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The Role of Blockchain in Democratizing Technology — Interview with Ankr — TradingView News
As the blockchain space expands into an ecosystem of different networks and protocols, interoperability becomes vital for Web3 to continue building the next and best version of the Internet.
Ankr, a Web3 infrastructure company, offers developers an all-in-one hub to build the future of the Internet on blockchain. With a globally distributed node infrastructure, Ankr provides multi-chain decentralized application (DApp) development tools, blockchain engineering services, crypto staking solutions, and a suite of developer products designed to simplify building and operating applications Web3.
In this interview, Ankr co-founder and chief technology officer Stanley Wu paints an in-depth picture of the state of Web3 and how decentralized physical infrastructures (DePIN) would shape its future.
Cointelegraph: Why do you think a decentralized web is vital?
Stanley Wu: Web3 is so vital because it offers expanded capabilities to support today’s most promising technologies in a way that doesn’t repeat the data conglomeration and abuses of the past. Web3’s ability to democratize, decentralize, and support open source AI models can enable faster, more secure creation and innovation.
For financial markets, Web3 has already pioneered tokenized assets, giving individuals more control and promoting a more efficient and transparent system. Finally, in the Internet of Things (IoT), Web3 enables secure data exchange and micropayments between devices, providers and users, simplifying interactions and promoting a more efficient interconnected ecosystem. And across all technologies and industries, blockchain will become the cornerstone of truth and verifiable information at a time when trust is sorely needed.
CT: As one of the longest-standing decentralized projects in the blockchain landscape, what is your opinion on the evolution of blockchain and Web3?
SW: Blockchain has come a long way since Ankr’s inception in 2017. We have always been very focused on promoting interoperability in the space. Now we see that this has always been critical as Web3 is moving towards modular scalability with so many different layers and ecosystems coming together.
Continuing the theme of collaboration, we can now share security between blockchains, allowing us to reuse the massive capital bases of chains like Bitcoin and Ethereum. This was a huge blockchain evolution for Ankr as we just announced our work with Babylon to enable proof-of-stake networks to tap into Bitcoin’s $1 trillion market cap BitcoinUSD for security, while providing BTC holders a way to stake and earn yield for the first time.
CT: Could you explain the concept of decentralized physical infrastructure networks?
SW: Decentralized Physical Infrastructure Networks (DePINs) leverage blockchain technology and cryptographic incentives to bring together assets that exist in the real world. This is an extremely powerful idea that Ankr has been working on constantly, as it can change the way we supply and purchase goods and services.
A DePIN blockchain can track the contributions of physical hardware to a network and reward people with tokens specific to that DePIN network. In this way, hardware providers earn tokens while network users make payments with them.
With Ankr’s DePIN network, our providers lend their blockchain nodes to serve incoming RPC traffic to our network and earn ANKR tokens. This traffic requires sending a transaction or querying data on the blockchain. At the same time, developers using the network can make payments for their access to ANKR’s servers, which rewards providers. In short, DePIN aims to create new digital economies that decentralize services.
CT: What are some of the latest trends and developments that the blockchain space is witnessing in the DePIN vertical?
SW: Blockchain has been explored with various DePIN projects involving decentralized networks of servers, cameras, machines, and all types of physical hardware. Everything built on Ankr-supported partner networks, such as IoTeX and Filecoin, is a great example of DePIN innovation. However, I think one trend that Ankr is definitely looking at is supporting AI models with DePIN.
CT: How would you describe Ankr’s role in the evolution of Web3, specifically in the DePIN context?
SW: Ankr was one of the first to really explore DePIN in building widespread node infrastructure as the foundation for Web3. Our original white paper focused on building decentralized cloud services that could serve applications from machine learning to virtual reality to IoT using the ANKR token as an incentive.
Next, we focused on a decentralized network of blockchain nodes that power the technology’s transaction and data request requirements. Currently, our role is to provide the infrastructure to make it possible to build anything on-chain, and that’s what we’re doing to provide developers with all the tools and infrastructure they need to build the next generation of business cases. ‘use.
CT: How does Ankr’s approach to DePIN differ from traditional cloud infrastructure services?
SW: Ankr leverages DePINs to connect directly with vendors operating both cloud-based and bare metal servers with spare storage or computing power. This results in greater control, profit sharing, and lower costs when accessing a larger pool of resources. Ankr’s DePIN approach also boasts the potential for greater transparency through blockchain technology.
Unlocking the full potential of #AI requires significant computational capabilities.
With Ankr’s DePIN network, we have the power to manage massive datasets and power machine learning applications around the world 🚀#NVIDIA pic.twitter.com/sWJr6xfNO0
Blockchain offers a public record of all transactions and requests, allowing you to see how your data is used. Ankr’s DePIN offers a glimpse into a future where cloud infrastructure is more democratic, user-owned, and potentially more cost-effective.
CT: Blockchain and Web3 are increasingly intertwined with artificial intelligence. What do you think are the most vital areas where AI and blockchain technologies can bring mutual value?
SW: Blockchain and AI have a symbiotic relationship and their convergence will be one of the most important moments for both technologies. Blockchain solves the problem of reliable data related to AI training and information verification.
It is also extremely valuable as a tool to enable proof of personality, machine-to-machine payments, smart contracts, and various other benefits for AI as a superior decentralized operating system. Meanwhile, AI brings a number of benefits to blockchain as it will undoubtedly help us build faster and create greater scalability, security, speed and interoperability in Web3.
CT: Could you introduce us to Neura?
SW: Neura is a platform developed by Ankr. Based on Cosmos SDK and compatible with Ethereum Virtual Machine (EVM), it combines cloud computing, artificial intelligence and Web3 technology for implementing artificial intelligence on the blockchain. Neura addresses crucial challenges of scalability, economic feasibility, and interoperability, making it a solution for integrating AI and blockchain.
Additionally, Neura’s integration with off-chain storage solutions such as Celestia, EigenLayer, IPFS, and Arweave ensures data security and integrity while ensuring that the blockchain is not overloaded with AI model data.
Neura protects its network by leveraging Bitcoin’s proven security mechanisms through integration with the Babylon BTC staking protocol, offering advanced protection for transactions and data. ANKR token is the main utility token of the ecosystem which is used for payments for using AI, purchasing AI tokens, incentives for GPU vendors, rewards for AI developers , staking and more.
CT: How can startups and developers use Neura to power AI operations?
SW: Neura presents a foundational infrastructure for AI startups, offering access to decentralized GPU resources, cryptocurrency-based crowdfunding, and on-chain AI operations. Neura offers three significant advantages that address some of the most considerable challenges AI startups face: meeting GPU demands, managing data, and obtaining funding.
CT: What is your vision for the future of Web3? Do you think that today’s efforts on decentralization will be enough?
SW: Our vision for the future of Web3 is one where we have all the freedom, tools and infrastructure we need to bring blockchain to its full potential. We have known for some time now that current blockchain use cases are nothing compared to what will be implemented and integrated in the future.
As long as we stay true to the ethos of decentralization and continually strive to expand it, like Ankr’s DePIN node network, we will unlock the true potential of blockchain.
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