Introduction to Akash Network (AKT)
Launched in 2018 and maintained by multi-national team Akash Network is an open-source decentralized platform that focuses on decentralized computing infrastructure that connects servers owner with users who need computing resources more like cloud computing marketplace.
It’s more like Airbnb for cloud computing making it easier for people to have an open environment for sharing and utilizing computing power without relying on traditional centralized cloud providers who usually createmonopoly and impose high fees.
Akash Network democratizes access to computing power by enabling peer-to-peer market where anyone with extra server capacity can offer it directly to those who need it.
The Genesis of Akash Network
Founded by Overclock Labs a company formed by Adam Bozanich and Greg Osuri Akash Network was envisioned to democratize cloud computing and provide decentralized alternatives to mainstream cloud services that are often controlled by few large companies.
By creating decentralized network platform aimed to offer more equitable and open system where barriers to entry are lowered and innovation in cloud services can flourish without high costs and restrictions imposed by traditional cloud providers.
This approach not only increase competition but also enhance security and redundancy oft cloud computing infrastructure globally.
Key figures and milestones in the development of the Akash Network
After being in testing and development for more than two years since launch of Token, Akash mainnet 1.0 was launched in September 2020 and few months later in end of first quarter of 2021 right before First Major Bitcoin Bull Run Akash Network 2.0 mainnet was launched.
However later in September 2023 a major upgrade to network happened with launch of mainnet 6 that introduced some new features such as SuperCloud that allow users to have access to high-performing GPUs such as NVIDIA’s A100s and H1000 for comprehensive computing tasks like AI models development and training.
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Core Principles and Technology
Akash Network is built on Tendermint consensus engine and utilize Cosmos SDK that are foundational elements that facilitate its operation.
Tendermint offers Byzantine Fault Tolerant (BFT) consensus mechanism which is crucial for maintaining network’s reliability and security.
The Cosmos SDK provide tools necessary for building blockchain applications that are scalable and interoperable enhancing platform functionality within decentralized finance (DeFi) ecosystem.
This approach toward cloud computing disrupts traditional cloud service market dominated by few large corporations by offering peer-to-peer solution.
Here anyone with computational resources can offer them directly to consumer via blockchain ensuring transparency security and most importantly reduced cost.
This approach not only challenges status quo but also offers increased data privacy and resistance to censorship characteristics that are often compromised in traditional cloud computing setups.
Akash Network’s Unique Proposition
Decentralized cloud computing model is akin to an open marketplace for computational resources where server owner can rent out spare capacity directly to those who need it.
This model capitalize on underutilized computing power potentially reducing waste and significantly lowering costs for user.
By leveraging blockchain technology Akash ensure that all transaction on this marketplace are secure transparent and verifiable which is significant advantage over traditional cloud service.
When compared with traditional cloud service providers like AWS Google Cloud and Microsoft Azure Akash offers more flexible and costeffective solution. Traditional providers often have fixed pricing and require long-term commitments.
In contrast it allows for on demand usage without the need for longterm contracts. Furthermore because marketplace is decentralized it is not subject to control or failure of any single entity offering better resilience and potentially better performance during peak load or network attacks.
AKT Tokenomics
The AKT token serve multiple crucial functions within Akash Network. It acts as primary currency for transactions within platform facilitating payments for cloud services.
Moreover AKT is used for staking which secures network and aligns incentives of various stakeholders. By staking their tokens users can participate in network governance influence decisions and earn rewards contributing to overall security and efficiency of network.
The economic model of AKT is designed to sustain long-term viability of platform. With max supply of 388,539,008 AKT, the token distribution include allocation for investors, team and advisors, and treasury for ongoing development.
Economic incentives are structured to encourage participation from users, developers and investors.
Staking rewards serve as an incentive for token holders to maintain the integrity of the network while also ensuring steady supply of computing resources. Here is breakdown of AKT token distribution tokenomics.
- Allocation for early Investors: 34.5%
- Testnets rewards: 5%
- Dedicated for marketing and PR: 4%
- PS (Public Sale) allocation: 1.8%
- Team and Advisors allocation: 27%
- Network Treasury and Foundation: 19.7%
- Ecosystem rewards and grants: 8%
Staking and Governance
Staking AKT tokens is vital for maintaining security of Akash Network. Token holders can stake their AKT to support network operations earning staking rewards in return.
This process not only secures network by making it costly and difficult to attack but also ensure that those who have stake in network’s success are those governing it.
AKT holders play a direct role in the governance of Akash Network. Through decentralized governance model token holders can propose changes vote on new features and influence strategic direction of network.
This participatory approach helps ensure that platform evolves in ways that benefit all stakeholder and remains responsive to needs of its users.
Akash Network’s Ecosystem and Partnerships
Platform has formed key partnerships such as with KAVA Labs Mixin Network and many more that enhance its ecosystem’s capabilities integrating with various blockchain and cloud technologies.
These collaborations allow Akash to offer more efficient and secure cloud services and facilitate broader range of applications from decentralized web hosting to complex enterprise solutions.
By working closely with blockchain networks and infrastructure providers Akash ensures that its platform remains at cutting edge of decentralized technology.
How to Engage with Akash Network
In order to interact with Akash Network deploy SuperCloud or rent GPUs available on official Website from NVIDIA’s H100 to A100 with 40Gi with PCIe interface you have to have first Akash native tokens AKT.
These tokens can be used to facilitate transactions within Akash ecosystem, enabling you to utilize computational resources offered.
To begin you will need to create an account on Akash platform secure a digital wallet that supports AKT and then acquire AKT tokens through centralized exchanges like Coinbase, KuCoin, HTX or any other where its listed.
