The role of blockchain in democratizing technology — Interview with Ankr

Web3 infrastructure shares key insights about the state of the blockchain ecosystem and how DePIN can expand on the notion of decentralization.

As the blockchain space expands into an ecosystem of different networks and protocols, interoperability becomes vital for Web3 to continue building the next and better version of the internet. 

Ankr, a Web3 infrastructure company, offers an all-in-one hub for developers to build the future of the internet on blockchain. With a globally distributed node infrastructure, Ankr provides multichain decentralized application (DApp) development tools, blockchain engineering services, crypto staking solutions, and a suite of developer products designed to streamline the creation and operation of Web3 applications. 

In this interview, Ankr co-founder and chief technology officer Stanley Wu draws an insightful picture of the state of Web3 and how decentralized physical infrastructures (DePINs) 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 for supporting today’s most promising technologies in a way that doesn’t repeat the conglomeration and data abuses of the past. Web3’s ability to democratize, decentralize and support open-source AI models can fuel faster and safer building and innovation.  

For financial markets, Web3 has already paved the way for tokenized assets, empowering individuals with greater control and fostering 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, streamlining interactions and fostering a more efficient interconnected ecosystem. And for all technologies and industries, blockchain will become a cornerstone of truth and verifiable information in a time when trust is sorely needed. 

CT: As one of the longest-standing decentralized projects in the blockchain landscape, what is your take 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 fostering interoperability in the space. Now we see that this has always been key as Web3 is shifting to scaling itself modularly with so many different layers and ecosystems coming together.  

Continuing the theme of collaboration, we can now share security among blockchains, allowing us to reuse the massive capital bases of chains like Bitcoin and Ethereum. This has been a huge evolution of blockchain for Ankr as we’ve just recently announced our work with Babylon in allowing proof-of-stake networks to tap into the $1 trillion market cap of Bitcoin (BTC) 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) harness blockchain technology and crypto incentives to bring together resources that exist in the real world. This is an extremely powerful idea that Ankr has consistently been working on, as it can change the way we provide and source goods and services.  

A DePIN blockchain can track 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 RPC traffic coming to our network and earn ANKR tokens. This traffic is requests like sending a transaction or querying the blockchain for data. At the same time, the developers using the network can make payments for their access to the servers in ANKR, which rewards the providers. In short, DePIN is about creating new digital economies that decentralize services.  

CT: What are some of the latest trends and developments 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 kinds of physical hardware. Anything that is being built on Ankr’s supported partner networks, like IoTeX and Filecoin, is a great example of DePIN innovation. However, I think a trend Ankr is definitely looking at is supporting AI models with DePIN. 

CT: How would you describe the role of Ankr in the evolution of Web3, specifically in the DePIN field? 

SW: Ankr was one of the first to really explore DePIN in building widespread node infrastructure as a foundation for Web3. Our original white paper was focused on creating decentralized cloud services that could serve applications from machine learning to VR to IoT using the ANKR token as an incentive.  

Then, we shifted to focus on a decentralized network of blockchain nodes powering the transaction and data request requirements of the technology. Currently, our role is providing infrastructure to make it possible to build anything on-chain, and that’s what we are doing to arm developers with every tool and infrastructure piece they need to build the next generation of use cases. 

CT: How does Ankr’s approach to DePIN differentiate from traditional cloud infrastructure services? 

SW: Ankr leverages DePINs to connect you directly with providers operating both cloud-based and bare-metal servers with spare storage or computing power. This translates to more control, profit sharing, and lower costs as you tap into a wider resource pool. Ankr’s DePIN approach also boasts the potential for greater transparency through blockchain technology.   

Unlocking the full potential of #AI demands serious computational muscle.

With Ankr’s DePIN network, we’ve got the power to tackle massive datasets and supercharge machine learning applications worldwide 🚀#NVIDIA pic.twitter.com/sWJr6xfNO0

— Ankr (@ankr) March 18, 2024

Blockchain offers a public record of all transactions and requests, letting you see how data is being used. Ankr’s DePIN offers a glimpse into a future where cloud infrastructure is more democratic, user-owned, and potentially more affordable.  

CT: Blockchain and Web3 are getting more and more intertwined with AI. What do you think are the most vital areas where AI and blockchain technologies can bring value to each other space?

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 issue of trusted data regarding training AI and verifying information. 

It is also extremely valuable as a tool to enable proof of personhood, machine-to-machine payments, smart contracts and various other benefits for AI as a superior decentralized operating system. Meanwhile, AI brings an array of benefits to blockchain as it will doubtlessly help us build faster and create more scalability, security, speed, and interoperability into Web3. 

CT: Could you introduce us to Neura? 

SW: Neura is a platform developed by Ankr. Built on the Cosmos SDK and compatible with the Ethereum Virtual Machine (EVM), it combines cloud computing, AI and Web3 tech for AI deployment on the blockchain. Neura addresses crucial scalability, economic viability, and interoperability challenges, making it a solution for AI and blockchain integration.  

Additionally, Neura’s integration with off-chain storage solutions like Celestia, EigenLayer, IPFS and Arweave ensures data security and integrity while ensuring the blockchain isn’t overburdened with AI model data. 

Neura secures its network by leveraging Bitcoin’s proven security mechanisms via integration with the Babylon BTC staking protocol, offering enhanced protection for transactions and data. The ANKR token is the primary utility token of the ecosystem that is used for AI usage payments, purchasing AI tokens, incentives for GPU providers, rewards for AI developers, staking and more. 

CT: How can startups and developers utilize Neura to empower AI operations?

SW: Neura presents a foundational infrastructure for AI startups, offering access to decentralized GPU resources, crypto-based crowdfunding and on-chain AI operations. Neura offers three significant benefits that address some of the most considerable challenges that AI startups face: satisfying GPU demands, handling data and obtaining funding.  

CT: What is your vision for the future of Web3? Do you believe today’s efforts on decentralization will suffice? 

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 blockchain’s use cases today are nothing compared to what will be implemented and integrated in the future.  

As long as we hold true to the ethos of decentralization and continuously make efforts to expand it, such as Ankr’s DePIN node network, we will unveil blockchain’s true potential.