Akash Network is a decentralized cloud computing marketplace providing users a more efficient and cost-effective way to access cloud computing resources. Akash's unique feature is its ability to tap into idle computing resources, optimizing resource use and reducing overall costs.
It is designed to be a fast, efficient, and cost-effective solution for cloud computing. Akash Network utilizes a "reverse auction" system, allowing users to find the best cloud computing resources at competitive prices.
The decentralized and peer-to-peer network eliminates the need for traditional cloud service providers. This decentralization contributes to increased accessibility and scalability of cloud services.
AKT serves as the primary utility token within the Akash Network ecosystem. It is crucial in securing the network and executing transactions and smart contracts on the platform. It also serves as the governance token of the Akash Network and can be staked to secure the network and earn rewards.
Akash Network is a decentralized cloud computing marketplace that connects those with idle computing resources with users needing computational power. Here's how it works:
Providers with unused computing capacity list their resources on the Akash Network. This could be data centers, servers, or even individual computers.
Users, often developers or businesses, looking for cloud computing resources browse the marketplace for the computing power they require.
Akash uses a "reverse auction" system. Users place bids on the resources they need, and providers choose the most attractive offers. This competitive bidding process ensures cost efficiency.
Akash leverages blockchain technology for payments and security, particularly the Akash Token (AKT). Users pay for resources with AKT, and providers receive AKT tokens as rewards for their services.
Smart contracts automate the leasing process, ensuring the terms of the agreement are upheld. This includes security provisions and payment terms.
Akash Network bridges those with excess computing resources and those needing them, all while utilizing blockchain technology to ensure transparency, security, and efficient resource allocation.
Akash Network was founded by Greg Osuri and Adam Bozanich in 2015. It is a blockchain-based open-source cloud computing marketplace.
Akash Network launched its mainnet 2 on March 8, 2021, on the Cosmos SDK. The main features of this mainnet include a decentralized cloud computing marketplace.
Akash Network achieved over 15,000 total deployments since the mainnet launch in March 2021. The network announced its Incentivized Testnet in February 2022.
This was followed by Akash Network announcing its Mainnet 4 upgrade in November 2022 at block height 8526250. In December 2022, Akash Network successfully upgraded to Mainnet 5 at block height 8998907.
Akash Network has a good use case in the cloud computing market, aiming to disrupt it with its decentralized and open-source approach. The potential to address real-world challenges can make it an attractive investment.
Its services could gain traction amid an uptick in web3 adoption worldwide as more users and businesses seek decentralized projects. The increased adoption of Akash Network’s decentralized cloud infrastructure could encourage more investors to buy and trade AKT tokens, supporting the value of Akash Network project.
The Akash Network price could also strengthen as the mood in the crypto market turns bullish. At such times, investors increase their buying activity in the market and explore projects with high potential for adoption and use.
While we cannot provide an accurate AKT price prediction due to the highly volatile and unpredictable nature of the crypto market, the following factors could offer some insight into price trends in the Akash Network cryptocurrency:
Users’ widespread adoption of Akash Network globally can contribute to price growth. The resulting uptick in on-chain activity could increase the demand for the AKT token and generate higher investor interest, thus supporting the AKT to USD price in the market.
A favorable outlook among users and investors toward the web3 sector of the crypto market could also benefit the Akash Network price. Projects offering decentralized services and real-world applications could see higher interest, encouraging an uptrend in the price of AKT token.
Market sentiment, including bullish or bearish trends, can significantly impact AKT's price. Positive sentiment and predictions may drive prices upward, while negative sentiment can lead to declines.
AKT, the native utility token of Akash Network, serves several important functions within the ecosystem:
AKT is used as a means of governance within the Akash Network. Token holders can propose and vote on changes to the network's parameters, helping to guide its development and evolution.
It plays a crucial role in securing the Akash blockchain through mechanisms like staking and consensus. Validators and participants use AKT to secure the network's infrastructure.
AKT can be used for value exchange within the network. Users can transact in AKT for services, including accessing cloud computing resources provided by the network's participants.
The token is used to incentivize participants within the network. Providers who offer computing resources can earn AKT as a reward for their contributions, fostering a dynamic ecosystem.
The Akash Network is geared towards the DeFi industry. AKT is used in DeFi applications built on the network, further expanding its utility.
Trade Akash Network crypto against other digital assets on the KuCoin Spot Market to make the most of changing market conditions and volatility. Buy or sell AKT, or hold it long-term if you believe in the future potential of the Akash Network project. Ensure you make any trading or investing decision in the crypto market only after doing your own research (DYOR).
Staking AKT on the Akash Network allows you to participate in network security and earn rewards. Here’s how you can stake $AKT:
1. To get started, you need a wallet that supports AKT. Popular choices include Keplr and Atomic Wallet.
2. Fund your wallet by buying AKT on KuCoin or other supported platforms and transferring your tokens to it.
3. In your wallet interface, locate the staking or delegation section. Select AKT as the asset you want to stake and choose the amount. Confirm the delegation.
4. You can either stake your AKT directly or delegate it to a validator. Validators are network nodes responsible for securing the network. Delegating to a validator is a common way to stake for most users.
5. Keep an eye on your staked AKT and rewards. You can adjust your staking preferences or change validators if needed.
Akash Network has received investments from institutional investors, such as Cypher Capital, Goldfingr, Recursive Ventures, and RR2 Capital.