Once you have your tokens you can proceed to deploy applications or rent computing resources as needed navigating through Akash user interface that is designed to streamline process of cloud resource management.
This decentralized model not only ensure broader accessibility to high-quality computing resources but also enhance efficiency and flexibility of cloud services.
How to Acquire and Store AKT Tokens
In order to acquire AKT tokens you’ll first need to identify crypto exchanges where it is listed.
Currently Akash Network native token is listed on Coinbase, Kraken and many more. Once you have selected suitable exchange create an account and complete any necessary identity verification processes.
This typically involve providing personal detail and sometime documentation to comply with regulatory requirements.
After account is set up you can deposit funds either in fiat currency like USD or cryptocurrency such as Bitcoin or Ethereum and use these funds to purchase AKT tokens.
Once you have them, its essential to consider securing storing them. While keeping on an exchange may be convenient for trading it exposes to risks such as hacking.
A more secure storage solution is to transfer your AKT tokens to a private wallet. There are several types of wallets you can use such as Hardware Wallet like Ledger and Trezor which offer robust security by storing tokens offline.
Alternatively you could opt for software wallets that are more convenient for daily transactions.
Software wallets like MetaMask or Trust Wallet allow to interact with various blockchain applications directly from mobile or desktop devices but remember they are less secure than hardware wallets since they are connected to internet 24/7.
Akash’s Marketplace Dynamics
Akash Network operate as a decentralized marketplace for cloud resources where users can both offer and procure computing power.
This marketplace function much like traditional cloud service but is powered by blockchain technology which ensure transparency security and decentralization.
On this platform server providers can list their available computing resources while users or businesses seeking cloud services can browse through these listings to find resources that match their need.
In marketplace pricing is determined through a bidding process.
This allows for dynamic pricing based on supply and demand rather than fixed rates typically seen in traditional cloud services.
Users submit bid for computing resources they need and providers can accept bid that meet their pricing criteria.
This system not only ensure competitive pricing but also maximize resource utilization by enabling providers to adjust their prices according to market demand and competition.
Conclusion: The Impact of Akash Network
Wrapping this up, I would say Akash Network innovative use of blockchain technology has potential to fundamentally redefine landscape of cloud computing.
By decentralizing marketplace it lowers barriers to entry reduces cost and improves efficiency of resource utilization.
This shift from centralized to decentralized model of cloud services can lead to more competitive pricing and increased flexibility for users.
We Coin-Labs.com provides only objective information about Akash Network (AKT).
Therefore, we are not responsible for the investment decision in Akash Network (AKT) and the resulting loss.
Akash Network (AKT) Basics
Here are some factors that investors should consider before investing in Akash Network (AKT).
| Cryptocurrency Features | Akash Network (AKT) (AKT) |
|---|---|
| Publisher or Developers | Decentralized Cloud Foundation |
| Headquarters (Registration Number) | |
| Symbol | AKT |
| Platform | |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | 388,539,008 AKT |
Reliability Score of Akash Network (AKT) in 2024
These are indexes mesuring the investment reliability of Akash Network (AKT) conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 5 Exchanges |
| Number of Available Pairs Worldwide | 100 Pairs |
| Market Cap of the Cryptocurrency | 627,139,565 USD (Rank #95) |
The table above shows the result of investment suitability evaluation for Akash Network (AKT).
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Akash Network (AKT) Price
Here are the price and recent trading volume of Akash Network (AKT). (Data of 2024-11-02 00:35:00)
| Price Items | Price and Trading Volume of Akash Network (AKT) |
|---|---|
| Akash Network (AKT) Price | 2.410 USD |
| Price Change 24h | -0.20% |
| Price Change 7d | 0.82% |
| Trading Volume 24h | 15,912,188 USD |
| Trading Volume Change 24h | 32.27% |
Cryptocurrency Metadata
You can check the development status and social media information of Akash Network (AKT) through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | https://akash.network |
| 📖 White Paper | |
| 🛰️ Source Code (GitHub) | |
| https://twitter.com/akashnet_ | |
| 🎺 Message Board |
Where to Buy Akash Network (AKT)
Here are the top ten world crypto exchanges where traders can buy Akash Network (AKT) in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Not listed | |
| Coinbase | Listed | https://exchange.coinbase.com/trade/AKT-USD |
| Kraken | Listed | https://pro.kraken.com/app/trade/akt-usd |
| KuCoin | Listed | https://www.kucoin.com/trade/AKT-USDT |
| Bitfinex | Not listed | |
| OKX | Not listed | |
| Huobi | Listed | https://www.htx.com/trade/akt_usdt |
| Bitstamp | Not listed | |
| Bybit | Not listed | |
| Gate.io | Listed | https://www.gate.io/trade/AKT_USDT |
Frequently Asked Questions
What is the current price of Akash Network (AKT)?
Akash Network (AKT) price today is 2.410 USD. Furthermore, the price of Akash Network (AKT) has fluctuated by -0.20% from 24 hours ago, and by 0.82% from a week ago.
Where is Akash Network (AKT) listed?
Currently, it is listed on a total of 5 among the world top 10 exchanges.
What is the market cap of Akash Network (AKT) now?
Currently, Akash Network (AKT) has a market cap of 627,139,565 USD, which is ranking 95 among cryptocurrencies worldwide.
How much is the trade volume of Akash Network (AKT)?
Currently, 248,285,795 AKT coins are circulating through 100 market pairs. As a result, in the last 24 hours, 15,912,188 USD of AKT coins were traded in the market.
