reliable space where your assets holdings can remain securely stored over extended periods of time.
Unlock the potential of a range of verified cryptocurrencies and fiat wallets by downloading the Tap mobile app.