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Ankr Network’s 2.0 upgrade seeks to enhance Web3 decentralization

15-Jul-2022 By: Sudeep Saxena
Ankr Network’s 2.0 u

Ankr Network’s 2.0 upgrade seeks to enhance Web3 decentralization

Ankr Network (ANKR), a decentralized Web3 infrastructure provider, recently unveiled Ankr Network 2.0, an upgrade designed to transform blockchains into more durable node networks.

The main focus of the update is to increase Web3's decentralization with a number of new features, including the opportunity to host an independent node, the capacity to stake ANKR tokens on a full node, and the Ankr DAO.

Ankr is one of the major providers of RPC endpoints in the cryptocurrency sector. Remote procedure calls (RPC) are essential building blocks for blockchain developers' decentralized applications and projects. Every time Ankr responds to an RPC request, it needs a node to finish it.

The network's capacity to manage larger RPC request volumes and avoid unsuccessful requests increases with the number of active nodes. Independent node operators will also start receiving ANKR incentives for their contributions to network security.

With the upgrade, users will also be able to stake their ANKR on entire nodes for the first time in order to protect the network and generate revenue. In addition, Stakers will be eligible to receive a 49 percent portion of user fees paid to Ankr Network in exchange for their contribution.

The new Ankr DAO governance tool will be used to decide how to allocate treasury funds, how much to charge for nodes, and which blockchains to support. Stakeholders in ANKR will also have voting rights in this tool.

According to the whitepaper, Ankr 2.0 offers three new API services for developers that are intended to "ease querying blockchain data of all forms."

These include APIs that speed up the process of looking for addresses and events in blocks, enable searches across all Ankr-supported EVM-compatible blockchains, and enable ownership history and NFT metadata searches across six different blockchains.

According to CoinGabbar, the native ANKR token, which is used to pay for services on the platform, is currently trading at $0.0271, increased 4.5% in the last 24hrs.

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